Friday, August 14, 2009

8/14/09 MZM is a monetary aggregate that I call the official money "under the mattress." Its all the cash and money in banks that you can get your hands on quickly without a hassle when you really want to buy something and a credit card just won't do. At the end of July this supply of money was still near a record high level. My hunch is that this high level is sustained by cash (USD) held by foreigners.


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