We are back with an update to our True “Austrian” Money Supply (TMS) series…
Based on the monetary insights of the Austrian school of economics, THE CONTRARIAN TAKE will once again be offering up the monthly money supply metrics – True “Austrian” Money Supply or TMS – for the U.S., Eurozone, Japan and U.K. currency blocks.
Quick recap…
While the year-over-year rates of growth in our TMS money supply metrics for the U.S. and Eurozone have bounced a bit off recent lows, all four currency block’s are sporting TMS growth rates well off recent highs. No where is this more notable than in the U.S. where TMS2 (our preferred, broader TMS metric for the U.S.) has declined by a 780 basis point (50%) from its August 2011 high. Interestingly over in Japan – where the Bank of Japan’s (BOJ) massive asset purchase program is currently expanding the BOJ’s balance sheet footings at a year-over-year growth rate of 37%, up nearly two thirds from the programs inception – the money supply as measured by TMS is showing a relatively low 4% year-over-year rate of growth. Not much bang for the buck (I mean Yen), heh…
For a link to TMS series definitions, along with sources, notes and supporting academic references, see True “Austrian” Money Supply Definitions, Sources, Notes and References.
For a perma-link to the data series itself, see True “Austrian” Money Supply.