1) High Powered Money = M = Coin and Currency = Printing Press Money.
2) Physical purchases of precious metals are not counted in any of the M numbers M1, M2, ...)
3) Since physical precious metal purchases are generally excess liquid funds (i.e.Coin and Currency) much of the increase in High Powered Money is drained by the increase in precious metal purchases.
4) Velocity of Money V is vastly impacted by loan demand.
5) While banks would love to loan out the excess Coin and Currency, industry managers are not willing to borrow money as long as an avowed socialist occupies the White House and his minions in Congress harbor the most business unfriendly sentiments seen in decades. So, as the old saying goes, "you can lead a horse to water, but you can't make him drink" regardless of the price (interest rates) of water which figuratively speaking today is ZERO.
6) Without loan demand, the money multiplier effect of High Powered Money is largely negated regardless of the increases in the other M measures.
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