Pragmatic Capitalism

Practical Views on Money, Finance & Life

Money Supply Update – Still No Inflation Here Either…

It’s abundantly clear by now that the many hyperinflation and even high inflation theories following the various government policies after the financial crisis, have been entirely wrong.  While this has become very clear in recent CPI readings it’s also apparent in many independent gauges.  For instance, the Billion Prices Project is now showing inflation crashing down to just 1.5%.  This has been a superb indicator of inflation and if it holds true to trend the CPI isn’t turning up any time soon.  See Figure 1 below.

Equally interesting is the broader money supply indices.  While the government stopped tracking M3 long ago, some independent sites still track it.  What does it show?  The same trend in the broader inflation indices.  M3 is plunging lower in both of the widely followed independent M3 indices.   This is all worryingly reminiscent of Japan….

(Figure 1 – Billion Prices Project

 (Figure 2 -Via

 (Figure 3 -via Shadow Stats)

Cullen Roche

Cullen Roche

Mr. Roche is the Founder of Orcam Financial Group, LLC.Orcam is a financial services firm offering asset management, private advisory, institutional consulting and educational services.He is also the author of Pragmatic Capitalism: What Every Investor Needs to Understand About Money and Finance and Understanding the Modern Monetary System.
Cullen Roche

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