Milton Friedman won the Nobel for his work on Money Supply. The Fed understandably no longer reports various levels of M or money supply. AS you can see above, it is simply exploding. I cannot post the Laffer article in today's WSJ but you get the picture. As Laffer says we have never seen this in a non war economy. See my posts at professorelam.typepad.com/markets for more.
The bond market is already moving up in yield, higher yields lie ahead.
Hmm nassim Taleeb the author of Black Swan, is on CNBC this morning pointing out all the western countries need to reduce debt. He says there is not way to reduce debt but hyperinflation, see M graph above. Taleeb makes the point that the same forecasters who were wrong on 2008 are still making the same wrong forecasts.
Professor Elam 
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