Mums för monetarister: M1 money supply growth in the big G7 economies and leading E7 emerging powers

Data collected by Simon Ward at Henderson Global Investors shows that

M1 money supply growth in the big G7 economies and leading E7 emerging powers buckled over the winter.

The gauge - known as six-month real narrow money - peaked at 5.1pc in November.
It dropped to 3.6pc in January, and to 2.1pc in February.

This is comparable to falls seen in mid-2008 in the months leading up to the Great Recession, and which caught central banks so badly off guard.

Ambrose Evans-Pritchard, 11 March 2012

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