3/ Note the green line (M2), which has ALWAYS included savings accounts ... and how it doesn't do anything dramatic or unprecedented.pic.twitter.com/G08zzcaGz8
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14/ Once upon a time, money in savings accounts was much harder to spend - you'd have to dig your paper passbook out of your desk drawer, put on your overcoat and go downtown to the bank, stand in line, and withdraw savings.pic.twitter.com/ISvunfTHew
15/ Now you log into your bank website on your phone as you're standing in line at Chipotle and you move $10 from savings to checking in between saying "extra guac" and paying for the burrito. Savings are MUCH more liquid, and function more like the other items in M1.
16/ I still don't understand the question. In the 1970s, they used to be different, and we measured them differently. Now that savings are just like checking, we added savings to M1, while keeping it in M2. I explained this in tweets #12-15.https://twitter.com/ctdonath/status/1500131584653111300 …
18/ I strongly agree with this. Indices of all types need small adjustments over time, and in such cases it makes sense to keep the index name ... but HUGE adjustments seem to call for retirement of old index and creation of new.https://twitter.com/Bitcoin_is_/status/1500133143096934401 …
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