money and credit starting from a unit of monetary base. Crucially, however, at the very low frequencies the relative amounts … of the two aggregates created out of a unit of base money have remained unchanged over time in each of the 42 countries I … analyze. This finding questions the widespread notion that, since WWII, credit has become disconnected from broad money, and …

demonstrated that money is a measure of generalized power in exchange and a certification of generalized power in subsequent …