The issue is that broad money isn't money. It's credit. And measuring credit is like measuring both velocity and position at the same time.
The Fed tried to measure dollar supply globally for decades before giving up as they finally got their heads around how the Eurodollar network works, and they've kept somewhat quiet about the fact that they're just not actually at the center of it.
The Fed tried to measure dollar supply globally for decades before giving up as they finally got their heads around how the Eurodollar network works, and they've kept somewhat quiet about the fact that they're just not actually at the center of it.