M2 money supply surges 183% since 2008. $65 of every $100 in circulation created in past 17 years. Gold outperforming the S&P since covid

Global M2 money supply jumps $5T in months, from $105T to $110T.
Key drivers:

  • China’s credit injections to stabilize the property sector

  • Japan selling U.S. Treasuries amid JGB chaos

  • Europe cushioning fiscal fragility with energy subsidies

  • U.S. Treasury drawdowns and stealth federal spending