If'n you look at that M2 chart, it was decreasing since '96 or 7
Remember what happened back then....................a balanced us budget supposedly, then a asian contagion, where the ptb went from one country to the next raping and pillaging in asia
and since, there has been non-stop fiat creation, inflation greater than previous,
and because of the monetary inflation (printing), velocity has collapsed. Massive massive creation removing the ability to turn each dollar over multiple times.
simultaneously, fiat was accumulating more and more to the few. This massive creation was ending up in fewer and fewer hands. That is how you end up with a apple and $200B cash on hand, joogle $135B cash on hand, mcsoft $135B cash on hand, etc.
this is without even mentioning hedge funds, spac's and spans
that is also how you realize a dead M2, and why the fed gave up and quit tracking it
m2 isn't coming back, as there is nothing to track unless they could separate out the dead fiat from the still active fiat
There is a five part series on YT that explains how Treasury uses the Exchange Stabilization Fund to float the dollar, can't find the link presently but it explains well what you are pointing out here.
I have spoken of this quite extensively,
1934 is where the original players in the creation of the fed reserve turned over the keys to the fed, and took control thru the creation of the ESF, among others over time such as the world bank, the IMF, SWIFT, IBS, and so on.
wherein the fed is nothing but a 'face' to the shell game, and the real players are well hidden and never heard from,
my argument is the same as politicians, as in do you really believe yellen, bernanke or any of the rest of these fools are really in charge of anything?