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| weekly change in $billions |
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| June 3, 2013 to date |
Did you know that the largest negative weekly change ever in M1 money stock in nominal terms occurred just recently on June 10th?
$109.4 billion was pulled from M1 the week ending June 10, 2013, which is money in circulation and the money on deposit in your checking account.
The swings in M1 money stock in June have been as dramatic as the swings were when America was attacked on 911.
Here are the figures from September 2001:
9-10-2001 + $001.2 billion
9-17-2001 + $124.5 billion
9-24-2001 - $086.1 billion
10-1-2001 - $034.1 billion
But look at what just happened in June:
6-03-2013 + $085.0 billion
6-10-2013 - $109.4 billion
6-17-2013 - $014.4 billion
And a measly $10 billion net has been added to M1 in the interim to July 8th.
So what terrible cataclysmic, earth shattering, civilizationally-threatening event occurred the week ending June 10th, 2013?
Baccalaureates everywhere?
Actually, as a percentage of total M1 the 911 addition to M1 represented nearly 10% of total M1 on the same date. In June 2013 the decline in M1 wasn't even 4.5% of M1.
Still, it's a disturbing indication of turbulence at the most basic level of the economy, the money in your pocket and in your checking account.
