LESS BANG FOR THE $, MONEY MULTIPLIER CONTINUES ITS DESCENT!
http://research.stlouisfed.org/publications/usfd/page3.pdf part of what is floating the boat
Adjusted Monetary Base
The Adjusted Monetary Base is the sum of currency (including coin) in circulation outside Federal Reserve Banks and the U.S. Treasury, plus deposits held by depository institutions at Federal Reserve Banks. These data are adjusted for the effects of changes in statutory reserve requirements on the quantity of base money held by depositories. They are updated monthly by the Federal Reserve Bank of St. Louis.
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