With regard to your question I suspect carefully formulated it might seem a bit technical – there are after all various definitions of money supply, M1, M2, M3 etc., and I am not sure that where the money is held (it should be in circulation to count as money supply) is necessarily the only relevant question. How much money supply there should be will also be critical (after all we have had quantitative easing for a number of years now), and the terms on which credit is available and to whom will be of considerable importance. I wonder whether it might be re-framed along the lines of ‘How should the government ensure an adequate supply of cash and credit to enable individuals and companies large and small to survive an unprecedented impact on their cashflow due to the Corona virus?’
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