This is true across the developed world. M2 growth is below the level of nominal GDP growth many countries need to burn their way out of their debt traps. M2 y/y: US - 4.1% EU - 3.4% UK - 2.6% JP - 0.5% Can't run it hot very effectively without stronger broad money growth. How they achieve this politically from the current starting point will be a circus, especially in the US. I wager the economy has to be on much shakier ground first.