Money supply is significantly outpacing economic growth across major economies: Canada's M2 money supply has grown +368% since January 2004, the largest increase among G7 economies. By comparison, the Canadian economy has expanded +159% over the same period. The US follows, with M2 growth of +279% versus a +171% increase in nominal GDP. Meanwhile, M2 in France has surged +258% and +211% in the Euro Area, both outpacing nominal GDP growth of +84% and +102%, respectively. In Japan, M2 has grown +90% since 2004, while its economy expanded just +25%, the slowest pace among G7 economies. The gap between money creation and economic growth is widening.(The Kobeissi Letter)