Bernanke Lied at Even a Basic Level

I questioned Federal Reserve chairman Ben Bernake's statement on 60 Minutes that money supply wasn't growing. I also noted that he curiously used the term "currency" which no economist in the world considers the money supply in and of itself.

But it turns out that currency in circulation is also exploding. According to data from Wrightson ICAP, the most recent four-week moving average for currency in circulation grew at a 10.3% annualizedrate. In other words, at every possible level, money supply is exploding, even basic currency, and Bernanke simply lied during his 60 Minutes appearance.