Finally some good news from the eurozone's money debasement scheme: the latest figures show that the M3 monetary aggregate is growing again. M3 is the broadest measure of money supply, encompassing:
Physical currency in circulation
Checking accounts (demand deposits)
Savings accounts
Money market accounts
Large time deposits
Institutional money market funds
Short-term repurchase agreements
This could be fresh food for a smaller boom-bust-cycle, which I think should soon unload in the grand finale of the larger credit cycle.
![](https://imgprxy.stacker.news/NVoYGGsQ7HipdpuJ8NId7O34Lif-X6ek4fmuYxbmSdM/rs:fit:2560:1440/aHR0cHM6Ly9tLnN0YWNrZXIubmV3cy8zNzM2MA)