You got to be careful with MZM growth, it includes money withdrawn from the markets, as well as new savings that are not going into the market. Note the spike of about $180 B immediately after 9/11, and the gradual increase during the Nassacre. The adjusted money base figures you cite are far from alarming (barely at 7% of GDP), the increase over the peak of last September is not even 2%. When money supply grows too rapidly, but capacity utilization is low, you rarely get inflationary pressures, more often than not, that money goes into inflation of assets rather than goods. That was part of the bubble.
Zeev
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