I do not think this is a correct analogy. Leontieff' parameters are known to change with time (ever so slowly), but they do change. Crude used be about 15% of GDP in the 70', today it is hovering between 5% to 7%. Money rate of growth, on the other hand, is directly related to GDP rate of growth (unless you find a major sector of GDP that is not bought and sold with one form or another of "Money"), thus slow down of that growth rate, or even a turn to a negative growth rate, for a period of six months, will eventually have an impact on economic growth. Rise in rates by the feds, has a constraining effect on money aggregates growth, but I think that the slow down in M2 is more related to other parameters. I am not sure exactly what is going on there and how much the feds can control that. Surely, the printing presses are far from working overtime, and thus the hand wringing, about excessive growth in debt, is probably misplaced.
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