Ryan McMaken on recent contraction in the money supply

The fact that the money supply is shrinking at all is so remarkable because the money supply almost never gets smaller.  The money supply has now fallen by $2.2 trillion (or 10.2 percent) since the peak in April 2022.  Proportionally, the drop in money supply since 2022 is the largest fall we've seen since the Depression.  (Rothbard estimates that in the lead up to the Great Depression, the money supply fell by 12 percent from its peak of $73 billion in mid-1929 to $64 billion at the end of 1932.)

~ Ryan McMaken, "The Money Supply Has Plummeted in the Biggest Drop Since the Great Depression," Mises Wire, May 11, 2023