I haven't checked the link yet but does M1 account for money taken out of circulation each day as well?
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I haven't checked the link yet but does M1 account for money taken out of circulation each day as well?
If you mean bank notes and coins replaced, yes it does. But M1 also includes bank deposits. Narrow Money only includes notes and coins in circulation, but that's not a good figure to compare to because in the fiat system notes are created on demand.
Yep that is what I was referring to.