Apparently he missed the fact that the chart expresses changes in M3, not the absolute level. M3 never dropped at all except briefly during 08-09, and then at a modest clip, rebounding substantially since then. And anyway, M3 isn't money supply. Best to look at M1 + savings deposits, neither of which dropped at all even in 08-09, and both of which have grown by about 75% since 2008.
"Alas! I believe in the virtue of birds. And it only takes a feather for me to die laughing."
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