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What is high-powered money supposed to be?
High-powered money is created ex nihilo when the sovereign spends, and destroyed when the sovereign taxes.
Various sorts of low-powered money is created by various sorts of private lending.
Friends come and go. Enemies accumulate.
(also base money, money base, high-powered money, reserve money, or, in the UK, narrow money) is a term relating to (but not being equivalent to) the money supply (or money stock), the amount of money in the economy. The monetary base is highly liquid money that consists of coins, paper money (both as bank vault cash and as currency circulating in the public), and commercial banks' reserves with the central bank.
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