As I say, wealth capture immobilizes money, but it's still there. Sitting, usually offshore and untaxed, or languishing in asset appreciation, be that gold or land.

the diminishment of M2 may describe the recession, but is blind to where the missing money went. Kinda like that recent analysis of average wealth in the US which conveniently ignored the richest 400 people, or 60% of the private wealth of the US.

keep to the Fen Causeway