Yes, according to Gary North and Mish. I finally got around to reading these posts, and I think you might find them interesting. You all are about to converge at the same conclusion: the real action has been in M2 and FRB repos, the ultimate buy-back scheme. Basically, the discount window has been and will remain a cover for sucking money out of circulation; supply has been flat, after all. (Graphs of YoY data sets)

As for velocity, well, vortex is a good metaphor. I stand by my statements that US fiscal policy is geared to consolidate and add value to fiat in the top 1%. The domestic market will be squeezed of every penny earned. Psychology trumps data in predicting what makes the worm turn. Every time.

Diversity is the key to economic and political evolution.