That's one of the issues that's got Bernanke flipping out.  It's worrying him that M2 -- M2 is the important one as it relates to GDP, employment, etc -- isn't responding to Fed policy.  He's lowered rates a ton, but we're still seeing the money supply in trouble.

Another sign pointing to a steep recession, and perhaps a depression.

Be nice to America. Or we'll bring democracy to your country.