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RE: Let's re-evaluate what we think about money
The M1 money supply for Australia is about $351 billon AUD or $281 billion USD.
https://fred.stlouisfed.org/series/MYAGM1AUM189S
"M1 comprises notes and coins held by the public and demand deposits of the private nonbank sector in banks."
yeah but demand deposits are counted seperately to notes and coins - which is essentially double counting in my opinion.
Even so... $351B is still a rather small percentage of the total sum of assets that the country purports to contain.