By Joseph T. Salerno

EcPoFi recaps last year's development of the True Money Supply (TMS), a monetary aggregate developed by Murray Rothbard and myself in the 1980s. The author of the post points out that in 2014, "the money supply increased by a total of $731 billion, the fourth biggest expansion ever recorded," although its

*rate of growth*was 7.4%, substantially below its average growth rate of 8.1% since 1981. He also notes that TMS increased by $9.832 trillion, or 1,257% since 1981 and by a whopping $5.354 trillion, or 102%, since 2007.