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can you explain what do you mean?
Hi, Nikolay. Lending is supposed to have been contracting sharply and M4 is supposedly a measure of bank lending, yet these stats up to end December don't appear to reflect that.
So, are we in a crunch or not?
Hi, James. I think Anthony Worrall-Thompson would confirm that we are; it's just that these M4 stats don't seem to be much of a guide to what's happening. Funny that we can measure the height of Everest down the last millimetre or two, but even long-practised experts (e.g. Brad Setser) have to guess where the money is and where it's going.
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