M2 Money Velocity (better known as GDP/M2 Money Stock) continues to collapse. In fact, M2 Money Velocity hit its peak in Q2 1997 under President Bill Clinton. And it has been mostly downhill since then.
One interesting aspect of monetary policy during the Clinton years, specifically in 1995. Proir to 1995, real GDP growth YoY actually exceeded M2 Money growth YoY. Ever since 1995, M2 Money growth has almost always exceeded real GDP growth.
As of Q2, the ratio of M2 money growth to real GDP growth is over 2x.
Given that Federal government current expenditures is currently around 2x Federal government tax receipts, it seems that The Federal Reserve is following a 2x rule.
Yes, things have really gone off the rails since 1995 when you have a combination of President Bill Clinton, Fed Chair Alan “Maestro” Greenspan and Treasury Secretary Robert Rubin (CEO of Citi) running the show.