Any average including 2008-2011, is not a meaningful way to think about what is average historically in terms of US monetary supply.
That period was the beginning of a paradigm shift in terms of how the US enacted monetary policy, which was on top of another paradigm shift that had occurred with the Greenspan Era.
Which is to say we are in extremely uncharted territory. If you took average measurements of a star in the initial periods of a supernova, you would get a very strange understanding of what is average for that star although technically the figures would be valid averages.
A bit late but that's what I don't understand, there are discussions around the inflating of the money supply in the tail end but it looks like it's just on target and prior was deflationary. This is making an assumption on the target being correct.
That period was the beginning of a paradigm shift in terms of how the US enacted monetary policy, which was on top of another paradigm shift that had occurred with the Greenspan Era.
Which is to say we are in extremely uncharted territory. If you took average measurements of a star in the initial periods of a supernova, you would get a very strange understanding of what is average for that star although technically the figures would be valid averages.