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For the first time since 2009, the rate at which the dollar moves through the economy on its way to becoming part of the Gross National Product has increased.
The Federal Reserve data collectors had to extend the number out three digits to get there. But, from a low of 1.381, we're now up to 1.386.
The high point for the rate was in the third quarter of 1981, when it reached 3.5 and the country was not only awash in paper dollars, but people were passing them around at an increasing rate. Couldn't have that, could we? Somebody had to put on the brakes. That's why we got double digit interest rates. And, ever since, the money bags have been slowing things down.
Why?
I suspect it's in the vain hope that, if they can just limit the supply of dollars to the hoi poloi, every dollar the money bags can snatch and stash will be worth more.
