Over the past few years, I’ve searched and searched for that tight money everyone keeps talking about:

Instead, I keep stumbling across data points like this:

OK, that’s just a forecast. It’s not like the financial markets are worried about NGDP growth.

Oh wait:

(Click on image to enlarge)

And it’s up another 20 basis points today (not shown.)

More By This Author:

The Zero Sum Death Spiral
The Real Problem Is Nominal (Wages)
Housing Bubbles And NGDP Targeting