作為曾經的經濟學專業,我可以確定的說,不管是M1,還是M2,還是其他任何"money in circulation"的定義,都是本國貨幣的流通量,對於美元這種國際貨幣,其實沒多少意義,因為在美國以外的流通著大量美元,這些美元是否回流美國直接影響美國的貨幣總量,不用套money velocity了,從一開始的M就是錯的, 導致整個思考過程就是在刻舟求劍。
The M2 calculation focuses on the money supply within the US economy, meaning it tracks the money held by individuals and businesses within the US banking system, not money held by US citizens or institutions outside the country.