There have only been 5 instances, when back-tested to 1870, where M2 has declined by at least 2%:
1878
1893
1921
1931-1933
July 2022-Jan. 2024.
The previous 4 instances all coincided with deflationary depressions & double-digit unemployment rates.
https://fool.com/investing/2024/03/03/us-money-supply-great-depression-big-move-stocks/
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