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> It's not like the money supply is expanding.

Correct me if I'm wrong, but this chart is pretty much only up...

https://fred.stlouisfed.org/series/M2SL



Here's another chart that shows just basic tariff revenue:

https://www.politico.com/interactives/2025/trump-tariff-inco...

It shows about $100 billion in tariff revenue growth since May, '25. Interestingly your chart shows an overall growth of $232 billion in the same date range. IOW if both charts are right the slight majority of overall supply is coming from somewhere other than tariffs (though tariffs are adding a lot). I wonder where that money is coming from?


> I wonder where that money is coming from?

Interest rates are still high. That's why Trump is at war with the Fed.




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