Movements in money supply matter, but not as much as they used to.
A Dallas Fed survey found signs that banks are pulling back on loans. High rates may also be dampening interest among borrowers.
"Credit is the mother’s milk of economic activity," said one analyst.
After this week's global market crash, the credit market is showing signs of stress.
To better understand why central banks around the world today said they would "inject liquidity" into the global markets, you might imagine the global economy as a highway
The planned liquidity injection might not solve all the problems in Europe, but it shows that central banks are getting serious.