The Fed Is Not Trolling the Multiplier

The fed was buying at a hundred and 20 billion annual rate. Now by the end of march, they will be buying at a zero rate. The reason the fed does not troll the multiplier is that the banks have to push through all their cost when they lend out reserves. Money supply has already slowed from a 20% rate of growth down to ten%. Given the fact that we're becoming increase inly more over indebted with unproductive debt and declining marginal productivity, velocity of money will continue declining.