🔥G7 money supply is growing much faster than the real economy

The entire G7 bloc (except Japan) is expanding M2 money supply at a pace far exceeding nominal GDP growth since 2004.
Specific figures:
- Canada leads with M2 up +368% since January 2004, while nominal GDP rose only +159% — the largest gap in the G7 group
- The US ranks second with M2 up +279%, versus GDP up +171%
- France has M2 up +258%, well above GDP up +84%
- Eurozone: M2 up +211%, GDP up +102%
- Germany: M2 up +194%
- Italy: M2 up +165%
- Japan is the only exception: M2 up just +90%, alongside the bloc’s lowest economic growth rate of +25%
When the money supply rises faster than real economic output over two decades, that gap often flows into asset prices (real estate, stocks, and more recently crypto) rather than showing up through traditional CPI.
This is also why risk asset prices in developed countries have kept hitting new highs despite high interest rates during 2022-2024.