Current Global Money Supply Growth Rates

Is the global economy experiencing monetary inflation or deflation? That depends on which country you refer to. Below is a summary of the latest monetary statistics from various countries. For most countries I have simply stated one money supply figure, namely the one I think most closely resemble the proper money supply definition (As I discussed here and here, M1 and M2 have different meanings in different countries). For the U.S. I have several different definitions given the popularity of different definitions, and in order to illustrate why there has been monetary inflation despite deleveraging also the monetary base (MB). For China and Australia I also included two different definitions since I am uncertain to which extent the more narrow aggregate include deposits which should be included. In both cases the broader aggregate however clearly include deposits which shouldn't be included and as these deposits increase more than others, the true number is clearly lower than that of the broader aggregate.

USA (MZM):+11.9%
USA (M2) : +9,6%
USA (M1) : +16.4%
USA (MB) : +104.7%

Canada (M1++): +11.1%

Euro area (M1): +2.3%
Denmark (M1): +1.8%
Estonia (M1):-9.1%
Latvia (M1) :-8.8%

Sweden (M1):+3.1%
UK (M1): +9.3%
Switzerland (M2): +6.2%

Japan (M2): +1.7%
China (M1): +6.8%
China (M2): +14.8%
Hong Kong (M2 HK$): -7.6%
Australia (M1): +6.4%
Australia (M3): +16.5%
New Zealand (M2): +14.9%