# M2 Index

> Broad money supply (M2 / M3 equivalent) for 184 economies, harmonised from IMF, World Bank, ECB and Bank of Canada sources. Every figure carries its own observation date; stale series and redenominations are flagged rather than smoothed. Rebuilt nightly. Free, no registration.

Current totals: $144.95T across 159 economies with a trusted USD conversion, growing 6.5% a year. Newest observation 2026-08. 46,623 observations, history from 1960. 35 series are older than 24 months and say so; 6 carry a series break.

## Data

- [Full dataset (CSV)](https://m2index.com/data/broad-money.csv): every economy, one row each — value, USD conversion, growth, doubling time, window, series break, staleness, source. CC BY 4.0.
- [Data page](https://m2index.com/data/): what the columns mean and how to cite them.
- [Methodology](https://m2index.com/methodology/): sources, series codes, FX method, exclusions, known gaps.
- [Corrections log](https://m2index.com/corrections/): our own published errors, dated.
- [Changelog](https://m2index.com/changelog/): what the nightly rebuild found changed.

## Rankings

- [Money supply by country](https://m2index.com/money-supply-by-country/): 159 economies by broad money in USD.
- [Growth ranking](https://m2index.com/money-supply-growth-ranking/): 159 economies by annualised growth, world median 9.0%.
- [Money printer ranking](https://m2index.com/money-printer-ranking/): the same ranking, fastest first.
- [Least money printing countries](https://m2index.com/least-money-printing-countries/): the slow end.

## Country pages

One page per economy at https://m2index.com/countries/{slug}/ — 184 in total, including the 20 euro-area members, which have no national series and say why. Largest: [China](https://m2index.com/countries/china/) $42.64T, [United States](https://m2index.com/countries/united-states/) $30.68T, [Euro Area](https://m2index.com/countries/euro-area/) $19.94T, [Japan](https://m2index.com/countries/japan/) $10.89T, [United Kingdom](https://m2index.com/countries/united-kingdom/) $5.24T.

## Glossary

- [What Is Broad Money?](https://m2index.com/glossary/broad-money/): Broad money is the IMF's harmonised name for the widest aggregate a country reports. We total $144.41T of it across 159 economies (through 2026-06).
- [How to Compare Money Supply Across Countries](https://m2index.com/glossary/broad-money-across-countries/): Growth rates compare directly, in any currency. Level rankings need a USD conversion first — which is why only 159 of our 164 ranking candidates make the level table.
- [Broad Money vs Narrow Money](https://m2index.com/glossary/broad-money-vs-narrow-money/): US narrow money (M1) ran at 85.6% of broad money (M2) in June 2026, per FRED M1SL and M2SL. See where the "broad" line falls in the UK and euro area instead.
- [Currency in Circulation: $2.42T, and Why It Isn't the Money Supply](https://m2index.com/glossary/currency-in-circulation/): Physical cash makes up about 8% of US broad money — FRED's $2.41T against our own $29.88T, both September 2025. Who prints it, and who creates the rest.
- [Money Supply Glossary: M0 to M4 and Broad Money, Country by Country](https://m2index.com/glossary/): M2 in the US, M3 in the euro area, M4 in the UK — same broad money, different letters. We define all twelve terms, linked to the $144.41T dataset (2026-06).
- [What Is M1 Money Supply?](https://m2index.com/glossary/m1-money-supply/): The Fed's May 2020 M1 redefinition added $11.2T in one month, not new money. What M1 includes, why M2 replaced it, and why we hold no M1 series of our own.
- [What Is M2 Money Supply?](https://m2index.com/glossary/m2-money-supply/): The Fed's own M2 reads $23.16T (2026-06); the IMF broad-money series we use reads $30.68T (2025-12). What M2 includes, why others call it M4 or M3.
- [What Is M3 Money Supply?](https://m2index.com/glossary/m3-money-supply/): The euro area's M3 is our own series: €17.61T (2026-06), ECB BSI M3. The US discontinued M3 in 2006 — why, and who reconstructs it now.
- [What Is M4 Money Supply?](https://m2index.com/glossary/m4-money-supply/): The Bank of England's M4 is the UK's broad money. Our own figure: $5.24T (2024, World Bank annual) — not the BoE's current monthly reading.
- [What Are Monetary Aggregates?](https://m2index.com/glossary/monetary-aggregates/): The full M0-M4 ladder, country by country: US M2, euro-area M3 (€17.61T, 2026-06), UK M4 ($5.24T, 2024). Why the labels aren't comparable, and which series we track.
- [Monetary Base vs. Money Supply: What's the Difference?](https://m2index.com/glossary/monetary-base/): The monetary base is currency plus bank reserves: $5.49T in the U.S. as of June 2026 (FRED). Broad money, the aggregate we track, behaves very differently.
- [What Is Money Supply?](https://m2index.com/glossary/money-supply/): Money supply counts bank deposits and cash, not wealth or GDP. We total $144.41T across 159 economies, with growth and doubling time computed for each one.
- [Money Supply Doubling Time: 1.3 to 65.3 Years by Country](https://m2index.com/glossary/money-supply-doubling-time/): Doubling time = years to double at a currency's 10-year average growth rate. Fastest: South Sudan, 1.3 years (2026-06). Slowest: Dominica, 65.3 years.

## Hyperinflation episodes

- [Argentina's Hyperinflation: The 1989 Collapse and the Money Supply That Never Really Stopped](https://m2index.com/hyperinflation/argentina-1989/): Argentina's money supply grew 514.60x from Dec 2010 to Jan 2026 — a 62.8% 10-year CAGR and 40.2% YoY, the fastest of any series running back to 1960.
- [Brazil's Hyperinflation and the Real Plan: What Six Currencies in Eight Years Actually Fixed](https://m2index.com/hyperinflation/brazil-1990/): Brazil's money supply grew 44.3% in 1995, decelerating to 12.0% by 1998 — then reversed to 18.1% in 1999 and 19.7% in 2000. Our 1960-2026 series charts both halves.
- [How Hyperinflation Ends](https://m2index.com/hyperinflation/how-hyperinflation-ends/): Zimbabwe and Argentina relapsed into fast money-supply growth after ending hyperinflation — Brazil and Peru stayed low, per our own 1960-2026 data.
- [Hungary's 1946 Pengő: The Worst Hyperinflation Ever Recorded](https://m2index.com/hyperinflation/hungary-1946/): Not Zimbabwe. Hanke & Krus rank Hungary's pengő the worst hyperinflation ever recorded — 4x10^29 to the forint, sourced and narrative-only, since our data starts in 1982.
- [Hyperinflation Examples](https://m2index.com/hyperinflation/): Hyperinflation means prices rising 50% a month (Cagan, 1956), not just fast money growth. See which 3 of 10 episodes we chart end-to-end, and how each one ended.
- [Lebanon's Currency Collapse: The Episode With No Chart](https://m2index.com/hyperinflation/lebanon-2020/): Lebanon's pound lost roughly 98% of its value after its 1,507.5-peg broke in 2019 — and it's the one hyperinflation episode we can't chart at all.
- [Peru's Hyperinflation and the Fujishock: The Least-Charted Major Episode in the Record](https://m2index.com/hyperinflation/peru-1990/): Peru's money supply grew 6,384.9% in 1990, then decelerated to 37.2% by 1994. Our series ends 2023-06 — stale, and we say so.
- [Venezuela's Hyperinflation: The Run-Up Our Data Actually Shows](https://m2index.com/hyperinflation/venezuela-2016/): The IMF projected 1,000,000% inflation by 2018; Venezuela's central bank later confirmed 130,060%. We hold neither — our own series ends 2014-08, at the run-up nobody else charts.
- [Weimar Germany's 1923 Hyperinflation: What Actually Ended It](https://m2index.com/hyperinflation/weimar-1923/): Our money-supply data starts in 1960 — Weimar predates it entirely. The Rentenmark fix a top Reddit thread never got answered, sourced to Cagan and Hanke & Krus.
- [Yugoslavia's 1994 Hyperinflation: The 500-Billion-Dinar Peak](https://m2index.com/hyperinflation/yugoslavia-1994/): 313,000,000% a month, per Petrović, Bogetić & Vujošević (1999) — a ranking made before Zimbabwe's 2008 episode. Narrative-only; our Serbia series starts 1997, after this ended.
- [Zimbabwe's Hyperinflation and Money Supply: What Happened After 2008](https://m2index.com/hyperinflation/zimbabwe-2008/): Zimbabwe's broad money supply hit $4.76B in April 2026, up 45.6% in a year and 338.2%/yr since the 2022 series break — the aftermath series no one else charts.

## Analysis

- ["80% of All US Dollars Were Printed Since 2020": What the Data Shows](https://m2index.com/80-percent-of-all-dollars-printed-fact-check/): The 2020 M1 redefinition added $11.2T overnight — not new money. Real broad money (M2) grew 36.9% in 2019-2021. Here's the arithmetic, sourced.
- [About M2 Index](https://m2index.com/about/): Behind M2 Index: a small data team (not a named economist), a public email, and every error logged in public on the corrections page.
- [Contact](https://m2index.com/contact/): How to reach M2 Index — report an error on any country page, ask about a series, or reuse the data. Corrections are published and dated, never edited away.
- [Corrections](https://m2index.com/corrections/): Every M2 Index error gets a dated, public entry — a growth rate measured across a redenomination, a mislabeled US series. None are edited away quietly.
- [Currency Debasement: What It Means, and the Rate By Country](https://m2index.com/currency-debasement/): The US dollar's own debasement rate: 6.6%/yr (2025-12), doubling every 10.9 years. Argentina, Türkiye, DR Congo and Ghana rank faster — dated, per country.
- [Download the M2 by Country CSV: 164 Economies, No Email Required](https://m2index.com/data/): One free CSV, no email gate. World Bank rows ship CC BY 4.0 as our compilation; IMF/ECB rows ship our own yoy/cagr10/doubling/USD columns, not the raw series.
- [Editorial Policy](https://m2index.com/editorial-policy/): How M2 Index produces, checks and corrects its figures - what is measured, what is computed, what is refused, and what happens when a number turns out wrong.
- [Global M2 Money Supply: Four Economies or 159?](https://m2index.com/global-money-supply/): MacroMicro/StreetStats sum 4 central banks: $102.66T-$103.28T (checked 2026-08). We sum 159 economies: $144.41T, newest row 2026-06. Different country sets.
- [How Much Money Has Been Printed? $30.36 Trillion Since 1960](https://m2index.com/how-much-money-has-been-printed/): US broad money added $30.36T since 1960 ($326B to $30.68T, 2025-12). 2020 was the biggest single year: +$3.89T. World total: $144.41T, 159 economies.
- [How Much Money Is in the World? We Summed 159 Countries](https://m2index.com/how-much-money-is-in-the-world/): World broad money (M2/M3), summed across 159 economies we track: $144.41 trillion, 2008-2026 observation range. 26 economies excluded.
- [The Countries Printing the Least Money](https://m2index.com/least-money-printing-countries/): Ranked by 10-year CAGR and doubling time: Dominica (1.07%/yr) to Kuwait and Japan, as of 2026-04. A slow rate signals a peg, not restraint.
- [Bitcoin vs M2: What the Correlation Data Actually Shows](https://m2index.com/m2-money-supply-vs-bitcoin/): We hold no Bitcoin price series — every correlation claim here is dated and cited. Our own M2 figures are $30.68T US (2025-12) and $144.41T world (2026-06).
- [M2 vs Gold: What the Ratio Actually Shows Since Nixon](https://m2index.com/m2-money-supply-vs-gold/): We hold no gold price series — every ratio figure here is cited and dated. Our own M2 side is $30.68T US (2025-12) and $144.41T world (2026-06).
- [Money Supply Data Source: How This 185-Country Dataset Is Built](https://m2index.com/methodology/): M2 Index converts 161 economies to USD at IMF/World Bank period-average rates, ships every derived metric free with no email gate, and names each known gap.
- ["Money Printer Go Brrr": What the Meme Gets Right (and Wrong) About M2](https://m2index.com/money-printer-go-brrr/): U.S. M2 is $30.68T (2025-12), up 6.0% a year — real, but not printed. Where the "money printer go brrr" meme is right, where it's wrong, and what it missed in 2022-23.
- [Which Country Prints the Most Money? The Full Leaderboard](https://m2index.com/money-printer-ranking/): Ranked by growth rate: Zimbabwe leads at 338.2%/yr over 47 months (2026-04), South Sudan at 69.6%/yr over ten years (2026-06). Includes the US, Canada and UAE figures the viral infographic never showed.
- [Money Supply vs Inflation: What the Data Can (and Can't) Show](https://m2index.com/money-supply-and-inflation/): Every economy above ~30%/yr for years also ran extreme inflation (Argentina, Zimbabwe, Türkiye) — documented separately. We hold no CPI data below that pace.
- [Money Supply by Country, Ranked in USD](https://m2index.com/money-supply-by-country/): China leads our money supply by country ranking at $42.64T (2024), the US second at $30.68T (2025-12) — dates span 2008-05 to 2026-06.
- [Money Supply Growth Rate by Country, Ranked](https://m2index.com/money-supply-growth-ranking/): Ranked by growth rate and doubling time, from Zimbabwe (338.2%/yr over 47 months) and South Sudan (69.6%/yr over ten years) to Dominica (1.07%/yr) — as of 2026-06, no FX conversion needed.
- [Privacy and Terms](https://m2index.com/privacy/): M2 Index sets one preference cookie, runs no analytics and no advertising, and has no accounts. Data licence, warranty and contact, in plain language.
- [Quantity Theory of Money: What MV=PQ Actually Claims](https://m2index.com/quantity-theory-of-money/): We hold money-growth data for 157 economies, not velocity, price or output. See what MV=PQ can test — the one US case where it partly held, 24 months late.
- [US Money Supply: $30.68T, and Why the Fed Says $23T](https://m2index.com/us-money-supply/): US broad money grew 6.0% in the year to December 2025, 6.6%/yr over the past decade — good for just 115th of 159 economies by growth rate.
- [Velocity of Money: Why It Fell, and What It Actually Measures](https://m2index.com/velocity-of-money/): US M2 velocity is 1.412 (Q2 2026, FRED M2V), down from roughly 2.2 in the 1990s. We explain why it fell twice — after 2008 and again after 2020.

## Optional

- [Full text of every authored page, one fetch](https://m2index.com/llms-full.txt): the corpus without the country pages, which are the CSV in prose.
- [Status](https://m2index.com/status): pipeline health, last refresh, guard results.
- [RSS](https://m2index.com/rss.xml)