Broken Transmission: Bank Credit As Percentage of Monetary Base Hits All-time Low (Explains Poor Mortgage Growth)

``If we look at bank credit at all commercial banks divided by the St Louis Adjusted Monetary Base, we see a distinct "stall" as The Fed increased the monetary base in 2008. In other words, after 2008. there is substantial money in the banking system that is NOT being loaned. Now we sit at a new historical low of bank credit as a percentage of monetary base.''