BiggerPockets Money Podcast · Friday, October 2, 2026
Jay Scott clarifies the narrative around money supply, noting that while there was a significant dip in M2 from 2022 to 2024, it has since re-accelerated. He argues that despite this dip, the overall growth in available capital and credit, alongside substantial deficits, contributes to long-term inflation concerns.
“So yes, what we saw from 2022 to 2024, basically the M2 money supply, which is kind of the currency that flows, the physical currency that flows through the economy, that went down essentially for the first time in history. I guess it's kind of ticked down a quarter percent, a half percent here and there, but it went down significantly for the first time in history.”
“Yes, this last year, it has been accelerating. That's real. But I also think that that's something to watch. It has not been crazy in the context of the last three or four years. It has had crazy moments in that time period.”
“We're running $2 trillion deficits. Things are out of control. And remember, it's not only what's physically happening. It's not only the fact that we're printing lots of money that's causing our interest to go up, interest on the debt to go up, but it's also concern and just the perspective and the expectations that investors have.”