https://research.stlouisfed.org/fred2/series/M2V https://research.stlouisfed.org/fred2/series/M2V addresses your argument about the money supply. Important to l

https://research.stlouisfed.org/fred2/series/M2V https://research.stlouisfed.org/fred2/series/M2V addresses your argument about the money supply. Important to look not only at the aggregate amounts, but the velocity of money to see spend/save trends. But there are a lot of other economic indicators that you need to consider outside the money supply when talking about aggregate demand. Look at interest rates as one example, which are a proxy for how expensive (highly demanded) money is, and ask yourself why they are at an all-time low and stagnating at the ZLB, with short-term rates even going negative in some countries.