It’s not a limiting factor anyway because US banks have 1.4 trillion dollars in excess reserves deposited at the Fed (down from 2.7 trillions five years ago!).

It’s not a limiting factor anyway because US banks have 1.4 trillion dollars in excess reserves deposited at the Fed (down from 2.7 trillions five years ago!). The monetary base (physical currency plus banks deposits at the Fed) is currently $3.3tn. M1 (circulating cash plus on demand deposits) is $3.9tn (the money multiplier is slightly above 1, but it was below 1 for most of this decade!). M2 (including also savings accounts) is $14.9tn. M2/MB is 4.5, it has ranged between 3 and 5 over the last 10 years. It was between 8 and 12 in the four decades before 2008.