Milton Friedman meant monetary base, in your nomenclature. From Wikipedia's "Money Supply" article: "MB: is referred to as the monetary base or total currency.

Milton Friedman meant monetary base, in your nomenclature. From Wikipedia's "Money Supply" article: "MB: is referred to as the monetary base or total currency. This is the base from which other forms of money (like checking deposits, listed below) are created and is traditionally the most liquid measure of the money supply." Please reread that last sentence before replying.