Crime Against Humanity: Pensée Unique in Economics, 33

And that postulated link is that the ratio of the economy to money is constant; they define it as the ratio of Gross Domestic Product to the money supply. In their formula the Gross Domestic Product is the amount of products multiplied by their prices, and they postulate that it equals the amount of money multiplied by the number of times it changes hands. They call “velocity” the number of times money changes hands, and then they say that velocity is constant.
Said like this, true or otherwise, it doesn’t look like much; but as usual devil is in the details.

Formulas need data, and the Gross Domestic Product data are not only easily available, but easily defined as well. Not so with money. What is money? An only apparently silly question.
The tale of the answer to this simple question begins with economists which, in accordance with their deductivist approach, simply postulate that both what money is and how much of it there is are established facts, and it ends with Werner quoting Alan Greenspan, Chairman of the Board of Governors of the Federal Reserve System, stating in front of the House Budget Committee in 2001, “We have had an extraordinary difficulty in trying to find the right proxy to measure money per se, and none of these various measures – M2, M3, … – as best we can judge, seems to have the characteristics necessary for moneyness…”

I previously mentioned what those various Ms are: M1, M2, M3, etc. are the labels invented by economists for the progressive degrees of dilution and blurring of the very concept of what money is. And we now know what’s going on underneath those labels: moneypulation through usurpation of monetary sovereignty.
This tale unfolds along the path of the Wizard of Oz, and many are its interesting points:

Crime Against Humanity: Pensée Unique in Economics