I guess the problem is that

[DJP]

I guess the problem is that ‘money’ has come to mean more than M0. The Bank of England even stopped publishing M0 data in 2006Perhaps a better approach today is to talk about ‘credit’ and ‘wealth’?An expanision in bank loans is an expansion of the money supply (in terms of M1, M2, M3 and M4). But is this necessarily an expansion of wealth? Obviously not.Definitions of money are here