Do we think the M2 Velocity will ever return to previous levels?

It was 1.7ish for decades before jumping to nearly a 2.2 and is now a 1.25

If you consider the total sum of money in the market with velocity in mind, we've effectively artificially reduced the economy by 56% over the past 26 years. Obviously the total economy grew faster in other ways, but I believe it's something to be considered. Especially considering our economy runs on debt and the regular ability to collect at least on the interest.

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Source: https://fred.stlouisfed.org/series/M2V