Global M2 monetary supply is already starting to increase again. 

Three examples of how:

- Lower interest rates literally translate immediately into lower variable/short term debt payments (e.g., HELOCs, credit card loans, small business loans), meaning higher cash savings for individuals and businesses... that is, higher M2.

- A weaker US dollar means better foreign currency exchange rates, and easier (US denominated) debt repayments around the world... increasing M2.

- Economic growth means more bank lending and growth of M2.