Since April 2021, money supply growth has slowed quickly, and since November, we've been seeing the money supply repeatedly contract?"year-over-year?" for six months in a row. The last time the year-over-year (YOY) change in the money supply slipped into negative territory was in November 1994. At that time, negative growth continued for fifteen months, finally turning positive again in January 1996. Money-supply growth has now been negative for eight months. During June 2023, the downturn continued as YOY growth in the money supply was at ?"12.4 percent. That's up slightly from May's rate of ?"13.1 percent, and was far below June's 2022's rate of 5.7 percent. With negative growth now falling near or below ?"10 percent for the third month in a row, money-supply contraction is the largest we've seen since the Great Depression. Prior to March through June of this year, at no other point for at least sixty years has the money supply fallen by more than 6 percent (YoY) in any month