Money supply and GDP; money is falling at a fast rate

A look at GDP and M2 shows money has been falling from its peak levels. More importantly, we see the M2/GDP ratio falling below trend. If you have any monetarist leaning you will be concerned by this decline. Of course, the lag between money and GDP are not very stable; however, the fall relative trend suggests that money will be a constraint on growth. We just don't know when or how this will manifest.