The monetary base has seen ?a 40 percent jump over a year ago. What has exploded even more is total bank reserves, where the base increase is concentrated. Reserves have increased by an astonishing factor of about FIVE over the last month, and are now somewhere between $343 and $358 billion. And that is not all! Federal Reserve Bank Credit (as reported in the weekly H.4.1 release) has doubled in the last month to around $1.8 trillion.? Jeff Hummel, usually cautiously Pollyannish, says the sky is falling.