There is certainly a contraction in the growth of bank credit and the money supply.
Please note that these are reductions in growth, and from some recently lofty heights.
Before this is over, we ought to see some contraction in the overall supply of money. This is what we had seen in 2002 as the market approached bottom.
One question rarely considered by non-monetary economists is "What is the equilibrium rate of monetary growth, and is it always the same?"
If the economic population is not increasing, and the growth of real GDP is zero, should the money supply be increasing? If the economic population and real GDP are decreasing, would the correct level of monetary growth be a decrease to maintain stable prices? And then there is the matter of the velocity of money, and the notion of a virtual or derivative money supply. All good questions worthy of serious thought.
"'I beg you, father, send Lazarus to my family, for I have five brothers. Let him warn them, so that they will not also come to this place of torment.’ Abraham replied, ‘They have Moses and the Prophets; let them listen to them.’ No, father Abraham,’ the rich man said, ‘but if someone from the dead appears to them, they will repent.’ And Abraham said, ‘If they do not listen to Moses and the Prophets, they will not change and repent, even if someone were to rise from the dead.’” Luke 16:27-31