Do you agree that money is always at work no matter what the magnitude of one’s cash balance is, or some aggregate cash balances?
If so, how do changes in average cash balances constitute “distortions”? How can it be distortion any more then the perpetually endless changes in market data that occur always and everywhere? Distorted from what? What is the point of reference for your “measurement”?
“too quickly” is not a category of action. It is a personal value judgement. It has no place in scientific inquiry and economic science.
non-sequitur. It doesn’t follow from this that anything that MET (it’s not MIT) has to say is correct.