Economy Set To Grow in Q4?

Most economists are currently worried about deflation and are expecting tepid economic growth through the rest of this year and into next year. I just found this article, M2 Velocity Suggests A Stronger Q4 GDP, which uses the M2 measure of money supply to comment on Q4 2010 economic growth. Using this measure the author predicts somewhat higher economic growth than the current consensus among economists. The logic behind the argument is quite sound and it's an interesting approach to analyzing near-term growth forecasts. I think we are still more likely to see growth closer to the consensus, because I believe consumers and business will likely continue hoarding cash (increases in the demand for money) until after the elections end and we see what the new make up of Congress will mean for policy.