The Adjusted Monetary Base (AMB) has been reduced slightly to $2.57 trillion; however it remains at historically unprecedented levels; and continues to provide a backdrop for much higher stock prices.  The DJIA would have to expand to more than 38,000 to reach parity with the size of the AMB in 2008. Since then, dollar has appreciated about 13% versus the Euro even though the AMB has more than tripled in size. Liquidity won’t be significantly reduced as long as unemployment remains high and the world economy begins to recover. (as of  December 28, 2011)