The quantity of money without the velocity of money is only half an indicator.

Right, and has the velocity of money decreased?

Likely so. Demand for money increases in liquidity crunches.

Is there any way to measure that other than (very) lagging indicators?

At any rate, I guess that J. Powell will talk about the balance sheet in the FOMC press conference next week as I RHINK it begs the question of whether we've entered QE.