Hoarding as a Definitional Matter
27 June 2017 | Pago Pago, American Samoa
I take money as hoarded, by however means, if it is removed from the circular flow of money against current consumption goods and services and current real investment goods for new productive capacity -- that is, removed from the current real economy subject to national income accounting.
Most hoarding is of money removed from the real economy and diverted into the financial sector and held there in various forms and by various means, mostly existing stocks and existing bonds in the secondary financial markets but by other means as well.
Most people confuse the real economy with financial markets and primary and secondary financial markets.