I was clearly projecting my pet peewees in discussions like these. People have no functional or real-life understanding what capitalism, free markets or unconstrained competition mean (in theory, in history and in reality, including actual historical results of approximations of each of these).
As for your definitions of of M0/M1 and M3/M4 (and further derivatives) is confusing to me (if I follow the post 60s modern monetary creation reality, not theory, of monetary aggregates).
Below is a lexicon conversion chart extracted from one of my strategy docs - which helps ensure that govemt economists (when they are in the meetings) can relate to the flows of wealth we discuss. There is another chart entirely where wealth REALLY occurs... but this helps clarify the two distinct languages of money for me (keeps me out of trouble with my terminology - but more importantly, sublimates to the 'economists' in the room that they might not truly have competence inside the domain which is being discussed).
The bottom line, these are all different things, and it harms the discourse when we treat it all as one thing: Wealth - Capital - Reserves - Funding - Earnings - Extraction - Money - Retail Money - Cash - Currency