The key question
of a monetary theory
of production is:
Dr. Renée Menéndez

How does M become M´?

Answer. There is NO WAY that M can become M´!

Where is the solution? 

Just recall what Keynes (1937) said: "If investment is proceeding at a steady rate, the finance ... required can be supplied from a revolving fund of a more or less constant amount."

With that in mind, just put the question like this:

Why does it look like, that M becomes M´?

As the old Greeks teached us: with the correct question the answer is contained in it.

But to elaborate the answer, we have to go through several concepts of economic reasonig.