Currency Markets drying up?

I don't know much about the currency markets but what I understand is that these markets drive economies and is the largest market on earth with over 5 trillion dollars changing hands every day.

I read a lot of newsletters much of it dealing with economic calamities with similar themes but this weekend I read one that is usually not pushed much. I'm not sure what he meant by it drying up but his point was that it has happened before each downturn in '08, '00, '93, '86, '80.

After laying it out he made the case that many others have made that this time will be different because the Fed printing policy hasn't really helped looking at velocity and interest rates are so low that they really have no where to go. Though he made the point that real interest rates are rising. The other reason this time is different that the gov is already drowning in debt.

The last paragraph makes sense to me from what I've read but I'm confused about how or why the currency market shrinks and if there is a way to track it. On one level I understand if business activity decreases less money probably changes hands but I'm wondering are there any truth to this guy's claims about cause and effect.

I've been wondering about a reliable indicator; could this be it?

I'd appreciate your thoughts.

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Currency Markets drying up?