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Have you seen M3 lately?
Friday, October 03, 2008
Not long ago, the plunge in the growth rate of the M3 money supply looked ominous - now it seems to be getting back on track (chart courtesy of NowAndFutures).
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6 comments:
Tim,
If I am reading this right, the recent drop was simply a decline in the rate of increase, i.e., down to 13% annual growth from 17%. That level of growth amid such monetary destruction (in absolute terms) is still impressive, isn't it?
And if the previous growth dips are any indication, we can look forward to +18% growth in the coming months.
And again, if I'm reading the linked Bloomberg chart correctly . . .
http://www.bloomberg.com/apps/cbuilder?ticker1=.TEDSP%3AIND
. . . the TED spread is at 360 even with the bailout passing the House yesterday (slowly move the line all the way over to the right).
By any definition wouldn't that indicate a SEIZED credit market? Am I missing something?
I would say that's frozen but... it's different this time ; )
Where can I learn how to read what this chart really means?
Dunno - you might start with Wikipedia
Thanks...I'll try the wikipedia. Wikipedia is usually not my preferred place for info as it is frequently incorrect when it comes to nitty gritty details.
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