Wednesday, July 08, 2009
Haven't looked at this chart from NowAndFutures in some time now - either someone's asleep at the switch over at the Federal Reserve or M3 really isn't all that important an indicator.
Then again, maybe this is what the central bank didn't want people to see. What was it, about three years ago that the Fed discontinued reporting of the broadest measure of the money supply and conspiracy-minded folks thought it was going to go to the moon?
It looked like it was headed there ... that is, right up until last summer.