Where are these M3 numbers coming from?
I thought the Feds stopped tracking M3 years ago.
Propitiatory estimates. In other words take it with a grain of salt.
Many others continue to use the same formula; it isn’t magic, it’s the “broadest” of the money supply measures; it’s explained at http://en.wikipedia.org/wiki/Money_supply
For a chart, go to www.shadowstats.com and click on the money supply chart.
Many of us have been seing this coming; it’s well known that Greenspan/Geithner have long worried about a Deflationary spiral. Part of the problem is the “velocity” of money, i.e., the amount of money changing hands. It’s not because the Banks aren’t lending.