Did anyone catch Randall's comments on M3? "the Federal Reserve has stopped publishing M3, the broadest measure of the money supply. Now to formerly high-church (now low-church) monetarists, any fuss about M3 is a bit puzzling. Its link to the economy has been tenuous in recent years; other, less inclusive, measures seem to be more in sync. MZM (which stands for money of zero maturity, if you care) consists of cash plus any kind of account on which you can write a check, including money-market funds, and seems to represent spending money. M2, which also has savings and some CDs, has been the traditional money measure. But the Fed can't control the money stock and pays little, if any, attention to these measures. No matter, say the conspiracy theorists; if the Fed isn't publishing M3, it's because they've got something to hide. The truth is out there, with the UFOs in the Arizona desert. " Hey, am I missing something? M3 is CONSTANTLY used by economists, (i.e. Dean Maki, formerly of JPMorgan; Dave Ressler, Nomura; Steve Roach, Morgan Stanley; Stephanie Pomboy, MacroMavens......etc. etc. Hey Randall, why the condescending dismissal of those who criticize the Fed for no longer publishing M3? ??????
maybe similar to goldmans motives for downgrading the miners last week you can't plug a dike with ur thumb