We will never know from now on, just how much money the government prints. But who cares, as long as you can buy uncut dollars from here: http://www.moneyfactory.gov/ Seriously, who dreamt up that title for an official, government website? Anyway, here is the official info from the Federal Reserve Statistical Release: Discontinuance of M3: On March 23, 2006, the Board of Governors of the Federal Reserve System will cease publication of the M3 monetary aggregate. The Board will also cease publishing the following components: large-denomination time deposits, repurchase agreements (RPs), and Eurodollars. The Board will continue to publish institutional money market mutual funds as a memorandum item in this release. Measures of large-denomination time deposits will continue to be published by the Board in the Flow of Funds Accounts (Z.1 release) on a quarterly basis and in the H.8 release on a weekly basis (for commercial banks). M3 does not appear to convey any additional information about economic activity that is not already embodied in M2 and has not played a role in the monetary policy process for many years. Consequently, the Board judged that the costs of collecting the underlying data and publishing M3 outweigh the benefits.
lol, moneyfactory........ hahah. now will gold and other commodities be extra important to study inflation? i also think the next decade will create more informational imbalances... since everything from government m3 stats to CIA historical documents are closing shop... probably a good thing for traders.
M3 still being reported imo. I dont know why.. but it is and it never stopped http://www.newyorkfed.org/markets/omo/dmm/temp.cfm
Also I would like to point out, that uncut dollars are perfect for wallpapering your trading room. So you can smell what you are aiming for...
A rogue Federal Reserve Bank? What's a little worrisome is the mortgage-backed component of open market operations. They're not exactly backed by the full faith and credit of the US govt. Oh that's right Fannie & Freddie are quasi-govt agencies. All those tranches of orginations from over-zealous lenders, a good proportion ARM's, and funded as a reflection of real estate appraisals.
While being a small component, temporary open market operations are NOT the same as M3. M3 used to be reported in this report http://www.federalreserve.gov/releases/h6/Current/
I'm just beginning to discover the level of false economic reporting done in the last few years by the FED. John Williams at shadowstats is pretty interesting and covers various devices, geometric weighting in the CPI, hedonic adjustments, etc http://www.gillespieresearch.com/cgi-bin/bgn/ i'm also reading recently about how gold reserves are falsely reported by the FED with gold-lending and the enormous gold carry trade. the fed is actually breaking the LAW and engaged in illegal activity today williams calculates the net change since the clinton administration in underreporting inflation as a 2.7% difference between reported CPI and real inflation