For the last month M1 has been growing quicker than M2. You can see this here: Beginning here -> http://www.federalreserve.gov/releases/h6/ and then on to specific releases... http://www.federalreserve.gov/releases/h6/Current/ http://www.federalreserve.gov/releases/h6/20080807/ http://www.federalreserve.gov/releases/h6/20080731/ http://www.federalreserve.gov/releases/h6/20080724/ http://www.federalreserve.gov/releases/h6/20080717/ http://www.federalreserve.gov/releases/h6/20080710/ One of the few things the Fed. can do to stimulate the economy in such a situation...outright buy stocks and bonds...and you thought the markets wouldn't be propped up ;-) -gastropod