M3, A Picture the Fed doesn\'t Want You to See Anymore

FWIW, scroll 7/8ths of the way down. Read the rest if interested.

The Fed has announced that it will discontinue reporting of the form of the money supply known as M3. See this.

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Wow! Thanks for the tip...

Wow! Thanks for the tip... That chart says it all.

If I were a socialist parasite like the Fed, I'd want to cover my tracks too. Bernanke will have an easier time destroying our economy once M3 is no longer reported...

Glad to see someone else

Glad to see someone else finally noticing.

The same sort of innoccuos

The same sort of innoccuos reasons were given for changing the CRB index, changing the VIX indicator, shortening the gold trading hours, hedonic deflators, accounting changes in the gold rerserves etc etc. i could name 20 more. The message they are sending is no gov't statistic can be entrusted to the public, and if it is, it'll be taken away or watered down to the point of uselessness.
This has been slowly going on for at least 10 years and the more this happens the more fuel it adds to the smoldering fire outlined by groups like GATA. Bring on the French revolution V2.0 get em ALL out of there. :behead:

qwest, you do realize that

qwest, you do realize that immediately following the French Revolution the French currency was replaced with fiat paper and inflation proceded to balloon to previously unheard-of proportions. Right?

Matt: I FULLY realize that,

Matt:
I FULLY realize that, which is why i'm HEAVILY weighted to physical gold and PM stocks and uranium. i just really wanna see an angry mob drag those mf'erz out of the FED and behead each one of them. i'll be laughing from cabo, baby. not many people EVER will have deserved it as bad as that filthy little clique. loving the market action, lets hope they keep it up. the unfortunate thing is it'll be way too late for joe and jane america to do anything defensive.:sad:

I emailed the Fed last week

I emailed the Fed last week on this subject. Here is their response:

"Thank you for your correspondence concerning the recent announcement that the Board will cease publication of the M3 aggregate. The Board will also cease publishing the following components: large-denomination time deposits, repurchase agreements (RPs), and eurodollars. The announcement was made in the current H.6 Release (Money Stock Measures), available at http://www.federalreserve.gov/releases/h6/Current.

Government statistical reports must be reviewed every three years, on a staggered basis, in accordance with the Paperwork Reduction Act; the Office of Management and Budget requires federal agencies to submit a report justifying the continuation of data series. Like all other federal agencies, the Federal Reserve must submit all of its releases to a periodic cost/benefit analysis, identifying the cost to the institutions collecting the data and to the agency. Also, our searching of the economic literature revealed that very few economists used that aggregate: M3 does not appear to convey any additional information about economic activity that is not already embodied in the M2 aggregate. Further, the role of M3 in the policy process has diminished greatly over time. Consequently, the costs of collecting the data and publishing M3 now appear to outweigh the benefits. As it happened with the L aggregate in 1998, it, therefore, was very difficult to justify publishing data that very few people use.

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, for commercial banks, on the H.8 Release on a weekly basis. In addition, the Board will continue to publish institutional money market mutual funds as a memorandum item on the H.6. All other Board data will also continue to be available at www.federalreserve.gov. Specifically, economic data will be available under the heading "Economic Research and Data;" banking data, under the headings "Banking Information and Regulation" and "Community Development;" and consumer data, in our G.19 Release, "Consumer Credit" (under "Economic Research and Data") and in our "Survey of Consumer Finances."

As you know, all of the Board's publications, press releases, consumer information and brochures, testimony and speeches, the Board's regulations, legal interpretations, and transcripts of meetings are also posted on our public website. From the same site, you can access the Federal Reserve System's Public Information Catalog (newyorkfed.org/publications/ frame1.cfm) of the Federal Reserve Bank of New York.

The Department of the Treasury releases a U.S. Currency and Coin Outstanding and in Circulation (USCC) statement, which informs the public of the total face value of currency and coin used as a medium of exchange that is in circulation at the end of a given accounting month. The statement defines the total amount of currency and coin outstanding and the portion deemed to be in circulation. For the Treasury's statement, please access www.fms.treas.gov.

I hope this information is helpful."

WOW!!! george orwell

WOW!!! george orwell couldn't have written it any better. i feels like it came right outta 'Animal Farm' , when the pigs were telling everyone how those thoughts they were having were all illusions and not to worry, they'd take care of everything.:behead::behead::behead::behead::behead: