nScout

ECB Calls Bernanke's Bluff

To JasonC:
US M1 is not a reliable measure of the money supply as it only sums cash and demand accounts. US M3 is the measure that sums ALL shortly available payment instruments. Why then did the FED stop publishing this measure in March 2006? Can you give us the result of the "inflation identity" measuring the rate of inflation since 2003 (Inflation (%P) is equal to the rate of money growth (%M3), plus the change in velocity (%V), minus the rate of output growth (%Y))?