>Hang on, why is M3 useless? The Bank of England publishes an M4 and
>M5 don't they? Isn't it a little suspicious that after increasing
>the money supply so copiously the Greenspan Fed conveniently retires
>the broadest measure of money?
What's it telling us? An inflationary boom is imminent? For the year ending October, M1 was up 0.5%, M2, 4.0%, and M3, 7.3%. Which should we listen to? All three Ms were up 7-9% in mid-2003 - what did that mean? In early 2002, they were up 8-12% - was an inflation boom imminent? If so, what happened to it? In Oct 2000, M1 was of 0.3% and M3 was up 10.2% - just before the recession began. What did that mean?
Doug