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Chart Of The Day

M3 STILL CONTRACTING AT -3% YoY RATE

The government may have stopped producing the M3 data, but several sources have done a fine job reproducing the broadest money supply data.  According to Shadowstats.com and nowandfutures.com the M3 money supply continues to contract at a -3% YoY rate.  Although the sharp contraction appears to have reversed the total M3 money supply remains almost 10% off its peak.  The Fed has been truly powerless in reversing the deleveraging during the Great Recession.  Despite constant shrieking about “money printing” and inflation the data simply continues to tell a different story.

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