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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: 10K a day who wrote (91468)	2/11/2008 1:33:45 AM
From: bart13	Read Replies (3) of 110194

M3 is gone because it is too hard to track. nowandfutures.com I respectfully disagree. M3 is only M2 with 4 additional items. The actual full technical definition from the Fed is “M3 consists of M2 plus (1) balances in institutional money market mutual funds; (2) large-denomination time deposits (time deposits in amounts of $100,000 or more); (3) repurchase agreement (RP) liabilities of depository institutions, in denominations of $100,000 or more, on U.S. government and federal agency securities; and (4) Eurodollars held by U.S. addressees at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada. Large-denomination time deposits, RPs, and Eurodollars exclude those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market mutual funds” My reconstruction is admittedly far from perfect, but in my opinion its way better than nothing and also tracks quite well with John Williams reconstruction (after corrections for mine being weekly and his being monthly), which he put together a month or two after mine.

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