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To: Haim R. Branisteanu who wrote (29398)	1/29/2002 5:41:43 PM
From: pater tenebrarum	Respond to of 209892

Haim, note in this context that M3 growth actually exceeds the ECB's target at the moment, a fact the ECB feels compelled to comment on at every press conference. the last coherent comment by easy Al on the growth of the monetary aggregates was the he 'doesn't know what money is, or how to measure it'. fair enough, but one would think that historically consistent measures of money growth are worth a look now and then to determine if things are still under control. which they clearly are not.