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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: russwinter who wrote (33437)	5/28/2005 7:04:12 PM
From: ild	Respond to of 110194

We’ve concocted a chart below that tries to account for aggregate systemic credit that is being created outside of the formal US banking system. Here’s the deal. We’ve taken the quarter over quarter rate of change in total credit market debt outstanding (directly from the Fed Flow of Funds report) and subtracted the like period quarter over quarter rate of change in M3 (broad money supply). In other words, we’re trying to get a sense for just how much liquidity/credit/call it what you will, is being created outside of the formal US banking system that is being registered in the official monetary aggregates (the M's). idorfman.com