Back in March of 2006 I told you the U.S. Government was hiding something and that something was the growth in the money supply as measured by M3. Back then the Federal Reserve tracked and published the money supply  measured three different ways-- M1, M2, and M3. Each of these three money supply measures track slightly different views of the money supply. The most restrictive, M1, only measures the most liquid forms of money; it is limited to currency actually in the hands of the public. This includes checking accounts travelers checks,  and other deposits against which checks can be written. Of course the money supply is much bigger than that. What about savings accounts? M2 … [Read more...]