This is rather illuminating, but not reporting M3 any more seems to be a not so obvious move to hide just how wealthy the really wealthy are. After all, it wouldn't take too much more growth in the ratio M3 / M2 to show conclusively that "the rich get richer...", and I honestly believe that the megawealthy who are really in charge of these things just don't want anyone looking that closely. What megawealthy person wants that kind of proof hanging around?
Steve | 12.26.06 - 2:51 am | #