Money Supply Again - TMS
Mish has an interesting post looking at TMS money supply and he questions the usefulness of M3.
I had not followed this "True Money Supply" and it does look superior.
He also brings up a very good point that many businesses have seen that the economy is tightening and they've tapped their line of credits and put the money into deposit accounts which increases M3.
This is going to be very interesting to see how it plays out over the next couple years.