Irwin Kellner of Marketwatch stepped on his own toes big time today by saying the Fed has actually decreased the growth of the money supply to a near-zero rate. Read his assertions here:
John Williams publishes what are generally regarded as reputable statistics on most government data series. His work can be found here:
This appears to be yet another round in the recent rhetorical campaign to try to move the Dollar. I called him on this in an email and his response was to quote the St. Louis Fed’s weekly data. The data for M2 can be found below and directly conflict with what John Williams reports. It should be noted that John Williams M2 data is not reconstructed like his M3 series since the Fed still reports M2.
We’re going to have to watch this one; something is clearly amiss here. Either the Fed’s data is wrong, Williams’ data is wrong or the Fed has changed the way they count M2 and didn’t bother to tell anyone.