One of the best examples I’ve seen of taking a seemingly complex subject – money aggregates – and making them simple. MZM, M1, M2, Confused? Jesse explains...
Money Supply: A Primer
Good Job, Jesse!
The only thing that I can add is that although M3 is no longer published by the Fed, John Williams at Shadow stats continues to track the components of M3 and publishes the aggregates on this chart:
Note that while the smaller aggregate is spiking, the larger M3's growth rate was falling, but my understanding is that it has just recently turned up again. None of the aggregates track the effects of the Shadow banking system and that must be kept in mind.
36 minutes ago