A Story About Oil You NEED To Hear

Some news stories are screamed in 100 headlines in 100 different newspapers and media outlets. This one however is so quiet it’s almost a whisper, yet it may be one of the biggest stories next year.

It all begins here, with a blurb so tiny that I’ll reprint the entire thing. From the Federal Reserve’s website, November 10, 2005:

On March 23, 2006, the Board of Governors of the Federal Reserve System will cease publication of the M3 monetary aggregate. The Board will also cease publishing the following components: large-denomination time deposits, repurchase agreements (RPs), and Eurodollars. The Board will continue to publish institutional money market mutual funds as a memorandum item in this release.

To fully understand how the “Federal Reserve” is neither federal nor a reserve of anything of value, see my full-length story here.

But what is the M3? And how is it relevant?

DailyKos