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Every week we are bombarded by economic statistics, most of which are derived from the U.S. government or its bed partner, the Federal Reserve Bank. When the numbers are good, Wall Street rallies and the rich get richer. When they are not so good, they are smoothed out over a period of time. When the numbers are too horrible to publish, new methods using highly theoretical assumptions are applied until a politically desirable outcome is derived so that the party in power can take credit for “good times.”
The Federal Reserve Bank stopped reporting M-3, the broad based money supply as it sta
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