Hey, has anyone noticed that the LEVEL of M1 contracted from 1994-1997? I can hardly believe it, but there it is at: http://www.stls.frb.org/fred/data/monetary/m1sl 1991.01 826.74 1991.02 832.54 1991.03 838.55 1991.04 842.48 1991.05 849.28 1991.06 858.08 1991.07 863.09 1991.08 868.69 1991.09 871.73 1991.10 878.61 1991.11 887.63 1991.12 896.34 1992.01 910.43 1992.02 925.16 1992.03 936.29 1992.04 943.70 1992.05 950.77 1992.06 954.94 1992.07 964.96 1992.08 975.70 1992.09 988.94 1992.10 1004.50 1992.11 1015.97 1992.12 1024.31 1993.01 1030.34 1993.02 1033.41 1993.03 1038.43 1993.04 1047.49 1993.05 1066.31 1993.06 1075.75 1993.07 1086.03 1993.08 1095.68 1993.09 1105.68 1993.10 1113.83 1993.11 1123.91 1993.12 1129.69 1994.01 1131.86 1994.02 1136.34 1994.03 1140.36 1994.04 1141.13 1994.05 1143.11 1994.06 1146.05 1994.07 1151.43 1994.08 1151.52 1994.09 1152.55 1994.10 1150.71 1994.11 1150.44 1994.12 1150.08 1995.01 1150.64 1995.02 1146.85 1995.03 1146.93 1995.04 1149.31 1995.05 1144.74 1995.06 1144.54 1995.07 1146.60 1995.08 1146.27 1995.09 1142.36 1995.10 1137.32 1995.11 1134.09 1995.12 1126.80 1996.01 1122.60 1996.02 1117.74 1996.03 1122.47 1996.04 1124.30 1996.05 1116.18 1996.06 1115.35 1996.07 1112.93 1996.08 1102.49 1996.09 1096.70 1996.10 1084.26 1996.11 1081.09 1996.12 1081.06 1997.01 1080.53 1997.02 1076.28 1997.03 1072.26 1997.04 1066.88 1997.05 1062.64 1997.06 1066.49 1997.07 1068.39 1997.08 1072.18 1997.09 1066.71 1997.10 1064.66 1997.11 1068.20 1997.12 1073.94 1998.01 1073.73 1998.02 1076.11 1998.03 1080.32 1998.04 1081.66 1998.05 1076.49 1998.06 1077.85 1998.07 1076.87 1998.08 1073.13 1998.09 1078.21 1998.10 1084.67 1998.11 1093.74 1998.12 1097.37 1999.01 1095.98 1999.02 1094.27 1999.03 1101.36 1999.04 1107.20 1999.05 1101.66 1999.06 1100.07 1999.07 1099.46 1999.08 1098.69 1999.09 1096.11 1999.10 1101.28 1999.11 1109.46 1999.12 1122.93 2000.01 1118.85 2000.02 1104.53 2000.03 1110.42 2000.04 1115.10 2000.05 1104.96 2000.06 1103.42 2000.07 1104.42 2000.08 1101.00 -- Prof. Bryan Caplan [EMAIL PROTECTED] http://www.gmu.edu/departments/economics/bcaplan "[W]hen we attempt to prove by direct argument, what is really self-evident, the reasoning will always be inconclusive; for it will either take for granted the thing to be proved, or something not more evident; and so, instead of giving strength to the conclusion, will rather tempt those to doubt of it, who never did so before." -- Thomas Reid, _Essays on the Active Powers of the Human Mind_
