M3 Expanding Dramatically

One measure of the size of monetary stimulus is the expansion of M3, a broad measure of the money supply that includes institutional money funds. Capital Economics calculates that M3 is up 15% from a year ago, the biggest increase in 37 years.

Having embarked on this course, Bernanke has no way to head off the next boom-bust cycle.

Source: Businessweek, "The Fed's Revolution," March 20, 2008