There was once a time when any amateur economist could determine the country’s solvency simply by obtaining money supply reports from the Federal Reserve and crunching the numbers themselves. Investors could see which countries are receiving U.S. dollars and how much, before deciding to purchase international bonds or U.S. Treasurys. But those days are long over and the world’s economy has become a guessing game even to seasoned monetary minds.
It was November 2005 when lame-duck chairman Alan Greenspan, in relative anonymity, announced that the Fed will discontinue publishing the M3 monetary aggregate, effective the following March. The press release also indicated that the Fed would discontinue publishing Eurodollar derivative swaps and all other large time deposits.