Four years ago the Fed ended tracking the broadest measure of the money stock, known as M3. To fill that gap, John Williams Shadow Government Statistics ( estimates M3 from published sources as part of his mission to strip away the obfuscation prevalent in many government economic statistics.
"Not all economic downturns are triggered by liquidity crises, but all liquidity crises trigger or intensify economic downturns," he asserts.
Double dip recession close ???