Shadowstats.com produces the most well known M3 series. As you can see M3 growth has recently fallen onto the negative side of the ledger.I'd like to thank Annaly's blog for introducing this bit of data to me. The Fed stopped producing the M3 money supply series several years ago and while there are some common attempts to recreate the data series I prefer to publish data I can get my hands on and cite.
Annaly recently wrote about M2 + Institutional Money Market Funds which I have reproduced here. Over time I'll include some additional data in the graph so you can see the long term relationship between money supply growth and inflation. Right now the important point is money supply growth is negative on a year over year basis, something that has not happened over the entire data series.
This is another example of the decline in lending, money supply, et al, occuring in America. What do you think will happen as all the government stimulus starts to unwind?