#27 Decoding M3: Repurchase agreements USA

#27 Decoding M3: Repurchase agreements USA

Time Stamp: February 17, 2023 2:02 PM
Source Node: 2528829

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This is the twenty-seventh installment from Porkopolis Economics, covering macro and money, from the creator of the Crypto Voices podcast.

Contents

00:00 Intro

00:48 Money supply “stack”

02:47 Federal Reserve presser on M3 discontinuation

05:05 Repo market summary

05:28 Why repos: #1 Shadow banking

08:57 Why repos: #2 Liquidity

10:41 Why repos: #3 Leverage

12:30 M3 non-M2 Total (Fed discontinued)

12:39 Large time deposits & Institutional money market funds

13:40 Repos (Banks)

16:30 Repos (Shadow banks)

19:25 Former Fed economist explains repos and M3

24:10 Repos (Fed)

28:58 Fed knows it’s a monopoly actor

31:45 Adding up all M3 money supplies found so far

Here we look at the next level up for the United States money supply: the M3 money stock. Note that M2 is included in the M3 money supply; however, in this video we cover only the non-M2 monetary components. Specifically in this video, we are covering repurchase agreements. These next few videos will review how it is a challenge to reconstruct this data, since the Fed stopped publishing this money supply in February 2006.

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