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M3 discontinuance

“On March 23, 2006, the Board of Governors of the Federal Reserve System will cease publication of the M3 monetary aggregate….M3 does not appear to convey any additional information about economic activity that is not already embodied in M2 and has not played a role in the monetary policy process for many years. Consequently, the Board judged that the costs of collecting the underlying data and publishing M3 outweigh the benefits.”

But why would the FED stop tracking M3? The reason given is:
1) It will save money
2) Other indicators track all the money that M3 tracks.

First of all, since when is the government interested in saving money?

The writing on the wall is clear. When the Government starts hiding data the problem is big!

:) Falkor

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