<P> Although the Treasury can and does hold cash and a special deposit account at the Fed (fed funds), these assets do not count in any of the aggregates . So in essence, money paid in taxes paid to the Federal Government (Treasury) is excluded from the money supply . To counter this, the government created the Treasury Tax and Loan (TT&L) program in which any receipts above a certain threshold are redeposited in private banks . The idea is that tax receipts won't decrease the amount of reserves in the banking system . The TT&L accounts, while demand deposits, do not count toward M1 or any other aggregate either . </P> <P> When the Federal Reserve announced in 2005 that they would cease publishing M3 statistics in March 2006, they explained that M3 did not convey any additional information about economic activity compared to M2, and thus, "has not played a role in the monetary policy process for many years ." Therefore, the costs to collect M3 data outweighed the benefits the data provided . Some politicians have spoken out against the Federal Reserve's decision to cease publishing M3 statistics and have urged the U.S. Congress to take steps requiring the Federal Reserve to do so . Congressman Ron Paul (R - TX) claimed that "M3 is the best description of how quickly the Fed is creating new money and credit . Common sense tells us that a government central bank creating new money out of thin air depreciates the value of each dollar in circulation ." Modern Monetary Theory disagrees . It holds that money creation in a free - floating fiat currency regime such as the U.S. will not lead to significant inflation unless the economy is approaching full employment and full capacity . Some of the data used to calculate M3 are still collected and published on a regular basis . Current alternate sources of M3 data are available from the private sector . </P> <P> As of April 2013, the monetary base was $3 trillion and M2, the broadest measure of money supply, was $10.5 trillion . </P> <P> There are just two official UK measures . M0 is referred to as the "wide monetary base" or "narrow money" and M4 is referred to as "broad money" or simply "the money supply". </P>

What is the money supply of the us
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