I'll be honest. Before hearing this news, I had never heard of "M3 reports," so I am not in a position to speak intelligently about it without some further research. (The same blog has been posting regular updates about the issue, also worth checking out.)

This comment on metafilter does a pretty good job of summarizing my suspicions.

"Looking back into history economic data was only kept a secret in failing economies, e.g. the Soviet Union."

This was exactly my first impression. "What they cannot see will not hurt them", or "worry them."

Overall, it is a very serious change in events. Next year, I will be living in a country that does not make public its money supply at the level that counts the most, electronic creation. And other key number reports are being removed as well.

The money supply has doubled in 9 years. If the rate increases even more, ( and I suspect it will), then 8, 7 or 6 years is not out of the question. The sad truth is that we will not be able to tell after 2006. We simply will not know what the rate of growth is, until it finally shows up in M2. If M2 takes off, then we can only guess at how bad M3 must be.

I consider this a final straw in my mind regarding the integrity of the Fed. It no longer has any integrity, so don't expect any.

In other words: People (and communities) who are smart will start finding ways to function without use of the U.S. Dollar now. Short of the ambitious proposal of implementing local currencies, systems of barter and informal "do me a favor and I'll do you a favor sometime" methods of exchange will need to develop. That way, when the dollar falls off the cliff, the results won't be quite as devastating. Sadly, most will probably do nothing until the crisis becomes painful to the point of near-death. Long-term, I tend to be optimistic, but in the next few years and decades, I see some very hard times ahead. For all of us.