It started under the Klintoons. Manipulation of economic data for “the common good”. This whole no nonsense is akin to going on a drunken binge and finding out the tab is due after buying the house a round or two.
The discontinuation of M3 was announced in 2005, and implemented in March 2006. The lack of substance to the reasons supplied by the Federal Reserve for that action leads to speculation that the move was made in order to mask the magnitude of the inflation that is the inevitable result of holding interest rates artificially low for an extended period of time.