I read Hamilton’s article, and noted in his chart, that M3 rose much faster than M2 in the last few years, for the first time ever in his charts. Thus he concludes with:

“Of course, the intriguing thing is that big surge in M3 growth relative to M2 of the last few years, which raises the possibility in some people’s minds that U.S. inflation will suddenly start being fueled by eurodollars and large time deposits.

But if that happens, it will be something new.” – Hamilton