We have talked about M3 in other threads, and yes is a problem. Particularly beginning last month where other governments did not buy the US debt offerings to pay the balance of payments. Although I cannot prove it, the only other way to pay the debt is for the FED to buy US treasuries to pay the bills. This means more dollars in circulation, and less value to those who hold dollar debt in Europe, China, and Japan. The difference comes out in the exchange rate of dollars to euros.
Remember that at the end of 2002, a dollar bought 1.12 euros. Now 4 years later, a dollar buys .76 euros – a decline of 36% in a little under 4 years. So in theory, the price of European goods and services should have gone up 36% because the dollar decline by that much, but they have not. The Europeans, China, and Japan, et al are continuing to eat the losses to keep selling to the US consumers. But not forever.
China which is holding/was holding about a trillion dollars in reserves has said they are going to diversify into other currencies. And last month we saw the result. Not enough foreign buyers for dollar debt. When you wrote the earlier thread about foreign banks diversifying out of dollars (earlier this month, or last month) it was .78 dollars per euro, now it is .76, a loss of 2.56%. The more US debt the FED buys, the faster the growth of M3. Sooner or later out foreign suppliers will need to raise prices to offset the dollar devaluations, and then inflation will hit 10+ percent.