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hey everybody welcome welcome thanks a lot for joining my name is Matthew today were going to continue our exploration of the United States money supply and were going to uncover the first mystery of M3 that is the market for repurchase agreements otherwise known as repos here we are again this is the M3 money breakdown for the United States and a quick reminder uh how this works this is cumulative stuff these consumer or client facing monetary Stacks which is primarily fiduciary Media or bank money heres how it looks the first level and this was popularized by the volcker crew and many of the Federal Reserve economists in the 50s and the 60s the first level is m0 all right and this is the only non-fiduciary money in the stack this is base money state money that is outside of Bank vaults the second level is M1 which is m0 plus site deposits or as we know them mostly in the west demand deposits M2 is M1 plus less liquid or less regulated retail type savings monetary instruments nm3 i