Great stuff Steve as usual. However, I would argue that when money leaves the banking system and is double counted in MMF's it should be excluded with the exeption of the portion that ends up in large time depostis. The reason being that the cash position held be MMF's is placed in large time depostis in banks and must be included in any measurment of the true money supply.

Many economist still argue that you must count MMF's because it is liquid money and can be spent readily.  I tend to agree with economists who believe that is just double counting the money supply.