>CPI is misleading, M3 is more accurate.

I wonder what happens if we apply that to other metrics...

https://i.imgur.com/2GkpBLZ.png

Uh oh. If we take raw gdp (ie. not adjusted for inflation/cpi), and adjust it by M3 instead, we find that the economy has shrunk by nearly 50% since the mid 90s. That can't be right, can it?

Chart was made in excel from these data sources:

https://fred.stlouisfed.org/series/MABMM301USM189S

https://fred.stlouisfed.org/series/GDPC1

https://fred.stlouisfed.org/series/GDP

edit: fixed axis format.