OK, wait. The original claim was that the inflation-adjusted SP500 has never recovered to its level in 2000. I said that M3 wasn't actually a measure of inflation. You responded that 1) yes it was (upthread a ways), and 2) "The inflation adjusted index price is one piece of evidence that the US economy may be due for a severe correction, possibly worse than 2008."
But if the SP500 (measured by M3) is below where it was in 2000 by a factor of 3 or so (eyeballing the chart in the article), and if M3 is a valid measure of inflation, then how is the inflation-adjusted index price saying that we're due for a severe correction?
But if the SP500 (measured by M3) is below where it was in 2000 by a factor of 3 or so (eyeballing the chart in the article), and if M3 is a valid measure of inflation, then how is the inflation-adjusted index price saying that we're due for a severe correction?
Your arguments contradict themselves.