Word: m3
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...billion, fueling fears that the Federal Reserve will soon have to clamp down, sending interest rates back up. Federal Reserve officials have been arguing that the increase in the M1 figure was an aberration and that the broader-based statistics for money growth, M2 and M3, showed that the Federal Reserve still has the money supply under control. Figures released last week showed that M1 is growing faster than the goal set by the Federal Reserve but that M2 is still within target...
...bank monitors its success by focusing on M1, which includes the amount of currency in circulation at a given time as well as deposits in all kinds of checking accounts. Those are the funds most readily avail able for actual spending. Other monetary measurements, including M-2 and M3, expand the definition to embrace additional kinds of deposits like savings accounts. But these broader categories are even harder to manage than...
...saga of the Army's M2 and M3 Infantry Fighting Vehicle (IFV) systems illustrates how costs can escalate out of control. "It is a horror story of the worst kind," says Major General Herbert McChrystal Jr., retired, who was an Army director of planning. The original plans, drawn up in 1972, envisioned an armored personnel carrier costing $400,000. As soon as development began, the Army review committee, a constantly changing board of top Pentagon staffers, began reconsidering exactly what jobs the vehicle should do. Should troops fight from the vehicle or get out? Should there be gun ports...
...Murphy knew about production. British-born, he had come to the U.S. in 1909, worked since then as a traction executive in Pittsburgh, New York, Albany. He took off his coat, had M3's clanking off the assembly lines five months later...
...slugs, can be fired with fair accuracy at short range (as with any submachine gun, the closer the better). Of all-metal construction, the M-3 weighs less than nine pounds, compared to twelve for the famous Thompson "tommy-gun," a standard Army weapon whose relationship to the humble M3" is approximately that of a chronometer to a dollar watch. (Even in quantity production the Thompson gun costs about $40 to make; the M-3 is fabricated mainly from stamped parts and can be turned out for something less than...