I'm assuming that's Swedish M3 data.

Yes.

Drew J Jones:

Don't know what M3 represents at the Bank of Sweden, but if it's the same as the American version

Have to admit I choose the graph because it was there, but upon checking, no, apparently not.

Penningmängd 1871-2006 | Sveriges Riksbank

M3. Omfattar M0, inlåning i banker och bankcertifikat.

M0 is coins and bills held outside banks (including private bank bills until 1903). M3 is M0 plus deposits plus bankcertifikat. Bankcertifikat are as far as I can tell bank issued bonds with a fixed interest and a maturity of not more then one year. From wikipedia I can't see a direct US equivalent.

No argument on the substance of your comment. Guess I got triggered by the 'always'.

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