M3 contains more asset classes than M2. So, to find the signs to bubble, in a point of historical view, it might be better, to compare value of equities with M3. Therefore you see below, what it means. Market crisis/crashes are marked.
The differences from 2007/08 to others: there we had an Interbanken problem: no one trusted each other and was not willing to overtake overnight credits. Second: the fed announced, to take several repo papera from the list, which means big problems for some primary dealers. All in all it was not a problem of to much money in the system, the problem was, that some money was on wrong places. Panic driven at the end.
Whatever: actually, no doubt, we have to much money in the system.
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