I took a look at shadowstats and M3 is actually around 55% higher than it was in 2006 so it is still growing robustly, just as we all expect. I think you may be looking at the solid line which represents year-over-year change of M3 whereas the shaded region actually represents M3 itself. The rate-of-change is considerably lower than it has been in the past (as much as 17% annual growth) but it is still growing at about 5% annually according to shadowstats.
http://www.shadowstats.com/imgs/charts/m3-2006.gif?hl=ad
