Does this mean that the conspiracy theory is right? Not at all, there are some statistical issues with using simple correlation and M3 growth rates (as opposed to acceleration) for analysis of what is a failry complicated economic phenomenon, and correlation is not causality. A little bit depends on how much you believe in coincidence. But M3 growth has an unsavory appearance, and for an institution as concerned with appearance as the Fed is, this is a worrisome sign. The Fed has some explaining to do!