Not sure about M3 being too narrow. What we see at the moment is M3 growing because 'shadow money' that was not included in M3 gets bailed out (in a way, the central banks are taking the shadow banking system back on balance). What happens is that some people who would have lost money, now don't lose it, and they take it and invest it in the next big thing, i.e. commodities. So, the upsurge in M3 corresponds with the inflation in commodities in a way.
Maybe I am overly simplistic here. Try to make a case for M3. I agree, CP etc. was seen as 'money', but as money went into such investments, it went nowhere else and inflation was contained. Now the process reverses.