Where did all the money go?…  

... Asks Icelandic film director Gunnar Sigurdsson.  Never likely to win an Oscar, this short film - Maybe I should have – possess a question that needs to be taken rather more seriously than any Hollywood jamboree.   For most of the past decade, banks seemed to be rolling in money.  Now, as any small business looking for a loan can tell you, there's much less. Why? Because a lot of what we thought was money was really credit.  What they call “fractional reserve banking” means that a lot of the liquidity in our economy is really a loan piled upon a loan. Piled upon on loan. Upon a loan. And so on.  This credit pyramid dwarfed real money by more than 30 times at the time of the crunch. So much for monetarist economists controlling the money supply.  Most of the time they...