In a very practical sense there is also less money circulating. The vast majority of money is in the form of bank created loans. Since 2008 banks have had a dearth of credit-worthy individuals who are willing to take on a new loan, as 'deleveraging' and getting out of debt has become the order of the day. The poor banks and their 'supervisors' are having trouble creating new bubbles that entice the average investor, who now is looking for safety instead of returns. And many of those would prefer to keep several thousand in cash in a safe at home - from anecdotal reports.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."