The truth is that the English still believe that their bank manager is at his desk, drinking sherry, umming and aahing about their overdrafts. In fact, he has long since been replaced by risk software. That’s our national failing. It is endearing in a way, but it’s also dreadfully frustrating. Because it means we’re stuck in the oldest fantasy about money that there is. We imagine that it’s real. And in some ways, this is the source of the crisis in the euro-zone as well. In England, our politicians never argue about this issue — who creates money, where it comes from, what it means — for the reasons I say. But in America, it’s always been the heart of political debate.