Where has all the money actually gone?

I feel naive in asking this question, but am confounded nevertheless. There is a ‘global recession’; many formerly well-off nations (including the UK, where I am) are now ‘struggling’ with debt and making ‘austerity cuts’ within government budgets.

Please note: I understand the US crash due to sub-prime lending, I understand a bit about ‘Hedge Funds’ and am not looking for, nor interested in a deep explanation of how money markets work. We use ‘money’ as a system of tokens, to represent physical worth, yet assign value to the tokens themselves. The richest nations in the world, with great physical and intellectual resources are struggling with not having enough ‘tokens’... Where has it all gone?

Terms like ‘millions wiped off the value’ – ‘wiped off’? Weird and metaphorical language indeed! Yet this (forgive me) ridiculous state is tolerated as we watch formerly comfortable people begin to struggle with daily needs, and people who had little before, being stranded with even less. All over the World.

I would appreciate humorous or creative responses, but am really wondering what happens to the actual £s, $s, Yen etc (bearing in mind the unreality of it all), when the whole economy goes pear-shaped. A simplification of what is going on would be appreciated!