Implicit Money Multiplier

As worried consumers and business hold on to their money in the form of currency, less reserves are available to loan as excess reserves. My data, using the FRED data base at the St. Louis FED, shows that the Money Multiplier is actually falling. The money supply is increasing to combat unemployment and falling GDP. This data suggests to me a liquidity trap and the ineffectiveness of monetary policy at the current time. More on this topic later.