  We study the evolution of binary stars in globular clusters using a new Monte
Carlo approach combining a population synthesis code (StarTrack), and a simple
treatment of dynamical interactions in the dense cluster core using a new tool
for computing 3-body and 4-body interactions (Fewbody). We find that the
combination of stellar evolution and dynamical interactions (binary-single and
binary-binary) leads to a rapid depletion of the binary population in the
cluster core. The maximum binary fraction today in the core of a typical dense
cluster like 47 Tuc, assuming an initial binary fraction of 100%, is only about
5-10%. We show that this is in good agreement with recent HST observations of
close binaries in the core of 47 Tuc, provided that a realistic distribution of
binary periods is used to interpret the results. Our findings also have
important consequences for the dynamical modeling of globular clusters,
suggesting that ``realistic models'' should incorporate much larger initial
binary fractions than has usually been done in the past.
