Here’s another such

Here’s another such opportunity:Graham Hodgson writes, “One paragraph from the Socialist Standard article contains the key insight that the writer has completely missed:”One thing banks do is to reduce the need for cash. They have done this ever since, in the 17th century, they became an important feature of the capitalist economy. In addition, through clearing houses, they settle payments without the actual transfer of cash.”….There are no new arguments in the SS article. The whole piece is just a “no it isn’t” reaction to the PM/NEF critique of the conventional view of banking. They are further hampered by their underlying ideology that economic relations are materialistic, that they necessarily relate to material exchange, even though they admit that symbols can for a time stand in for the real thing. This makes it very difficult indeed to think of money as fundamentally immaterial.” Join the debate.