Christian: And, lest we forget, there is more that a little strain of such fundamentalism in Marx. The whole "fictitious capital" bit is of a piece with the line of history's monetary cranks. For Marx, and money created by debt that is not secured or not backed by a commodity is "fictitious," with all the untoward moral and economic complications.
Karl: Am not sure what you are saying here. The reference to the right wing element that you label monetary cranks may echo Marx simply because Marx's understanding is correct. You seem to be critical of Marx's conception of certain forms of paper as fictitious capital. To respond to this you will need to elaborate what it is you mean. I do agree that Marx theory of fictititious capital needs to be re-examined. Much of the time it is a standard assumption by much Marxism in its analysis of economic development.
