Credit is never money. And money is not credit. Or is it?

Abstract In previously putting forward a social positioning theory sponsored conception of the nature of money I argued, amongst other things, that it avoids errors and limitations of the credit theory of money. Geoffrey Ingham (2026) defends the credit theory against my critique, taking issue with the conception that I have advanced in doing so. Here, I respond to Ingham, taking the opportunity to elaborate relevant aspects of the theory I defend in the process. A possible reconciliation is also considered.