Does the case against H money even matter?

To paraphrase poor old Paul Donovan, it matters to me.   I have some pride on the line here.  But that bit does not matter to readers.

 
The relevance to you is that the lack of a reliable backstop under inflation expectations is keeping central banks in the rich countries inclined dovish.  So if you are interested in the behavior of central banks, this is a relevant consideration.  I make the point in a one-pager.