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This formula is to be read as follows.

Thus the whole formula reads: the signifying function of the substitution of one [[signifier]] for another is congruent with the crossing of the [[bar]].

The idea behind this rather obscure formulation is that there is an inherent [[resistance]] to [[signification]] in [[language]] (a [[resistance]] which is [[symbolize]]d by the [[bar]] in the [[Saussure]]an [[sign|algorithm]]).