Notes

House writing. The tape is at /twin.

• The Neutral Engine — Why the Bank of England does not want to own tokenisation (31 August 2026)
• The Vertical Stack — How Switzerland turned tokenisation into a production line (3 September 2026)
• The Centralising Operator — How the Eurosystem decided to run the job itself (7 September 2026)
• The Two-Tier State Stack — How Korea is using tokenisation to spend public money (10 September 2026)
• The Asset-Backed Mandate — Why Islamic finance does not need tokenisation in order to believe in it (11 September 2026)
• Bond Markets: “The Free-Money Era Is Over” — Why yields are rising in Britain, America , Japan and why this is a negotiation among a country’s own lenders, not a rerun of 1973, 1987 or 2008 (12 September 2026)
• The Sovereign Counter-Model — How Beijing nationalised the primitive and outlawed the wrapper (14 September 2026)
• The Private Rail — How Washington kept the dollar’s tokenised future inside the banking club (16 September 2026)
• The Shared Marketplace — How Agorá tried to keep the banks inside the token (18 September 2026)
• The Rules Without a Rail — How the IMF tried to stop two clubs becoming two systems (21 September 2026)
• The Wiring — The instruction no core can obey (23 September 2026)
• The Map — Two clubs, three assets, one property money might lose (25 September 2026)
• Beyond EBITDA and Beyond Velocity — A functional valuation framework for tokenized markets — an operational extension of “Velocity Has No Place in Token Valuation”. (20 August 2026)
• Just-In-Time Production in an Era of Structural Imbalance — Why classical lean production no longer fits a world of China Shock 2.0, concentrated capacity, and coercive supply risk. (20 August 2026)