The Grammar of our Economy
Charting the digital territory between Finance and the rest of the Economy.
- Indexed issues, last 90 days
- 8
- Latest publication
- Sep 28, 2026
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- Jul 6, 2026
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The Wrong Unit (opens the original)
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Last week the chair of the CFTC, Michael Selig, told a Treasury market conference at the New York Fed that regulators must prepare markets for “mass tokenization.” He placed tokenisation alongside on-chain finance and round-the-clock trading, and predicted that the coming decade would change financial markets more than the several decades before it. The CFTC has already sought comment on 24/7 trading in energy derivatives and, earlier this year, admitted stablecoins issued by national trust bank
Trust Has No Custodian (opens the original)
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The Third QuestionSoftware buys things now. A model books the flight, picks the seat and pays. A procurement agent compares suppliers and places the order. The person who set it going was somewhere else at the time, and may not look at the result until the invoice arrives.The industry moved quickly to make this safe. Google’s Agent Payments Protocol, announced in the autumn of 2025 with sixty-odd launch partners, wraps a purchase in three signed mandates: what the human asked for, what the agent
Understanding Value (opens the original)
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I have asked this question in rooms where people price risk for a living: what is the unit of value?The answers arrive slowly and they do not agree with each other. Someone says the euro. Someone says utility. Someone says it depends what you mean by value. All three are defensible. None of them is a unit in the sense a physicist would accept.This is not a failure of education. The people in those rooms hold doctorates, run trading books, sit on credit committees. They make correct decisions abo
The Economy Runs on Promises (opens the original)
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Take a Bank of England note, if you happen to own one, out of your pocket and read it. “I promise to pay the bearer on demand the sum of ten pounds.” That sentence has appeared on English banknotes for three centuries. We handle money every day and never read it. The promise is printed on the money.The habit of overlooking it is old. The earliest financial records we possess are promises: Mesopotamian clay tablets recording grain owed to the temple, silver owed to a merchant, delivery owed at ha
The Next Customer Is Software (opens the original)
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Somewhere in a mid-sized manufacturing company, a few years from now, a piece of software will order forty thousand euros of steel. It will have compared suppliers, negotiated the price, checked the delivery terms and arranged the payment. No human will touch the transaction. A human will have set its limits months earlier and moved on to other work.Every serious forecast of AI now points in this direction. The shorthand taking hold is Agentic Everything: software that perceives, decides and act
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