Classical forum hall with golden accents

Real Bills

5 essays in the Forum tagged "Real Bills".

← All essays
Extensions

On-Chain Housing Finance: A Mengerian Assessment of the Tokenization Stack in 2026

The real-world asset tokenization market crossed $18 billion in April 2026. Centrifuge, Figure on Provenance, Goldfinch, and Maple Finance have moved meaningful volumes of mortgages, HELOCs, and real-estate-backed credit on-chain. The question is not whether the technology works — it does — but whether the architecture being built actually satisfies the design principles drawn from Menger and Fekete, or whether it recreates the same fragilities under new vocabulary. The framework gives a precise answer: tokenization improves settlement, not saleability, and the distinction matters more than its enthusiasts admit.

FeketeMengerRWAtokenizationblockchainCentrifugeFigureProvenanceDeFihousing financereal bills
Housing Trilogy

Honest Housing Finance: What Replaces the 30-Year Mortgage Under a Sound Monetary Regime

If the post-1971 housing finance architecture is exhausted — if the agency MBS substitute layer cannot extend much further, if the boomer trade cannot be replicated, if the Mengerian saleability of the underlying asset is structurally low — then what replaces it? This essay applies the New Austrian framework constructively, drawing on historical building societies, contractual savings systems, and modern digital clearing primitives to sketch the architecture of household housing finance suitable for a post-fiat era.

FeketeMengerhousing financebuilding societiesBausparkassereal billssound moneydesignconstructive
New Austrian Economics

AI Compute as Nascent Real Bills: A Clearing Instrument for the Machine Economy

Fekete's most misunderstood idea — the Real Bills Doctrine — described how the 18th-century commercial economy spontaneously developed a short-duration, self-liquidating clearing instrument for goods in transit to the consumer. The 21st-century compute economy is developing the same thing, and no one is calling it what it is.

FeketeMengerAdam Smithreal billsgold billsAI computeclearingmonetary theory