The market priced a coordination layer. It did not prove one. · 4 of 4
Chapter 04
A procurement agent with a leash
Picture a procurement agent for a UK construction company. It may source materials and negotiate inside a range. It may not release a payment unless the supplier holds a valid credential, the invoice matches the order, and the spend sits inside a mandate a person already approved. The leash is the product. The model is a component.
September priced the possibility. It did not pay anyone for having built it. The work is the mandate, the credential and the revocation, not a narrative coin issued to celebrate the chart.
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