But even the value of real assets is subjective. Gasoline used to be a useless byproduct until combustion engines cane along. I think real assets only have value for the same reason financial assets do: human beings believe they have value and are willing to buy them which gives them financial value via price discovery from functioning markets. If context changes, financial value will change as well not becuase the physical asset changed, but because the belief about the usefulness of the asset changed.

I don’t think fist money is much of a liability anymore with it not being backed by anything, redeemable for anything, or securing anything. With zero (or soon even negative interest rates), where does the liability come from?

I’ll look into money enigma, thanks.