The Universal Owner — Monday, September 7, 2026: Capital is being given a job

China put Rmb360bn into eight state banks and insurers, and the market marked it down. Japan spent $98.7bn defending the yen and its reserves fell a record $79.6bn — with foreign securities down $87.8bn. Korea's National Pension Service, the world's third-largest public pension, suspended FX hedging. And Australia's opposition proposed diverting a quarter of future compulsory pension contributions into take-home pay. Four long-horizon savings pools, four short-term jobs. Who owns the loss if the job fails?