Government Stock White Paper
- Robert J. Two ideas from Shiller’s Trill and WLFI -
Ver. 1.0 August 30, 2026
Summary
- A summary
The purpose of this plan is to diversify government financing methods from the center of government bonds and to create “government shares” as a means of capital raising that does not presuppose repayment and interest payment.
This plan is mainly inspired by two leading financial plans.
First, economist Robert J. Schiller (Robert J. It is “Trill” proposed by Shiller) and others.
Trill incorporates the idea of “linking the growth of the national economy with financial assets”.
The second is the financing and distribution design using crypto assets by World Liberty Financial (WLFI) of President Donald Trump’s camp.
WLFI incorporates the idea of financing that does not assume dividends, lock and unlock, phased market distribution, and design that takes into account long-term holdings.
However, Trill and WLFI are not introduced into the government system as they are.
Inspired by the strengths of each, it will be reorganized as the government’s own capital securities.
- What are government shares?
Government shares are not shares under the Companies Act, but are unique capital securities issued by the state in accordance with the financial law.
Even if the government issues government shares, the country does not become a company.
Just as issuing government bonds does not become a bond company, issuing government shares does not make the country a joint stock company.
Government shares will be institutionalized as a means of government capital raising.
- Basic design
In principle, government shares have the following properties.
・No dividends
・No voting rights
・No fixed interest
・No principal redemption
・Can be bought and sold in the market
・New issuance is possible every year
・Lock and unlock function can be granted
・Complementation of shares at the time of new issuance
・Preferential capital gain taxation for long-term holders
・Set a legal upper limit on the amount of issuance
The biggest feature is that the government does not promise investors permanent cash payments after issuance.
- Why is there no dividend?
Trill makes payments to investors with coupons linked to GDP.
While this system has the advantage of reducing the government’s payment burden during the recession, there is a problem that the government’s permanent payment burden will also increase as GDP grows.
Government shares do not adopt this part.
Even if the GDP grows, the government’s dividend payments will not increase.
Therefore,
GDP growth
↓
Increase in the government’s permanent payment obligation
Don’t make a structure that says.
The main profit of investors is capital gains from the increase in the market price of government stocks.
- The idea of incorporating from Trill
What is imported from Trill is not a mechanism that converts GDP itself into government dividends.
To incorporate,
“Connecting national economic growth with financial assets”
It is an idea.
In government shares,
GDP and economic growth
↓
Economic evaluation by market
↓
Market price of government shares
↓
Capital gains of investors
Aiming for the structure of.
GDP is not a standard for dividend calculation, but is treated as one of the important economic indicators that form the market valuation of government stocks.
- The idea of incorporating from WLFI
From WLFI, refer to the following ideas.
・Fundraising through asset sales
・Value formation that does not assume dividends
・Lock and unlock
・Step-by-step market distribution
・Supply management taking into account long-term holding
In government shares, these are restructured as statutory government capital securities, not crypto assets.
- Lock and unlock system
There may be multiple types of government shares depending on the lock period.
Type A
No lock.
Immediate distribution type.
Type B
Rock for 1 year.
Short-term holding type.
Type C
Lock for 3 years.
Medium-term holding type.
Type D
Rock for 5 years.
Long-term holding type.
E type
Rock for 10 years.
Ultra-long-term holding type.
Even during the lock, the ownership belongs to the holder.
Lock is not a system that takes ownership, but a system that restricts the time when it can be transferred or sold in principle.
- Tax incentives for long-term holdings
Since government shares do not pay dividends, we will consider preferential capital gain taxation as a system to encourage long-term holdings.
For example,
Short-term holding
↓
Normal taxation
Mid-term holding
↓
Reduced tax rate
Long-term holding
↓
Further reduction
Ultra-long-term holding
↓
Significant reduction or tax exemption
Do it.
The specific tax rate will be determined based on consistency with the existing financial income taxation system.
- New issuance every year
Government shares can be newly issued every year.
The government can continuously raise capital according to economic conditions, financial conditions, policy demand, etc.
However, in order to prevent oversupply to the market through unlimited issuance,
・Annual issuance limit
・Cumulative issuance limit
・Issuance price
・Market circulation
Etc. will be managed in a system.
- Merger of shares for each new issue
When issuing new government shares, the existing government shares will be merged.
The purpose is to prevent only the unlimited increase in the number of shares due to continuous new issuance, and to adjust the unit of shares.
The basic structure is
New issue
↓
Increase in the number of shares issued
↓
Stock merger
↓
Re-adjustment of stock units
Do it.
Regarding the merger ratio, the system is designed to ensure consistency with the new issuance quantity, issuance price, number of existing shares, etc., and to avoid unreasonable economic disadvantages for existing holders.
- Investor’s source of income
Government stocks do not pay dividends.
Therefore, the main source of income for investors is capital gains from rising market prices.
For example,
Purchase government shares for 1 million yen
↓
Economic growth, fiscal improvement, and market valuation improvement
↓
Market price 1.5 million yen
↓
Sell
↓
Capital gain of 500,000 yen
It is a structure called.
- Separate the interests of the government and investors
An important feature of this initiative is the separation of government financing and investor benefits from permanent cash payments by the government.
In the case of government bonds,
Government
↓
Interest
↓
An investor
Government
↓
Principal redemption
↓
An investor
It will be.
In the case of Trill,
Government
↓
GDP-linked coupon
↓
An investor
It will be.
In the case of government shares,
Government
↓
Selling government shares
↓
Capital raising
After that,
Economic growth, fiscal improvement, and market evaluation
↓
Government stock price
↓
Capital gain
It will be.
In principle, the government does not pay dividends, interest, or principal repayment.
- National asset formation
We will also consider a system that allows some government shares to be distributed and held to the public.
By holding government shares as national assets for a long time,
Economic growth
↓
Rising market value
↓
Formation of national financial assets
Aim for the effect of.
- The four pillars of government stocks
The first pillar
Shiller’s Trill
The idea of linking GDP and the financial market.
The second pillar
WLFI
The idea of fundraising and unlocking without dividends.
The third pillar
Government shares
A system in which the government raises capital without assuming repayment and interest payment.
The fourth pillar
Long-term holding tax system
A mechanism that promotes long-term asset formation by favoring capital gain taxation.
- Final concept
This concept is Robert J. It is inspired by two financial concepts of different nature, Shiller’s Trill and WLFI.
From Trill,
“Connecting GDP and financial assets”
Incorporate the idea of.
From WLFI,
“Fundraising without dividends”
“Rock Unlock”
“Step-by-step distribution management”
Incorporate the idea of.
And they will be reorganized as “government shares”, which are the government’s own capital securities.
Government shares are
No dividends
No voting rights
Interest-free
No redemption
Based on.
New issuance is possible every year, and the number of shares is adjusted by merger of shares at the time of new issuance.
Government shares are classified according to the lock period, and market circulation after unlocking is possible.
Long-term holders will be given preferential capital gains taxation.
GDP does not determine the amount of government dividend payments, but is one of the important economic indicators for assessing the market value of government stocks.
In other words,
Not “GDP-linked debt”,
“Government stocks that reflect economic growth in market value”
Aim for.
“The idea of connecting GDP and the financial market” from Shiller’s Trill.
“Fundraising and lock unlocking without dividends” from WLFI.
The two of them are new state capital securities called government stocks.