Sovereign Intelligence or Perpetual Rental (Volume III): The Global South Compute Bank (GSCB) — Institutional Charter, Clearinghouse Mechanics, and Reserve Operations for Artificial Intelligence Equity

This third volume of Sovereign Intelligence or Perpetual Rental designs the institution that the first two volumes implied: a Global South Compute Bank (GSCB). It starts from a 2026 contrast between an extractive commercial "compute bank", which advances compute against perpetual revenue shares, and the developmental public model set out in the 2026 Delhi Declaration, with subsidised access near Rs 65 per GPU-hour. The paper sets out the Bank's institutional charter and a three-tier hub-and-spoke topology of regional Gigafactories, national AI Factories and a distributed Velocity Core grid. It specifies a balance sheet that holds silicon reserves, forward compute contracts and sovereign data endowments as assets against GPU-hour-denominated liabilities. It then formalises core banking operations: a Strategic Compute Reserve that aggregates hyperscaler pledges, Compute Purchase Notes, and a fractional compute multiplier. On illustrative assumptions, this multiplier lifts usable capacity from 2× to about 5× as intraday recycling rises. A Compute Clearinghouse borrows Liquidity Savings Mechanisms from payment systems to net cross-time-zone flows and resolve queue gridlock, and settles coalition surplus by Shapley value. A three-rate corridor, risk-based non-dilutive credit pricing and anti-extractivism guardrails make up a "cognitive monetary policy". A five-year chartering roadmap, a risk assessment and worked numerical illustrations complete the design. Written in a personal capacity; the views expressed are those of the author and do not necessarily represent the views of the Ministry of Foreign Affairs or the Government of Bangladesh.