Noncritical M-theory in 2+1 dimensions as a nonrelativistic Fermi liquid

We claim that the dynamics of noncritical string theories in two dimensions is related to an underlying noncritical version of M-theory, which we define in terms of a double-scaled nonrelativistic Fermi liquid in 2+1 dimensions. After reproducing Type 0A and 0B string theories as solutions, we study the natural M-theory vacuum. The vacuum energy of this solution can be evaluated exactly, its form suggesting a duality to the Debye model of phonons in a melting solid, and a possible topological nature of the theory. The physical spacetime is emergent in this theory, only for states that admit a hydrodynamic description. Among the solutions of the hydrodynamic equations of motion for the Fermi surface, we find families describing the decay of one two-dimensional string theory into another via an intermediate M-theory phase.