Trump orders creation of US sovereign wealth fund. Is he nuts?
"We're going to monetize the asset side of the U.S. balance sheet for the American people," Bessent, Treasury Secretary, said. "There'll be a combination of liquid assets, assets that we have in this country as we work to bring them out for the American people."
Sovereign wealth funds are investment initiatives of nations putting their disposable surplus wealth to work in the financial marketplace. Norway has the largest sovereign wealth fund with assets of US$1.7 trillion.
We have no surplus but are already in the hole to the tune of $36 trillion. This is the national debt side. Now, the US Government is going to gamble with the asset side: the American homeland. This is akin to a deadbeat dad gambling away the shirt on his back as well as the roof over his family.
"Scott Bessent is the founder of Key Square Group, an investment firm. Assets under management shrank from $5.1 billion in 2017 to $577 million in 2023 and the number of institutional investors declined from 180 to 20 over the same period."[Wikipedia]
Sovereign wealth funds are investment initiatives of nations putting their disposable surplus wealth to work in the financial marketplace. Norway has the largest sovereign wealth fund with assets of US$1.7 trillion.
We have no surplus but are already in the hole to the tune of $36 trillion. This is the national debt side. Now, the US Government is going to gamble with the asset side: the American homeland. This is akin to a deadbeat dad gambling away the shirt on his back as well as the roof over his family.
"Scott Bessent is the founder of Key Square Group, an investment firm. Assets under management shrank from $5.1 billion in 2017 to $577 million in 2023 and the number of institutional investors declined from 180 to 20 over the same period."[Wikipedia]
