With $29trn in debt and a widening fiscal deficit, America hardly looks as if a candidate for a sovereign-wealth fund. Such monumental, independently managed however state-directed pots of money are, in any case, usually established as a way of investing surpluses. That has not stopped President Donald Trump, nevertheless. By Might third his cupboard could have unveiled a plan for a fund that must, in his phrases, “promote the long-term monetary well being” of America. Though particulars are to date sparse, the tough thought, in response to Scott Bessent, the treasury secretary, is to “monetise the asset facet of the balance-sheet” by making a fund that may put money into shares, property and personal markets.
