With $29trn in debt and a widening fiscal deficit, America hardly looks as if a candidate for a sovereign-wealth fund. Such huge, independently managed however state-directed pots of money are, in spite of everything, 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 should, in his phrases, “promote the long-term monetary well being” of America. Though particulars are to date sparse, the tough thought, in keeping with Scott Bessent, the treasury secretary, is to “monetise the asset aspect of the balance-sheet” by making a fund that may put money into shares, property and personal markets.
