Foolish Idea: Sovereign Wealth Fund

Sheer idiocy might be a better description of support for a U.S. sovereign wealth fund

Year of Our Lord 2025, March 01

God help us. Please! So. We are in the business of unwinding this thing called USAID, which ZeroHedge has called a slush fund, with a paltry $63.1B budget for 2024. Now imagine if you will, a $2,000,000,000,000 ($2T) sovereign wealth fund “investing” in who knows what; the Mises Institute has likewise called this a slush fund. Picking winners and losers, like solar and wind, AI, gender affirmation in Afghanistan, etcetera. Maybe you would trust Trump with $2T, I would not, but just sayin’; what if another Biden gets his hands on our $2T and reinvests it? Or vice versa if you’re on the other side of the aisle? That’s a NO, thank you very much. Stop empowering the feds!

And beyond that, just look at the history of our “investments” in government. Social Security? They spent it all as soon as it left our paychecks. The so-called Social Security Trust Fund, which is estimated to be bone dry in 9 years, is in fact a smoke screen; there is no trust fund, just more government bonds “earmarked” for social security. Those Medicare payments I made my whole working life, and am still making? Ditto, spent upon receipt. There are no real assets behind any of these programs.

Bonds are debt instruments of course, like the currency itself. These bonds are again, backed by the “full faith and credit” of the U.S.; which is nothing more than the government’s ability to extract enough wealth from its citizens (alive and as yet unborn) to fund current spending, interest on liabilities, and yet more interest daily on the ever-growing pile of ever worth-less government bonds. What could go wrong?!

Like a dog that returns to its vomit, So is a fool who repeats his foolishness.

Proverbs 26:11

And believe me when I say that when and if a sovereign wealth fund comes into existence, it will never disappear, or at a minimum it will be around for generations. That too is the nature of government. Did you know we had a government raisin cartel in the United States from 1949-2015? It’s true. It took a slim 5:4 Supreme Court decision to finally end the cartel. The program itself, which was broader than just raisins, was started in 1933 (another shitty invention of FDR, sorry, same year he confiscated the gold), raisins were added in 1949, under Truman. You can read more about the national raisin cartel from Forbes here, and from Wikipedia here. It was a bad idea in 1933 and 1949, and yet it persisted for another 66 years.

So I ask you, indeed I beg you; say NO to a sovereign wealth fund, and make clear to your representatives that you do not support such a fund.

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Year of Our Lord 2025 Mar 02: Update

It strikes me that insider trading on the part of politicians is a thing, and the sovereign wealth fund would only add fuel to that fire:

Nancy Pelosi Stock Tracker Chris Josephs: How to Get Rich by Investing Like a Politician