Two days ago when president Trump first floated the idea of a sovereign wealth fund...
... hard-core Democrats and/or socialist billionaires balked at the idea, mocking it as wannabe Saudi Arabia.
So the republican nominee, a few hours ago, said he wants to take taxpayer money and put it in a Sovereign Wealth Fund. Who thinks it’s a good idea to give Donald Trump
— Mark Cuban (@mcuban) September 5, 2024
taxpayer money to invest in businesses that he picks ?
Trump, speaking to economic leaders on Thursday, said he envisioned the fund as a way to address persistent debt issues and said it would be funded through his plan to impose tariffs on all imports.
“We’ll be able to invest in state-of-the-art manufacturing hubs, advanced defense capabilities, cutting-edge medical research and help save billions of dollars in preventing disease in the first place,” Trump said. “And it is many of the people in this room who will be helping to advise and recommend investments for this fund.”
But expect all the leftist critics to positively love the idea now, just a few hours later, because late on Friday Bloomberg reported that the Kamala/Biden admin has stolen yet another idea from Trump (after eliminating tax on tips, and stimulating new business creation): aides to Joe Biden "have been crafting a proposal to create a sovereign wealth fund" that would allow the US to invest in national security interests including technology, energy, and critical links in the supply chain, a person familiar with the effort, told Bloomberg.
As Bloomberg admits, the "behind-the-scenes work" by NSA Jake Sullivan and his deputy, Daleep Singh, mirrors - at least in spirit - a proposal floated Thursday by Republican presidential candidate Donald Trump, who called for a government-owned investment fund to finance “great national endeavors” during a speech to the Economic Club of New York. Of course, it would look just a little suspicious if the admin of the president in absentia were to float a wealth fund idea just one day after Trump did the same, so Bloomberg had to make it seem that Biden had been working on their version of Trump's idea "for months" and that's precisely what it said:
Sullivan and Singh have been working on the project for months across a series of weekly brainstorming efforts, and have met with economic experts on the National Security Council to debate the size, structure, funding, leadership, and potential guardrails for a proposed fund.
It wasn't clear if it was the "sources" that clarified on the ongoing duration of the project, or just Bloomberg's attempt to make the latest policy theft appear a bit more organic. It gets funnier:
The work has progressed to the point where planning documents have been circulated among White House staffers and key agencies, according to the person familiar, who requested anonymity to discuss internal deliberations.
Sure it has: and Biden waited until 2 months before the end of his presidency to make the push... or rather waht push:
But even as the work has progressed, key details — including, critically, the fund’s structure, funding model, and investment strategy — remain unclear.
And so, just like every aspect in Kamala's policy agenda, we'll have to wait for Trump to reveal the details of his own plan before "sources" leak what Biden was working on before he decided to hit Rehoboth beach permanently after Nancy Pelosi's July putsch. One thing is certain though: whether it its Trump or the puppetmasters who control Kamala, a SWF - especially one of material size in the $1+ trillion range - will lead to another sharp spike in US debt, pushing US debt sharply higher from its latest record daily print just over $35.3 trillion, and making holders of non fiat assets richer as the US careens toward a monetary and fiscal solvency crisis.
