If the US wants to eminent domain companies, making them publicly owned, that would be great in some cases, but these people generally want to do the exact opposite: privatize the last few things left that are still public in the US.
That’s what I’m thinking, that in the right hands a sovereign wealth fund would give the government a more subtle and possibly more effective means to acquire controlling stakes in various corporations than eminent domain.
I’m concerned that the effect would be less of “having a controlling share in many companies” and more “having your fund be deeply tied to the success of these companies”.
If the size of the fund becomes a metric of success, whoever is in charge of it is going to be disinclined to force a company to make an unprofitable choice, even if it’s the right thing to do.
The US doesn’t need a sovereign wealth fund because it already has infinite money. What is the point of such a fund but to further induce asset price inflation, making the rich even richer?
If the US wants to eminent domain companies, making them publicly owned, that would be great in some cases, but these people generally want to do the exact opposite: privatize the last few things left that are still public in the US.
That’s what I’m thinking, that in the right hands a sovereign wealth fund would give the government a more subtle and possibly more effective means to acquire controlling stakes in various corporations than eminent domain.
I’m concerned that the effect would be less of “having a controlling share in many companies” and more “having your fund be deeply tied to the success of these companies”.
If the size of the fund becomes a metric of success, whoever is in charge of it is going to be disinclined to force a company to make an unprofitable choice, even if it’s the right thing to do.
Let’s be real none of the money that Elon Musk is adding to his pile is going to help people.