An American sovereign-wealth fund is a risky idea

As is often the case these days, credit for the idea’s popularity goes to Donald Trump. In a speech on September 5th Mr Trump said that he wants to create an American fund if he wins November’s election. Characteristically, he promised it would be the greatest such fund in the world. Critics were just starting to mock the notion when it turned out that Democrats were thinking along the same lines. President Joe Biden’s advisers have been working on a blueprint for a fund to promote America’s national-security interests, including by investing in emerging technologies.