Is an American sovereign wealth fund such a bad idea?

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  NPR.

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  This is the indicator from Planet money.

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  I'm Waylon Wong.

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  And I'm Paddy Hirsch.

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  There's a point in a recent episode of the HBO tv series industry where a certain type of financial instrument makes a surprise cameo.

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  Picture a bank boardroom at 04:00 a.m.

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  in London filled with sweaty people in shirt sleeves.

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  Surely there are a number of sovereign wealth funds that'd like to grow their stake in Pierpont.

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  All right, no spoilers here, especially if you haven't seen the season finale yet, but sovereign wealth funds are having a bit of a moment right now.

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  You can never accuse them of living in the shadows.

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  Exactly.

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  But recently, both members of the Biden administration and the Trump campaign have been heard floating the idea of an american sovereign wealth fund.

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  Yeah, and this is an idea that has, for the most part, attracted snorts of derision from political scientists and economists.

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  But before we leap to judgment, let's do a little due diligence.

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  Due diligence is my love language, Patty.

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  I know it is.

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  On today's show, we'll learn what a sovereign wealth fund is and how these funds came about, and then we'll hear a bit more about whether a us national sovereign wealth fund is a good or even viable idea.

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  That's coming up after the break.

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  I promised you an explanation of what a sovereign wealth fund is, and for that, we're going to hear from Tyler Cowen.

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  He's a professor of economics at George Mason University and a longtime friend of the indicator.

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