With $29trn in debt and a widening fiscal deficit, America hardly looks like a candidate for a sovereign-wealth fund. Such huge, independently managed however state-directed pots of money are, in any case, usually established as a way of investing surpluses. That has not stopped President Donald Trump, nevertheless. By Might third his cupboard may have unveiled a plan for a fund that should, in his phrases, “promote the long-term monetary well being” of America. Though particulars are to this point sparse, the tough thought, in line with Scott Bessent, the treasury secretary, is to “monetise the asset facet of the balance-sheet” by making a fund that may put money into shares, property and personal markets.