Miles's First TV Interview: A US Sovereign Wealth Fund

Here is a link to my first TV interview. It was about my proposal for a US Sovereign Wealth Fund.

This interview was sparked by my Quartz column “Why the US Needs Its Own Sovereign Wealth Fund.”

The primary motivation for having a US Sovereign Wealth Fund is to give the Fed running room for monetary policy. (Its establishment is a powerful balance sheet operation–more powerful than quantitative easing with long-term government bonds or mortgage backed securities.) But I think there are other benefits of a sovereign wealth fund as wealth fund:

  1. making money for the taxpayer, 
  2. contributing to financial stability both directly by a contrarian investment strategy and indirectly through the financial expertise of its staff, and 
  3. serving as a political lightning rod to draw political controversy away from the Fed.