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Sovereign Wealth Messiahs

While Sovereign Wealth Funds have existed for several decades, it has only been in the last few years that their investment schemes have been investigated and scrutinized. While their portfolios and long-term goals vary, one common trait every state-controlled investment fund shares is that the initial seed money came from the pockets of coerced taxpayers or nationalized resources. Armed with billions of dollars in dishonest money, these institutions are lauded as messiahs, brokering 11th-hour bailouts and refinancing troubled megacompanies. According to The Economist, in the past year alone SWFs have "gambled almost $69 billion on recapitalising the rich world's biggest investment banks." FULL ARTICLE

Christopher Westley a professor of economics in the Lutgert College Business at Florida Gulf Coast University and an associated scholar at the Mises Institute.

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