The United States has built a massive "secret" stash of wealth by using federal agencies to play the global markets.
SSRN · March 18, 2026 · 6427399
The Takeaway
People often wonder why the US doesn't have a national investment fund like Norway or China to secure its future. This paper argues that the US has actually built a 'federated' version across multiple agencies to secure rare minerals and exert global influence through capital markets rather than traditional diplomacy or force.
From the abstract
Is “buying” Greenland the only way the United States can address its need for rare earths? Or can the United States utilize the global capital markets to advance national interests, including securing reliable critical minerals supply chains and supporting broader foreign policy objectives? This article addresses these questions by examining what the author terms the “federated” sovereign wealth fund (“federated SWF”)—a system that, while not formally declared by the U.S. government, has effecti