America’s political elite assumed Wall Street would finance its future. Instead, private capital chased software and speculation, leaving the nation dependent on foreign supply chains for most manufactured goods. The result is a hollowed-out industrial base that no tax credit alone can fix.

Julius Krein, editor of American Affairs and president of the New American Industrial Alliance, joins Oren to lay out the case for a distinctly American sovereign wealth fund, investing in strategic sectors that the market neglects. They discuss where the CHIPS Act falls short, why Intel is exactly the type of firm a potential fund should support, and what the fund’s governance should look like.

Further reading:

• “How a Sovereign Wealth Fund Could Reindustrialize America” by Julius Krein
• “Financing for Critical Industries” by Julius Krein