What’s not to love about a sovereign wealth fund where others are forced to pony up the seed capital? It also helps to imagine that such a fund could not possibly make anything but the wisest investments.
Chief Joe Miskokomon said the fund would be a “critical step” forward in bolstering the economic capacity of First Nations.
“We’re not saying to take out the banks,” Miskokomon said in an interview.
“What we’re saying is the banks don’t need to have as much as a say as they do.”
Barney Frank and Chris Dodd created a defacto sovereign wealth fund for every real estate borrower in the USA … and we all know how that ended … speaking of junk loans and fraudulent borrowing.
My understanding is this “problem” was solved many, many years ago with the creation of First Nations banks. The First Nations would own the bank and could provide collateral for loans. The First Nation bank could foreclose on First Nations assets as they are a First Nation entity.
As an aside, here is a link to a reddit about some stupidity in Northern Saskatchewan.
https://www.reddit.com/r/saskatchewan/comments/1p6ax9u/reindeer_lake_rescue/
The reserve situation is a disgrace.
That should be fixed first.
By its elimination.
Well, on the other hand, I have a friend in BC who is working with the natives up north. The mill in 100 mile is closing, but the natives are going great guns up north! They: “Own” the land they are working on, no stumpage (or any of that whitey BS), they own all the equipment and they also own the mill it goes to. As the rest of the logging operations are facing grim times, the natives up there, are thriving!
The first things the sober wealth fund will purchase (er, invest in); pick up trucks and wide screen TVs.