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The US is considering a sovereign wealth fund. Alaska already has one, and it's funding a universal basic income.

  • Bipartisan support is growing for a US sovereign wealth fund.
  • The Alaska Permanent Fund, which distributes money to Alaska residents annually, could be a model.
  • Challenges include funding sources, legislative hurdles, and state-owned natural resources.

Bipartisan momentum is building around a sovereign wealth fund that could help the United States reduce its national debt or fund ambitious projects.

At the White House, President Joe Biden's top aides have circulated plans for a fund to finance national security interests. And former President Donald Trump recently called for a similar state-owned investment fund to finance "great national endeavors" during a campaign stop at the Economic Club of New York.

It is unclear how an American fund would be funded or how it would operate. However, lawmakers might have something of a model in The Alaska Permanent Fund, which distributes the money it makes to the state's residents as annual dividends.

"The fund was initially established with revenue from mineral extraction, primarily oil, but within a few years after its initiation, its primary source of revenue is investment returns," Sarah Cowan, executive director of the Cash Transfer Lab, previously told Business Insider. "It diversifies the Alaskan economy because, at this juncture, the revenue from this fund primarily does not come from oil."

Alaska's fund offers benefits that mimic a universal basic income — a no-strings-attached, recurring payment distributed to people regardless of socioeconomic status. But there are some key differences. For one, the dividend doesn't come out of taxes; it's paid only annually and doesn't equate to a livable wage.

Federal lawmakers likely see a sovereign wealth fund serving a different purpose, like supporting industries or financing supply chain initiatives. Creating one at the national level also comes with more legislative hurdles.

"Typically, many countries went through special law making to create a SWF, defining the SWF's source of capital, investment mandate, and supervision system," Winston Ma, an adjunct professor at NYU and the author of The Hunt for Unicorns: How Sovereign Funds Are Reshaping Investment in the Digital Economy, wrote to Business Insider by email. "Therefore, it's not a simple corporate setup. It will involve lots of collaborative work between the executive and legislative branches — after the election."

Sovereign wealth funds — like Alaska's or Norway's Government Pension Fund Global, which is the largest in the world — are often funded by wealth generated from state-owned natural resources. The issue is that "natural resources in the US are mostly owned by the states," Ma said. So, consolidating those revenue streams might require some back and forth.

Read the original article on Business Insider
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Will we see the first storm of the year this week?

Get ready for more of this (Picture: Ben Perry/Shutterstock)

A ‘major’ change to our weather is coming on Thursday, with the Met Office warning of heavy rain and gusts of up 80mph.

The freezing and weird weather currently hitting the United States is due to impact us too, which could potentially mean the first named storm of the season is on the way.

A large pool of freezing air over parts of North America is generating a big contrast in temperatures across the continent, which is strengthening the jet stream allowing deep low pressure systems to develop.

These lows will be steered across the Atlantic by the high winds of the jet stream – and the upshot of this is that it’s time to find your umbrella.

Here is what you need to know.

What will the weather be like this week?

Yellow warnings for high winds are in place from midnight on Friday until noon on Saturday, covering the north west of the UK including Northern Ireland.

Coastal areas will take a particular battering, with gusts of 70 to 80mph possible, but inland could still see gusts of 50 to 60mph, so people have been warned to secure their property and any loose items such as bins, garden furniture, trampolines, tents, sheds, and fences.

Yellow warnings for wind are in place on Friday and Saturday (Picture: Metro.co.uk)

For the next couple of days, there will be gloomy weather in general, but Thursday will bring the most dramatic change as heavy rain moves in.

‘North Wales and Northwest England are expected to see the highest accumulations where 20-30mm could fall over the hills,’ forecasters said, while there could be some snow over the Scottish mountains.

The jet stream, powerful air currents around 30,000ft up, is intensifying and is due to quickly get even stronger in a phenomenon called ‘explosive cyclogenesis’ on Thursday.

This sounds pretty violent, and it will indeed prompt potentially the strongest winds of the year so far once they reach the UK.

Met Office meteorologist Chris Almond said: ‘A very deep area of low pressure will bring a very unsettled, potentially disruptive, spell of weather to the UK through Friday and into Saturday.

‘Winds will begin to strengthen on Thursday night with the peak gusts forecast through Friday in Northern Ireland and western Scotland. The wind will also be accompanied by heavy rain bringing some unpleasant conditions to end the week.

‘We have issued a Yellow weather warning for wind, and with several days before the impactful weather, the forecast details are likely to be fine-tuned during the week, so stay tuned to your local forecast and keep up to date with Met Office warnings.’

Get in touch with our news team by emailing us at webnews@metro.co.uk.

For more stories like this, check our news page.

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