Economy

Canada Just Announced Its First "Sovereign Wealth Fund." Economists Say It's Neither Sovereign, Nor Wealth, Nor a Fund.

Mark Carney unveiled the $25-billion Canada Strong Fund in April, comparing it to Norway's $2.7-trillion oil savings giant. The comparison doesn't hold up: Norway's fund is built on surplus revenues and forbidden from investing at home. Canada's is built on borrowed money and investing exclusively at home. The branding is doing a lot of work.