Wealth is sovereign

Daniel Drezner takes on Larry Summers's concerns about sovereign wealth funds. My take is that they're not nearly as big and scary as they sound. With one exception--Abu Dhabi, which does not seem to pose much of a strategic threat to America or its companies--the biggest funds aren't that much bigger than CalPers. If the thought of the California Public Employees union does not keep you awake at night, probably Sovereign Wealth Funds shouldn't either.