The Globe and Mail reports in its Tuesday edition that for all the talk that Prime Minister Mark Carney is a small-c conservative, his announcement that Canada will create a sovereign wealth fund was a confirmation of his capital-L Liberal predilections. The Globe's Campbell Clark writes that sovereign wealth funds of resource-rich nations are usually seeded with windfall earnings socked away for the future, while Canada will have to borrow more to invest more. When Mr. Carney ran in the federal election campaign last year, he did so with a warning that private investors would tend to sit on the sidelines during a trade war, so public capital would have to step in. He wasn't just talking about deficit spending. He was asserting that the government must pour money directly into private business projects, and use that to lure other investors, because the private sector will be hesitant. Mr. Carney's investment-banker and central-banker background has been evident in his calculation that the immediate trade-war imperative for the Canadian economy is bolstering investment. It is probably also no coincidence that the PM has experience setting up investment funds, as he did in his last private-sector job at Brookfield.