The task today, he argued in a recent speech, is to revive the sector that the two revolutions have mutually decimated: "The project of radical transformative conservatism is nothing less than the restoration and creation of human association, and the elevation of society and the people who form it to their proper central and sovereign station".
That misses the point completely, says David Marsh, co-chair of the Official Monetary and Financial Institutions Forum, which brings together central banks, sovereign wealth funds and investors.
"It will be a burden on Russia's central bank and sovereign fund," he said.
The Rehnquist court made states' rights a central concern, especially sovereign immunity.
The oil wealth, however, has made Russia a major buyer of dollar bonds for its Central Bank and sovereign wealth funds, including bonds of mortgage backed securities.
Central banks and sovereign wealth funds, which have actually been diversifying their holdings and adding euros recently, remain a strong counterweight to those who expect more weakness.
David Marsh, co-founder of a forum in London that connects central banks and sovereign wealth funds with banks and asset managers, said Western institutions no longer had a monopoly on innovation and dynamism in financial services.
"We are confident that we can raise the necessary funds from institutional investors, central banks and sovereign funds, in Asia in particular," said Klaus Regling, chief executive of the European Financial Stability Facility.
But this could be matched by net issues of EU bonds or euro bonds by the ECB, which would attract surpluses from the central banks and sovereign wealth funds of emerging economies and stabilize the eurozone.
Far more likely that any serious investigation will be mounted clandestinely by central banks or sovereign wealth funds in places like China, Singapore and Saudi Arabia as part of their ongoing study of just how much longer they can continue to support a deteriorating U.S. dollar.
