This makes no sense whatsoever. The state does not have sufficient resources to provide the services it has already committed to. The annual deficit is more than a trillion dollars. Suppose we were willing to double this to purchase securities, and further suppose that this had no knock on effects for security prices. It would still take half a decade to buy just the assets held by Vanguard. Although this is large, this is still far smaller than the assets in the public markets overall. At best you'd have achieved ownership of a small fraction of the means of production. But in exchange your sovereign debt would be staggering. It probably just wouldn't be possible, because nobody would be willing to lend enough money for such a project.