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Economy

grantcart

(53,061 posts)

9. Well there is a simple reason why

Reply to preventivePhD (Original post)

Sun Feb 24, 2013, 07:37 PM

Feb 2013

Norway has the largest sovereign pension fund in the world with over $ 600 billion.

http://en.wikipedia.org/wiki/The_Petroleum_Fund_of_Norway

This happened for two reasons:

Norway has enormous gas and natural gas deposits that they have been drilling for 50 years.

They put most of the money into a permanent investment fund.

They also hired a philosopher to run their petroleum system because "he would ask questions".

Yes it is socialist. Yes the nationalized all drilling.

But they also made the decision not to use for immediate benefit but to invest it and take only part of the profit each year so it will continue to grow.

http://en.wikipedia.org/wiki/The_Petroleum_Fund_of_Norway

A Socialist structure administered by conservative fiscal principals, it will continue to benefit Norwegians for endless generations.

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29 replies

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Highlight:

Norway highest wages, best standard of living, best economy, biggest government & tiny CEO salaries [View all] preventivePhD Feb 2013 OP

Those damn socialists! Pharaoh Feb 2013 #1

Better ski jumpers too. Scuba Feb 2013 #2

K&R.Maybe that's the key, shorter CEO's. n/t jtuck004 Feb 2013 #3

Their System Works For Everyone, Ours Works For The Rich And Connected colsohlibgal Feb 2013 #4

Exactly, and it used to be that way with the word "communism." raccoon Feb 2013 #17

Norway has a total population of 10 million dipsydoodle Feb 2013 #5

I guess all we'd need to do is get rid of our MASSIVE WAR BUDGET. nt valerief Feb 2013 #7

We can't accomplish that because we're too big? Nt abelenkpe Feb 2013 #10

Well try CO2 emmission per capita sometime as an example dipsydoodle Feb 2013 #19

dipsydoodle Diclotican Feb 2013 #12

I was simply pointing out dipsydoodle Feb 2013 #13

dipsydoodle Diclotican Feb 2013 #18

Thereby proving that neo-liberal economic dogma is bullshit. nt bemildred Feb 2013 #6

Norway also has oil. iandhr Feb 2013 #8

iandhr Diclotican Feb 2013 #20

The US has (had?) no natural resources? Thor_MN Feb 2013 #24

Well there is a simple reason why grantcart Feb 2013 #9

grantcart Diclotican Feb 2013 #15

US has greater oil reserves though and more geothermal energy which we've ignored. preventivePhD Feb 2013 #23

Also basically athiest. That will show you what living in a fact based world will get you. Exultant Democracy Feb 2013 #11

Exultant Democracy Diclotican Feb 2013 #16

Don't let the Republicans know or they will think you're a communist Nazi or something world wide wally Feb 2013 #14

world wide wally Diclotican Feb 2013 #21

Interesting to compare responses to this article on Daily Kos with here. preventivePhD Feb 2013 #22

Wow libodem Feb 2013 #25

If only I liked cold weather and fish tblue Feb 2013 #26

Refutation of argument that Norway's Wealth has something to do with it. preventivePhD Feb 2013 #27

Deep Capture dreamnightwind Mar 2013 #28

Yep, as long as elections are bought with money, we are going to have bought politicians. bemildred Mar 2013 #29