Posted on 05/15/2009 8:29:47 AM PDT by BGHater
When capitalism seemed on the verge of collapse last fall, Kristin Halvorsen, Norway’s Socialist finance minister and a longtime free market skeptic,did more than crow.
As investors the world over sold in a panic,she bucked the tide, authorizing Norway’s $300 billion sovereign wealth fund to ramp up its stock buying program by $60 billion —or about 23 percent of Norway ’s economic output.
“The timing was not that bad,” Ms. Halvorsen said, smiling with satisfaction over the broad worldwide market rally that began in early March.
The global financial crisis has brought low the economies of just about every country on earth. But not Norway.
With a quirky contrariness as deeply etched in the national character as the fjords carved into its rugged landscape, Norway has thrived by going its own way. When others splurged, it saved. When others sought to limit the role of government, Norway strengthened its cradle-to-grave welfare state.
And in the midst of the worst global downturn since the Depression, Norway’s economy grew last year by just under 3 percent. The government enjoys a budget surplus of 11 percent and its ledger is entirely free of debt.
By comparison, the United States is expected to chalk up a fiscal deficit this year equal to 12.9 percent of its gross domestic product and push its total debt to $11 trillion, or 65 percent of the size of its economy.
Norway is a relatively small country with a largely homogeneous population of 4.6 million and the advantages of being a major oil exporter. It counted $68 billion in oil revenue last year as prices soared to record levels. Even though prices have sharply declined, the government is not particularly worried. That is because Norway avoided the usual trap that plagues many energy-rich countries.
(Excerpt) Read more at nytimes.com ...
Freedom’s just another word for “nothin left to lose”
But freedom ain’t freedom ‘less it’s free
And they think that any model coming from what amounts to a large city here in the US will work on a national scale here??
What a bunch of d*mn idiots.
No, but I like drilling for Oil.
On that I do agree completely.
A reminder - who pays for Norway’s defense (along with most of Europe’s, and Canada’s?) — the United States.
They can afford to be socialist because they’re not paying their full share.
A large city with vast amount of oil, no less! Oh yeah, thats a good model for the US.
Norway was broke until oil was discovered in the North Sea. Now they are wealthy on the oil revenue. They have something like 2M people in the whole county and huge oil revenues. Of course they are doing well. Maybe we would be too if we actually went after our own resources, like domestic sources of oil. Is that the NY Times conclusion? Hmm...didnt think so.
When others splurged, it saved. When others sought to limit the role of government, Norway strengthened its cradle-to-grave welfare state.
Does Norway have a defense budget? Can it defend itself when war breaks out or does it let other countries walk all over it? (sarc. extreme).....
No it costs a hefty f-in' fee. And if you don't throw in your buck 'o five, who will?
authorizing Norway’s $300 billion sovereign wealth fund
That’s why Maxine Waters wants to ‘socialize’ the oil industry. A steady stream of revenue or ‘sovereign wealth’.
Cap and Trade just sounds better.
Bolshevik guide to raiding the economy
#1 Banks
#2 Energy
#4 Health Care
#5 Transportation
Doesn’t Norway have a Muslim problem like all the rest of Europe?
Duh, and it will continue that way until we treat them as adults. We can’t afford to keep everyone safe.
...dont’ forget the Times senior economics writer is de facto personally bankrupt due his own borrowing/spending habits...
“Doesn’t Norway have a Muslim problem like all the rest of Europe?”
My impression is that it’s at least an order of magnitude under Sweden, and that could be an understatement.
Lines describe Norway to a T. They don’t have freedom.
Funny that a socialist would be so smug that she made money using capital markets.
If t were not for the oil, Norway would be just another bankrupt Eurosocialist nation.
America, F*** Yeah. Comin' again to save the motherf***ing day, yeah!
Why don’t we send them all of our illegal Mexicans and see how prosperous they feel then?
Norway isn't exactly a world military power, either, as others have noted. IIRC the Nazis blitzed them into submission inside of a month. Not exactly a winning strategy in a world still full of wackos who'd like to kill us any chance they get.
The main difference between the Norway economy and the US economy is not the difference between socialism and capitalism but rather the difference between a country where you can drill for oil and one where you can’t.
The comments on this story at the NYT site are, as always, hilarious. Many Norse actually chime in and counter the vision of utopia presented.
Some commenters are Americans of Norse descent and wonder why their ancestors ever left Norway which is totally short-sighted and simplistic, as if it’s been a paradise on Earth for 2 centuries.
The percentage of Norse that emigrated in the 19th C. was, IIRC, larger than the amount of Irish who left Ireland during and after the famine. There was no opportunity for advancement in Norse society at the time at all.
After that, of course, you had the Nazi occupation [which must not have been bad for everyone since Norway had the largest amount of German-fathered births among the occupied lands in Europe] and decades of very bad economies. Finally, someone found that North Sea oil.
Export revenues from oil and gas have risen to 45% of total exports and constitute more than 20% of the GDP.[34] Only Russia and OPEC member Saudi Arabia export more oil than Norway, which is not an OPEC member. To reduce over-heating from oil money and the uncertainty from the oil income volatility, and to save money for an aging population, the Norwegian state started in 1995 to save petroleum income (taxes, dividends, licensing, sales) in a sovereign wealth fund ("Government Pension Fund — Global"). This also reduces the boom and bust cycle associated with raw material production and the marginalization of non-oil industry (see also Dutch Disease).
Norway also has among the highest rate of alcholism and drug addiction in Europe. Something to do with limited opportunities and boredom.
There’s also got to be something about being that high up north. Doesn’t Iceland have a huge alcoholism problem as well?
Yes they do. Long winters, cabin fever, etc........
The Swedes, Finns and Russians drink a lot too......
That occurred to me, also.
Shouldn't Norway find a way to return these ill-gotten gains to the members of the proletariat from whom they were extorted? How can Norway stand to benefit at the cost of the labor of the exploited workeers in the U.S.?
I am an American living in Norway and let me tell you that it all sounds great on paper but...
You should see the conditions of my 7-year old’s elementary school. The building is in shambles, they have one computer per classroom, a shelf with books in the hallway is the library, the playground is a pock-marked gravel open area that most Americans wouldn’t let their kids near — And we live in a NICE area.
Also, my doctor recently referred me for a simple medical procedure. The “authorities” have reviewed my case and have decided that I am not “sick enough” to need the procedure right away so they’ve put me on a waiting list of undeterminable length.
Yeah, things are peachy-keen here...
You should see the conditions of my 7-year old’s elementary school. The building is in shambles, they have one computer per classroom, a shelf with books in the hallway is the library, the playground is a pock-marked gravel open area that most Americans wouldn’t let their kids near — And we live in a NICE area.”
- Have matters improved since you wrote this?
I hope so.
I'm Swedish, not Norwegian, but I think most Norwegians would agree your child should not have to suffer because of the shortcomings of Norwegian local politicians.
Welcome to Scandinavia and please let me know in what direction things evolve,
WesternCulture/Joachim
“You should see the conditions of my 7-year old’s elementary school. The building is in shambles, they have one computer per classroom, a shelf with books in the hallway is the library, the playground is a pock-marked gravel open area that most Americans wouldn’t let their kids near — And we live in a NICE area.”
- Have matters improved since you wrote this?
I hope so.
I’m Swedish, not Norwegian, but I think most Norwegians would agree your child should not have to suffer because of the shortcomings of Norwegian local politicians.
Welcome to Scandinavia and please let me know in what direction things evolve,
WesternCulture/Joachim
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.