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!
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