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All Norwegians become crown millionaires, in oil saving landmark
Reuters via news.yahoo.com ^ | Jan 8, 2014 | Alister Doyle

Posted on 01/09/2014 11:01:00 AM PST by posterchild

OSLO (Reuters) - Everyone in Norway became a theoretical crown millionaire on Wednesday in a milestone for the world's biggest sovereign wealth fund that has ballooned thanks to high oil and gas prices.

Set up in 1990, the fund owns around 1 percent of the world's stocks, as well as bonds and real estate from London to Boston, making the Nordic nation an exception when others are struggling under a mountain of debts.

A preliminary counter on the website of the central bank, which manages the fund, rose to 5.11 trillion crowns ($828.66 billion), fractionally more than a million times Norway's most recent official population estimate of 5,096,300.

It was the first time it reached the equivalent of a million crowns each, central bank spokesman Thomas Sevang said.

[…]

Still, in Norway, oil wealth may have made the state reluctant to make reforms or cut subsidies unthinkable elsewhere. Farm subsidies allow farmers, for instance, to keep dairy cows in heated barns in the Arctic.

It may also have made some Norwegians reluctant to work. "One in five people of working age receives some kind of social insurance instead of working," Doerum said, despite an official unemployment rate of 3.3 percent.

(Excerpt) Read more at news.yahoo.com ...


TOPICS: News/Current Events
KEYWORDS: energy; norway; oil; sovereignwealthfund
1 million Krone = about $160K USD.
1 posted on 01/09/2014 11:01:00 AM PST by posterchild
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To: posterchild

The cost of living in Norway makes those millionaires look like paupers. $15 Happy Meals at Oslo McDonalds


2 posted on 01/09/2014 11:04:08 AM PST by SeminoleCounty (Amnesty And Not Ending ObamaCare Will Kill GOP In 2014)
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To: posterchild

http://www.youtube.com/watch?v=m7XlU0j4J3Y


3 posted on 01/09/2014 11:06:05 AM PST by Wolfie
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To: posterchild

SHUT DOWN MUSLIM IMMIGRATION.


4 posted on 01/09/2014 11:07:42 AM PST by gaijin
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To: posterchild

One of the most financially stable countries in the world today.

No net national debt
One of strongest banking systems
One of the strongest central banks
Good currency.


5 posted on 01/09/2014 11:15:11 AM PST by aMorePerfectUnion (Truth is hate to those who hate the Truth)
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To: aMorePerfectUnion

You left out...

Relatively small population.
Norway is not a multi-cultural society.


6 posted on 01/09/2014 11:19:00 AM PST by dfwgator
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To: posterchild


What's in your wallet? Apparently everything now.

Pass the Caviar, Alrek. Tomorrow we will raid Italy for a great deal on beachfront property!
7 posted on 01/09/2014 11:23:20 AM PST by VanDeKoik
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To: dfwgator
Alaska has the Permanent Fund which works the same as Norway's oil fund. About the same amount of oil has been produced since 70's here in Ak as in Norway since 90's. Govt in both places is funded by the oil wealth. Alaska has 40 billion in their fund, Norway 5 trillion. Looks like Norway got a much better deal for their oil than Alaska.

Not complaining though. State taxes don't exist in Alaska due to the oil wealth. We don't even have property taxes along the Yukon; now imagine that?

8 posted on 01/09/2014 11:50:42 AM PST by Eska
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To: posterchild

It figures. My family was run out of Norway years ago. A male ancestor got caught giving the herring to a Norwegian Princess. We’re a poor, but extremely good-looking and slippery, family.


9 posted on 01/09/2014 11:53:34 AM PST by blueunicorn6 ("A crack shot and a good dancer")
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To: Eska
Alaska has 40 billion in their fund, Norway 5 trillion. Looks like Norway got a much better deal for their oil than Alaska.

Does Norway give 50% (or more or less) to the residents or keep it all for the government? Alaskans may have gotten the better deal if Norwegians only fund the government and not the individual people.

10 posted on 01/09/2014 11:55:14 AM PST by thackney (life is fragile, handle with prayer)
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To: thackney
Here we go again, ha ha. How ya doing? When ya going to get up here with your boys to shoot some caribou?

I'm wondering how they going to keep that referendum off the ballot this year? It might reverse all of Parnel's efforts?

11 posted on 01/09/2014 12:02:10 PM PST by Eska
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To: SeminoleCounty

Who needs McDonald’s when they can eat Lutefisk?


12 posted on 01/09/2014 12:04:07 PM PST by Rebelbase (Tagline: optional, printed after your name on post)
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To: blueunicorn6

Was the herring raw, pickled, or smoked?


13 posted on 01/09/2014 12:06:00 PM PST by posterchild
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To: posterchild

Family legend has it that it was a veritable herring smorgasbord.


14 posted on 01/09/2014 12:32:14 PM PST by blueunicorn6 ("A crack shot and a good dancer")
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To: Eska

Except Norwegians don’t get a yearly refund check like Alaskans.


15 posted on 01/09/2014 12:56:18 PM PST by bjorn14 (Woe to those who call good evil and evil good. Isaiah 5:20)
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To: posterchild

the usa should do this


16 posted on 01/09/2014 1:06:35 PM PST by SteveH (First they ignore you. Then they laugh at you. Then they fight you. Then you win.)
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To: blueunicorn6

Ha! Nice


17 posted on 01/09/2014 1:13:54 PM PST by MattinNJ (It's over Johnny. The America you knew is gone. Denial serves no purpose.)
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To: Eska

I miss it. I’ve got girls, not boys but they still like to shoot. My middle one started Barrel Racing, that takes nearly all our time. At least it gets us off our behinds and out of the house.


18 posted on 01/09/2014 1:25:33 PM PST by thackney (life is fragile, handle with prayer)
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To: SteveH
the usa should do this

Norway (and Alaska) can do it because the government claims the mineral rights underneath privately owned property.

So no, the US government should not take the privately owned mineral rights and claim it for themselves.

19 posted on 01/09/2014 1:27:35 PM PST by thackney (life is fragile, handle with prayer)
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To: bjorn14
I heard they did, pfd last year was like 800 bucks, not enough to worry about; but helps buy some extra winter supplies for when it's minus 60.

Point being they have gotten 800 billion in the bank for their oil, Alaska 40 billion; same amount of oil produced I read somewhere. The oil industry has always bought off all the politicians in Alaska, no joke. Parnell gave oil industry 4-5 billion in tax relief promising future investment, more oil in the pipeline. Fine with me if it occurs, but I hope to see the investment. The Feds do away with all tax relief, why doesn't Oil Industry buy Obama off? I'm sure "O" has a price. Supposed to be a referendum this year reversing Parnell's tax relief. Oil better not let that come to pass; many Alaskans are cynical.

Eventually Oil Industry will get it for free or we'll have to pay them to get that dirty oil outta the ground. Eventually, our politicals will get their greedy hands on that 40 billion too; but we Alaskans will sure have a good time keeping it away from them for as long as possible. ha.

20 posted on 01/09/2014 1:46:41 PM PST by Eska
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To: Eska
Point being they have gotten 800 billion in the bank for their oil, Alaska 40 billion

You are not comparing Apples to Apples. What percentage does each put in the bank?

21 posted on 01/09/2014 2:03:56 PM PST by thackney (life is fragile, handle with prayer)
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To: dfwgator

You left out...

Relatively small population.
Norway is not a multi-cultural society.

.........................................

I didn’t touch on either because my point was simply that Norway is currently one of the financially strongest nations in the world. It is a great place to stash some emergency money in a strong currency and the fiat asset seizures in America.

Both points you make are true. They just weren’t the focus of my point.


22 posted on 01/09/2014 3:02:52 PM PST by aMorePerfectUnion (Truth is hate to those who hate the Truth)
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To: SeminoleCounty

Yes..somewhere on the net (I have it saved somewhere as well) is an interesting study comparing standards of living between Europe and the US. The conclusion of the study was that European living standards are basically on par with those in Mississippi.


23 posted on 01/22/2014 6:18:07 AM PST by MSF BU (n)
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