Welcome to Norway: Where EVERYONE is prosperous

[Don1]

Why Norwegians Are Millionaires and Americans Are Paupers
Jan. 11, 2014
By SUSANNA KIM

Susanna Kim
Business Digital Reporter

Among the reasons Norwegians can celebrate Norway are the '80s band A-ha, the narrow geological formations called fjords, oil and the biggest sovereign wealth fund in the world.

The sovereign fund, which the country uses for investments that benefit their economy and people, reached 5.1 trillion crowns, or about $818 billion, due in large part to the rising price of oil, according to a report out this week. That surge in the fund, called the Government Pension Fund Global, theoretically makes each of Norway's 5,096,300 people a millionaire in crowns.

Translated into dollars the fund's crowns (spelled "krone" in Norway) per capita is about $161,660, said Michael Maduell, president of the Sovereign Wealth Fund Institute.

And, despite all that money in the wealth fund, Norway still has a national debt of 759 billion crowns or about 25 percent of gross domestic product. By comparison, the US debt of $17.3 trillion is 102 percent of GDP. In case you're wondering, that's $54,733 owed by each American. But it gets far worse if you add in all the unfunded liabilities of the government: Then it's $1.1 million owed per American, according to USDebtclock.org.

[Islandman]

They have certainly done a good job at securing their future prosperity when the oil wells run dry. Good for them.

From all accounts they have been blessed with a govt with a vision, something that is a scarce commodity in most parts of the world.

[Hortical]

Norway to trial nasal spray antidote to heroin overdose

Country with western Europe's worst heroin overdose rate to trial Naloxone spray in Oslo and Bergen, its two most populous cities






http://www.theguardian.com/world/201...eroin-overdose

[Don1]

They have certainly done a good job at securing their future prosperity when the oil wells run dry. Good for them.

From all accounts they have been blessed with a govt with a vision, something that is a scarce commodity in most parts of the world.

The Scandinavian countries practice the most evolved form of capitalism... i.e. a social democracy with extensive but intelligent govt. intervention in the economy. To be successful this requires an educated, intelligent population driven by prioritizing national goals over the purely individual.
This why Scandinavian countries generally have the highest ranking on the Human Development Index

By contrast the capitalism practiced by the United States is increasingly characterized by the domination of super-rich oligarchs, a short term focus based on manipulated stock & financial markets, destruction of the middle class and huge income disparities .... somewhat like what some call the "Third World".

Most Americans don't recognize the processes at work....they're too bamboozled by the mass hypnosis of the corporate Media Matrix.
We call them the frogs that boil in silence while the temperature gradually rises around them... til dem buss

Unfortunately the USA is becoming an example of Capitalism Gone Mad ... and it may be too late to change course

[Sir X]

Intelligent government intervention ,never heard socialism describe as such,but i will take it,me and island debate dat already,tell mi dem tax rate and how dem spend it.Capitalism gone mad is that what Mr Hall coined neo liberal consumerism?.... Lol.

Mi done tell island already the world will be socialist.To what extreme is the question.

[Peter R]

Saw this on a FB post:

Dark lands: the grim truth behind the 'Scandinavian miracle'
Television in Denmark is rubbish, Finnish men like a drink – and Sweden is not exactly a model of democracy. Why, asks one expert, does everybody think the Nordic region is a utopia?

http://www.theguardian.com/world/201...-norway-sweden

[Islandman]

The US does have a problem with the brand of capitalism it has been practicing the last 10-20 years. No question about that. Given their history of waves of immigration of the poorest of people over centuries though, I don't see any other system that would have lifted as many out of poverty as theirs has.

Scandinavians system will be truly tested as their population continues to age and a smaller and smaller percentage of the labor force has to support the nanny state. The solution may have to to be to take on more and more immigrants , something that is sure to increase inequality and social stability. Or maybe the advances in technology will allow the smaller work force to maintain their lifestyle. We will see.

Nontheless the system has worked for them up to this point.

[Don1]

Yep every system has its limits. The US has been very successful for 100 years or so...and especially in the ~70 years post WW2 where its been the leading world power. The system has also shown flexibility and ability to embrace change, immigration etc. as you posted.

The current trends for continued US hegemony are not looking good though, especially with China already having an economy which may be roughly equivalent or superior to the US within 10-20 years... no one really knows.

China is growing 2-3X faster than the US and with their version of state capitalism they've lifted 500M people out of poverty in just 40 years. Stunning.
Also recall that China is still a relatively poor country with GDP per capita around Jamaica's US$5-6K.... so its potential upside is tremendous.

Interesting times ahead

[Don1]

Intelligent government intervention ,never heard socialism describe as such,but i will take it,me and island debate dat already,tell mi dem tax rate and how dem spend it.Capitalism gone mad is that what Mr Hall coined neo liberal consumerism?.... Lol.

Mi done tell island already the world will be socialist.To what extreme is the question.

Capitalism and Socialism have so many different forms and individual interpretations... to the extent that the labels don't much matter anymore to me. I tend to look at the results rather than the labels
What I do know is that all things in nature are cyclical i.e. everything has a life cycle... birth..growth...decline..death/renewal.

Here today... Gone tomorrow. That's a law of nature

Mi gawn

[Islandman]

I agree.