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Norway Unemployment At 11 Year High, Talk Of Eating Into The Fund

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11 year high of 4.3% though, and quite a sensible approach relative to most (to us):

"...Norway's oil and gas resources belong to the Norwegian people and should be managed on their behalf. The tax system for private and state-owned oil companies and framework conditions for the petroleum industry were designed so that the bulk of the large resource rents generated by the industry would accrue to the Norwegian state. We have avoided making public sector budgets dependent on volatile income. This has mainly been achieved by establishing the sovereign wealth fund and a fiscal rule imposing a constraint on oil revenue spending..." http://www.norges-bank.no/en/Published/Speeches/2015/27032015-Olsen-New-York/

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High oil prices have the ability of making idle countries look productive. I guess the fact that the UK is currently doing the best out of the G7 GDP wise shows we are fairly industrious when we are not hobbled by high energy prices so Russians can piss it away drunk on vodka, the Norwegians can erect the mother of all welfare states and the Saudis can piss about in shopping malls all day at other country's expense. OK we are growing on a public sector spend fest too to a certain extent.

Edited by crashmonitor

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Oh yes its sensible (compared to us that isn't saying much) but the point is they weren't expecting to touch this for a few decades.

Just interesting that they are now talking about using their savings.

Fair enough, although Bloomberg's reporting is a bit sensationalist. With 5 million people, declining population growth, $875 billion notional fund value and further reserves it looks like they'll be ok.

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Fair enough, although Bloomberg's reporting is a bit sensationalist. With 5 million people, declining population growth, $875 billion notional fund value and further reserves it looks like they'll be ok.

Indeed, especially if the other day's Telegraph article is to be believed where Norway's fiscal break-even oil px is reported at $40.00. So even at that price they will be running balanced books.

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Don't know much about Norway, but if they're anything like the UK the proposed fix-all solution will be 'more immigration and a house price bubble'

That usually solves things. :rolleyes:

Well they have been saying we aren't taking enough Africans and they welcome them. It helps when you have a $175,000 per capita Sovereign fund gotten out of stiffing the Brits for high energy costs for decades and acres of empty land to boot.

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Don't know much about Norway, but if they're anything like the UK the proposed fix-all solution will be 'more immigration and a house price bubble'

That usually solves things. :rolleyes:

Norway accepts far more migrants than it should be doing, in my opinion and many others. Per capita I think it's 4x as high as the UK. Sweden is even higher/worse as many are now aware. The chickens are coming home to roost for the Scandinavians it would seem.

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Norway accepts far more migrants than it should be doing, in my opinion and many others. Per capita I think it's 4x as high as the UK. Sweden is even higher/worse as many are now aware. The chickens are coming home to roost for the Scandinavians it would seem.

Ive never really understood why the Nordics (or irish) for that matter want net migration.

The nordics are resource rich, people poor...always a good place to be. Invest in young places like india, live off the proceeds. No need to have production for pensions locally.

In the case of Ireland, they've virtually always had an above replacement rate fertility rate...they dont have the Italian/German/Eastern euro problem of 1.1/.2/.3 children per women. Their population would sustain itself.

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Ive never really understood why the Nordics (or irish) for that matter want net migration.

The nordics are resource rich, people poor...always a good place to be. Invest in young places like india, live off the proceeds. No need to have production for pensions locally.

In the case of Ireland, they've virtually always had an above replacement rate fertility rate...they dont have the Italian/German/Eastern euro problem of 1.1/.2/.3 children per women. Their population would sustain itself.

Does that take into account everyone who buggers off as soon as they're old enough?

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Does that take into account everyone who buggers off as soon as they're old enough?

I would imagine so...their population has been growing for the last 50 years.

They're not coming here anyway. The numbers of irish has fallen in the last 3 census counts.

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