Since 2022, a quarter of Norway’s top 400 taxpayers have left,
Still, as a result the country is no more equal so everything is better, right?
Since 2022, a quarter of Norway’s top 400 taxpayers have left,
Still, as a result the country is no more equal so everything is better, right?
No more or now more.
And yet there still is a top 400 taxpayers. How did they manage that?
I don’t think many of them came to the UK.
Mmm. I suppose this is the moral hazard you get when you have such huge state-invested resources that you can’t crash the economy with over-taxation and don’t really need to tax anyone, so you do it out of spite.
What happened to that shining idea that a sovereign wealth fund provides infrastructure, a UBI for the needy and unfortunate, and if you want more than that you can work for it?
Lovely, lovely lefties.
Weakth funds? What Broitish lefties never understand is that the Norwegian one is, by law, banned from investing in Norway. That’s the whole point of it – to stop the oil money flowing into hte Norwegian economy…
the Norwegian one is, by law, banned from investing in Norway. That’s the whole point of it – to stop the oil money flowing into the Norwegian economy…
Then colour me baffled. What’s the point of it? Who is it for? If you declare a vast natural resource to be sovereign property, and then exploit it, who is supposed to benefit and in what way? How do the camel-riders do it, or is ‘sovereign’ merely cover for the ruling class appropriating and spending it as they wish?
Something cal;led “Dutch Disease” from their natural gas fields. So, you’ve this lovely natural resource. You pump it up and flog it by htehundreds of billions. So, foreigners pay you foreign money forit, or change their foreign money for your money to buy it. This pushes up your exchange rate. Which means that all the rest of your economy gets entirely borked. Imports become ever cheaper, exporting anything else becomes impossible. Dutch Disease.
The solution is to not allow the oil/gas etc money to land. Kepp it all in $ and invest it elsewhere. Keep it for a rainy day.
The reason so many Arab countries a fly blown shitholes with oil pumps is that they didn’t do this. They’re grossly, gorssly, expensive places to do anything else because of the oil money.
The solution is to not allow the oil/gas etc money to land. Kepp it all in $ and invest it elsewhere. Keep it for a rainy day.
What constitutes ‘that rainy day’? What’s this money for, if you can’t spend it on yourself without trashing your economy? I suppose you’re doing other countries a favour by making liquidity available to them. How altruistic.
@Norman
It’s colloquially (did I get that right) known as the Pension Fund. The idea is that we’ll spend a little now, but save the rest for when the wells are all dry, or the green crowds get their way. Other than that Tim is right on the whys and hows of it.
UAE goes around the world investing its wealth fund and like Norway benefits from a small indigenous population ( although unlike Norway it has a large slave contingent and it can afford low taxes and cheap petrol. )
Anyway the Norwegian govt collapsed the other day, so it will be interesting to see if new elections will change anything.