Friday, January 10, 2014

Don't tell Fox News, but socialism just made everyone in Norway a millionaire

Norwegian cross country skier Petter Northug Jr., 28, double
Olympic champion with one silver, one bronze and two gold
medals won in individual and team events at the 2010
Vancouver Winter Olympic Games
In Norway, due to generous farm subsidies, dairy cows in the Arctic live in heated barns.
     One in five people of working age receives some kind of social insurance instead of working, even though the "official" unemployment rate is 3.3 percent.
     Why is the country so well-heeled when others are struggling under a mountain of debt?
     Because in 1990 the country set up a sovereign wealth fund to invest and distribute the profits from Norway's share of the North Sea oil bonanza, officially called the Government Pension Fund Global, which is now so large it's beginning to affect the tides.
     Recently the counter of Norway's central bank displayed a fund total of 5.11 trillion crowns ($931.87 billion), fractionally more than a million times Norway's most recent official population estimate of 5,096,300, according to bank's website.
     The fund owns about one percent of the world's stocks.

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