Thriving Norway Provides an Economics Lesson

http://www.nytimes.com/2009/05/14/business/global/14frugal.html?_r=1&em=&pagewanted=print
OSLO — When capitalism seemed on the verge of collapse last fall, Kristin Halvorsen, Norway’s Socialist finance minister and a longtime free market skeptic, did more than crow.

As investors the world over sold in a panic, she bucked the tide, authorizing Norway’s $300 billion sovereign wealth fund to ramp up its stock buying program by $60 billion — or about 23 percent of Norway ’s economic output.

“The timing was not that bad,” Ms. Halvorsen said, smiling with satisfaction over the broad worldwide market rally that began in early March.

The global financial crisis has brought low the economies of just about every country on earth. But not Norway.

With a quirky contrariness as deeply etched in the national character as the fjords carved into its rugged landscape, Norway has thrived by going its own way. When others splurged, it saved. When others sought to limit the role of government, Norway strengthened its cradle-to-grave welfare state.

And in the midst of the worst global downturn since the Depression, Norway’s economy grew last year by just under 3 percent. The government enjoys a budget surplus of 11 percent and its ledger is entirely free of debt.

By comparison, the United States is expected to chalk up a fiscal deficit this year equal to 12.9 percent of its gross domestic product and push its total debt to $11 trillion, or 65 percent of the size of its economy.

http://www.nytimes.com/2009/05/14/business/global/14frugal.html?_r=1&em=&pagewanted=print
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No, we are not Norway. But Norway does provide a good example of how a country can be run... the object lesson is this, run a county's economy exactly as a prudent family would. That such will ever come about in a country that is composed of a majority of self-centered twits and corrupt-moron politicians (that is inclusive of ALL political parties) would indeed qualify for a Hugo award in Sci-Fi.

We should be so lucky.

SOCIALISTIC! A family provides health-care for its members, particularly the children, it saves for 'rainy days', and buys necessities first, and luxuries with cash. Using credit for shelter and transportation needs only.

If the state owns the facilities or the company paying the facilities for their service, it is by definition socialism. Socialism is when the state owns the means of production. Capitalism is when private investors own the means of production, and thereby profit from the labor by doing nothing.

Most Americans are too ignorant to know the difference.

Suppose they have a Lee Greenbjorn over there? "Well, I'm proud to be Norwegian, where at least we are debt-free..."

Where do you think all those interest payments go? And if you say China, the biggest banks in China include directors from the United States and Europe, some of the same people in USA banking.

I really liked Jon Stewart's special on Sweden, really shows the ridiculousness of many of the ideas and arguments in the USA.

Never underestimate the power of lutefisk.

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Imagine if all them big bad war nations could spend their money on housing, health-care and so on for their citizens instead of weapons??

Imagine that . . . !

dream on . .

(sigh)

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Badgerman

Rumor has it that they have a large stash of Viking battle-axes! ;) n/t Yes, behind every weapons depot, the Norwigian airforce, navy and army have a large stash of viking battle axes, who they train for every day. Rumor is that we also have prodused a new stealth Double Battle axes who can hit everywhere in a 10.000 metric miles radius.. :evilgrin:

Not exactly that maybe.. But we do have a military force to reqon with, sorts of anyway. Even that our friends over in Russia in the future might be some problematic, we have a military force capable of working with the tools we have... Norway have maybe not the biggest force in the world, not even by a long shoot.. But even if an enemy would "take over" the country, the prize for it wil be to high... And that is maybe the idea... And in our corner of the world, we dosen't have to many enemies.. Even the russians tend to be a nation been able of working with.

Diclotican

While people in other industrialized countries can visualize how economic policies will effect their personal lives, Americans respond to slogans and catch phrases much like Pavlov's dogs were trained to salivate at the sound of a bell.

While the last few years have exposed the corporate stealing of America, many Americans still respond negatively to government regulation of corporations as somehow taking away individual freedoms.

While medical insurance companies routinely refuse paying for treatments for people they insure using all kinds of nonsensical excuses, a large number of people hesitate embracing a Medicare type system which would provide better health care access at far less expense.

Many Americans, it seems, are unable to think a situation through intelligently, but rather make knee-jerk responses that rely on sound bites and slogans, or the inane babbling and ranting of right-wing talk show hosts.

Socialism is a good thing if it is aimed in the correct direction. Socialism, like in Norway takes care of the general population. The US has had socialism for many years, unfortunately it is a case where the poor pay to support the wealthy.