Norway's Sovereign Wealth Fund Reaches $1 Trillion

General Urko

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Since 1996 Norway has invested the proceeds of its oil revenue in a specific fund to benefit all of its citizens. It has now reached a stagerring one Thousand Billion Dollars!

https://www.bloomberg.com/news/articles/2017-09-19/norway-wealth-fund-says-reached-1-trillion-in-value

In contrast, Alberta, a province in Canada, of a roughly similar population size and with a similar size economy has around C$17 Billion in its fund.

Norway

The oil and natural gas reserves which belong to The Irish People have been estimated to be worth around $500 Bn.
I think we can be fairly sure that when they are eventually realised that ordinary Irish Folk will see fúck all of their money!
Indeed as it stands, Norway and its citizens wll benefit more from oil and natural gas finds HERE, due to various contracts!

Let's do a math or two -

Norway's fund amounts to US$192,000 (C$235,000) for every person in the country. Alberta's fund works out to C$4,150 per person in the province.

And in our wonderful country as ordinary folk stand facing a pension retirement age at 70, While the trade union movement piss themselves laughing at us, many of our public sector beauts, where the average pension is around equal to the average industrial wage, will end up, if they live long enough,which is quite possible given their early retirement ages and generally soft lives, leeching a good €600K plus from us in pensions alone!
Oh and we have not in the bank to meet these completely fooking obscene and disgusting pensions!
 


NYCKY

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The comparisons aren't entirely fair, one is a sovereign nation with more than one million more people than the other which is a federal province. Alberta which doesn't have entire control over its finances set up the fund as a rainy day fund, it doesn't have pension obligations like the Norwegian one.
 

Ardillaun

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The comparisons aren't entirely fair, one is a sovereign nation with more than one million more people than the other which is a federal province. Alberta which doesn't have entire control over its finances set up the fund as a rainy day fund, it doesn't have pension obligations like the Norwegian one.
But it is partly fair. The federal government did not take Alberta's entire windfall. And no socialists, commies or fellow travellers were involved at the provincial level - that part of the stash was spent by ardent (and rather loud) free marketeers.
 

publicrealm

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Wow.

If we had $1 trillion we could almost rollout fibre broadband in rural areas and afford a new Children's Hospital - with maybe some left over for a metro or new hospital trolleys!
 

Filibuster

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Sure isn't it grand to have a big pile of oil money. We've a few wisps of gas and that seems to be the sum total of it.
 

NYCKY

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But it is partly fair. The federal government did not take Alberta's entire windfall. And no socialists, commies or fellow travellers were involved at the provincial level - that part of the stash was spent by ardent (and rather loud) free marketeers.
Yes and No. For instance, the Alberta government didn't take anything for a number of years during the 80s for instance but then in good times the Federal Government took some. Remember the Alberta Government never sought to do anything like the Norwegians did, if they did, Ottawa would have got notions.

Also let's not forget that getting oil from the tar sands is much more expensive than the way Norway did it.

We all know that politicians, whatever their stripes love talking about available pots of wonga, especially at an election time.
 

NYCKY

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This tragedy marks the end of Norway's innocence - Telegraph

Good article here about Norway. It's easy to forget that until relatively recently it was a poor European backwater. They have to be fair done well for themselves and their sovereign fund ensures that will continue for some time. They know the money won't last forever but are doing a great job managing what they have while they have it to build a long term society.
 

Ardillaun

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Yes and No. For instance, the Alberta government didn't take anything for a number of years during the 80s for instance but then in good times the Federal Government took some. Remember the Alberta Government never sought to do anything like the Norwegians did, if they did, Ottawa would have got notions.

Also let's not forget that getting oil from the tar sands is much more expensive than the way Norway did it.

We all know that politicians, whatever their stripes love talking about available pots of wonga, especially at an election time.
For as long as I've been in this country, I've been listening to lectures about the Alberta Advantage:

The origin and real meaning of the “Alberta Advantage” | daveberta.ca – Alberta Politics

The story usually emphasized homesteader can do values rather than a geologic stroke of luck. The fact of the matter is Albertans could have saved a lot more of their windfall than they did. Here's a rare moment of utter candour from a politician, actually an Alberta Premier, the late Jim Prentice:

http://nationalpost.com/news/politics/prentice-tells-alberta-to-look-in-the-mirror-for-the-reason-bloody-drastic-cuts-are-needed-in-the-province
 
Last edited:

NYCKY

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For as long as I've been in this country, I've been listening to lectures about the Alberta Advantage:

The origin and real meaning of the “Alberta Advantage” | daveberta.ca – Alberta Politics

The story usually emphasized homesteader can do values rather than a geologic stroke of luck. The fact of the matter is Albertans could have saved a lot more of their windfall than they did. Here's a rare moment of utter candour from a politician, actually an Alberta Premier, the late Jim Prentice:

Prentice’s ‘look in the mirror’ comment ‘insulting’ to Albertans, rivals say, as backlash spreads | National Post
OK, i will be more blunt. What do you think the rest of Canada would do, if Alberta had a $1 trillion dollar provincial fund?
 

Ardillaun

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OK, i will be more blunt. What do you think the rest of Canada would do, if Alberta had a $1 trillion dollar provincial fund?
So they cleverly blew most of their money? That was their cunning plan?

What do ya think Alberta would do if they found a trillion in the mattress tomorrow? The vote wouldn't be long coming and it wouldn't be close. It's not you, Canada, it's us - we're seriously rich.

Anyway, let's hope we can all learn something from Norway's good example.
 
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Socratus O' Pericles

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Ireland should take a leaf out of Poland's book and demand reparations - 1200 years of injustice!
Who should Ireland demand reparations from? The Normans? There would be lot of reds at stake there.
 

toughbutfair

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All surpluses should be put into fund, there should be no tax cuts and no spending increases. Next recession (yes, there will be one regardless of what we do ) we'll have money in the fund to lessen the pain.

Or we could have big tax cuts and spend more on some "crises" to placate the masses and have no savings next recession!
 

publicrealm

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Ireland should take a leaf out of Poland's book and demand reparations - 1200 years of injustice!
1200!

Feckit - there was me thinking it was only 800 years of oppression. T'bastards.

I will adjust my list of demands.
 

parentheses

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Since 1996 Norway has invested the proceeds of its oil revenue in a specific fund to benefit all of its citizens. It has now reached a stagerring one Thousand Billion Dollars!

https://www.bloomberg.com/news/articles/2017-09-19/norway-wealth-fund-says-reached-1-trillion-in-value

In contrast, Alberta, a province in Canada, of a roughly similar population size and with a similar size economy has around C$17 Billion in its fund.

Norway

The oil and natural gas reserves which belong to The Irish People have been estimated to be worth around $500 Bn.
I think we can be fairly sure that when they are eventually realised that ordinary Irish Folk will see fúck all of their money!
Indeed as it stands, Norway and its citizens wll benefit more from oil and natural gas finds HERE, due to various contracts!

Let's do a math or two -

Norway's fund amounts to US$192,000 (C$235,000) for every person in the country. Alberta's fund works out to C$4,150 per person in the province.

And in our wonderful country as ordinary folk stand facing a pension retirement age at 70, While the trade union movement piss themselves laughing at us, many of our public sector beauts, where the average pension is around equal to the average industrial wage, will end up, if they live long enough,which is quite possible given their early retirement ages and generally soft lives, leeching a good €600K plus from us in pensions alone!
Oh and we have not in the bank to meet these completely fooking obscene and disgusting pensions!

Quite a contrast with Ireland
 

Clanrickard

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firefly123

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Since 1996 Norway has invested the proceeds of its oil revenue in a specific fund to benefit all of its citizens. It has now reached a stagerring one Thousand Billion Dollars!

https://www.bloomberg.com/news/articles/2017-09-19/norway-wealth-fund-says-reached-1-trillion-in-value

In contrast, Alberta, a province in Canada, of a roughly similar population size and with a similar size economy has around C$17 Billion in its fund.

Norway

The oil and natural gas reserves which belong to The Irish People have been estimated to be worth around $500 Bn.
I think we can be fairly sure that when they are eventually realised that ordinary Irish Folk will see fúck all of their money!
Indeed as it stands, Norway and its citizens wll benefit more from oil and natural gas finds HERE, due to various contracts!

Let's do a math or two -

Norway's fund amounts to US$192,000 (C$235,000) for every person in the country. Alberta's fund works out to C$4,150 per person in the province.

And in our wonderful country as ordinary folk stand facing a pension retirement age at 70, While the trade union movement piss themselves laughing at us, many of our public sector beauts, where the average pension is around equal to the average industrial wage, will end up, if they live long enough,which is quite possible given their early retirement ages and generally soft lives, leeching a good €600K plus from us in pensions alone!
Oh and we have not in the bank to meet these completely fooking obscene and disgusting pensions!
Our oil is worth 500 billion? And we are giving it away?
Deadly. I'd say they are queuing up to drill. Must be rigs as far as the eye can see!
 

mr_anderson

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Just a quick visualisation for some folk ...

A million seconds is 11.574 days
A billion seconds is 31.61 years
A trillion seconds is 31,709.8 years
 

WayOutWest

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Our oil is worth 500 billion? And we are giving it away?
Deadly. I'd say they are queuing up to drill. Must be rigs as far as the eye can see!
I wouldn't have a clue what it's worth but Norway are topping up their fund with the sale of gas from Irish waters.
 


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