Ive heard about Norway being oil rich for a long time but I never knew how smart they are playing the game. Having a fund like this, that can be tapped whenever money is needed is simply a godsend for every Norwegian.
Not really, most of the fond is protected by law. So you need to change those first before tapping anything above returns. And no, the President of Norway don't got the power to do so alone. Eaven if it passed the King could use his Veto do deny the change. (As far as I know no King of Norway have ever used the Veto right.)
Wealth and wealth is created through investment, the only way to be financially stable after retirement is to invest while workig. It has always worked for me
Mr. Kent has good connections with big investors as he works in the stock market, so finding a partner won't be a problem. I'm almost working on it during the unification process
Your business will make you rich but your investment will make you wealthy. We all deserve to be rich and have financial freedom. I pray everyone reading this becomes extremely successful.
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How does this whole bitcoin thing works, I'm interested in it and willing and ready to invest heavily but I need an assistant to properly guide me through on how to make a good startup and be successful in it without making mistakes.
The first sovereign fund was actually Kuwait Sovereign Fund , that was founded in 1953 which it value today reached 700 billion dollars , reaching 500,000 per capita
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The Scandinavian countries have always been fascinating to me. Their living standards are one of the best in the world and something like a $1.4 Trillion Wealth Fund is expected. Keep up the good work ;)
Also they have a really strong Healthcare system and everyone can live okay and isn't on the street, pretty amazing because most of the Scandinavian are also left leaning which I didn't expect before I did research
The reason why it took so long before the first investment was that early revenue was used to pay for the expansion of the oil industry infrastructure in western norway. They didn’t “do nothing” for 30 years and finally get around to doing something…
@@LogicallyAnswered One of the biggest achievements Norway did when it came to the oil discoveries in the North Sea was to make sure it wasn't run by foreign companies. Big Norwegian oil companies and oil service companies run oil production in Africa today, there barely exist any African oil companies or oil service companies. They're all foreign. But Norway didn't want that. They wanted companies in Norway to run the whole gig. America came early to aid in the production but the government went hard and big to make sure Norwegian companies will run the whole thing. Today foreign companies still run some fields in Norway such as Conoco Phillips but even they use Norwegian service companies for all the services and most oil fields are ran by Norwegian companies, all in the stock market not own by the Norwegian government except Equinor (Statoil) where it all started. Norway didn't want to get in the trap where only the oil was the income, but rather wanted to build an indistry giving a lot of jobs and money for the Norwegian people
One of the best content I've seen! Crypto is the best though I don't self trade but I still make profit with the help of my broker till I'm sure I can start self trading.
@@zoehoward3692 You're right! Investing in Crypto market isn't a myth. A few years back I felt it was impossible but here I am today...all l had was God and a dedicated broker
Successful people don't become that way overnight. most people see at a glance-wealth, a great career, purpose-is the result of hard work and hustle over time. I pray that anyone who reads this will be successful in life.
My first investment with Clara gave me upto $53,000 and that has made me invest without the fear of losing, I got four of my friends involved with her already..
I realized that the secret to making a million is making better investment. I always tell myself you don't need that new Car or that vacation just yet and that mindset helps me make more money invest:ng. For example last year I invested 70k in blue chip stocks and crypt0 s (with the help of my advisor of course) and made about 380k, but guess what? I put it back and traded with her again and now I'm rounding up close to a million. Delayed gratification always pays off
The worst part of Social Security's "investments" is that it invests in US Bonds. So it's not really even income, they're taking money from one pocket to put into the other pocket.
@@Alzzael when the money goes from your employers pocket to your pocket, it's income for you. When you take it from your left pocket and put it in your right pocket, it doesn't mean anything.
If there’s going to be a Sovereign Wealth Fund for Social Security the stock market will rise rapidly before it starts anticipating the humongous amount of money coming in.
@Casino Şimşek Yes I recommend the service of Lynne Ellen Rule she is a great financial consultant and has made a great impact on my financial journey.
All countries could and should have done this. With the right initial seeding and management then it becomes self sufficient and abundant. Equities are the best investments and so countries should have very large investment funds (Sovereign Wealth Funds) just like Norway. The US method of raising taxes to pay social security is short sighted and shortcoming.
What should be asked is how volatile equity funds would be to a global recession. Plus, in a way both SS and SWF both depend upon how well the entities being taxed are currently doing. If the oil industry wasn't doing well then that would mean SWFs would get less.
@@LogicallyAnswered Norway nationalized their oil thus creating wealth for themselves and their citizens whereas other third world countries who tried to nationalize their oil were subsequently invaded by the US. And more recently in the case of Mozambique after it was confirmed they had oil reserves worth trillions, out of nowhere came under attacks by "Islamist terrorist" armed with American weapons despite the country being largely peaceful for centuries among all faith's living there, just a coincidence I suppose.
@@houdini5538 I agree that the regime changes and meddling in oil rich 3rd world nations in condemnable but can you elaborate on the Mozambique claim of Islamic terrorism with American. Cause i can’t find any mention of US backed regime in that area anywhere online. Plus I would hope if the CIA did want to covertly promote a revolution to steal trillions in oil that they would not be stupid enough to give traceable American weapons.
I like the idea of a sovereign wealth fund, however I don’t really trust anyone who would be appointed to manage it no matter the political party affiliation. Congress is rife with insider trading and anyone who they would appoint would be at risk to do the same or worse use the money to secretly influence politics by funding certain campaigns over others.
@@LogicallyAnswered yeah I like that idea, there just has to be very strict rules and checks and balances put in place to keep corruption out, because if there’s money to be made, US politicians will always find a way to make it and do it illegally
You don't want politicians to handle it. Those are incompetent everywhere. You want the real experts to handle it, and thankfully that's how Norway did it. Politicians are not allowed to touch it.
Australia has a decentralised equivalent of this known as Superannuation. Essentially every employer is required to pay an extra 10% of their employees wages into an investment fund of the employees choice. This is collectively worth more than A$3.4 trillion.
@@LogicallyAnswered US has one but employee can choose the amount. Sweden employers pay as much as 50%, non negotiable. I think Singapore started the whole thing. Every citizen takes care of their retirement themselves. Many like to talk about how the aging population needs new blood to pay for them. Yes, if your country is mismanaged.
Why is the US so behind on the times? We have such a massive economy and generate trillions upon trillions of dollars annually. Think of how much MORE wealth the government could generate for the greater good if it was managed properly? What a botched opportunity. It's interesting to me that more people aren't talking about this.
@@jenjuice432 I guess it's a matter of priorities. As long as massive amounts of money comes into the country, albeit into the pockets of an ever shrinking number of individuals, then its supposed to be ok. It will trickle down....the argument goes
great topic man. I also read somewhere that abu dhabi has total 900 billion dollars in thier soverign wealth fund which is more than 1 million dollars worth of assets per person and in total uae has about 1.3 trillion dollars in their soverign wealth fund.
@@jeschinstad The uae has more than 3-4 Sovereign wealth funds actually - Mubadala , Abu Dhabi Investment Authority, Abu Dhabi Investment Council, Dubai Investment Authority, Sharjah Investment Authority and ADQ - IHC are sub privately owned large investment funds.
@@jeschinstad This is inaccurate they are not disclosing they're real AUM since its confidential my guess its above 1T at the time of speaking and thats only 1 fund in UAE not taking into consideration the other 3-4 sovereign funds
Having moved to Norway from Denmark, I can confirm Norway is a very nice place to live, Much more relaxed to be honest. However, regarding the fund and oil monday. Denmark and Norway shares the oil coming from the North sea. Norway has decided to put all those monday in a fund, and negotiated brilliant deals. Where's Denmark decided naah, we'll just put them into our budget. So we technically have the same amount of money, but they are NOT being saved, they are being spend as they are being made. Also, we do have shitty deals when it comes to the oil. so GG Denmark. And well done Norway. About Norway being "rich" as a person. I come from a Danish salary. As a IT technician, you would expect around 60.000 USD /Year in salary. Then comes 42 % taxes and lots of tax on fucking everything you buy. As a Norwegian, but yearly salary goes up to around 70.000 USD a year. Which is a pretty big up, and the taxes are lower. Yes the food and everything is quite expensive compared to what you can buy in Denmark, Germany and Sweden. But the salary also compensates for that more expensive prices. Everything is relative to the salary yeah.. Anyway, I don't regret moving here, and I do not plan on moving back to be honest.
@@mpforeverunlimited Hey man! thank you for your reply. I am sorry I am not so well informed of the taxes / salaries in the US etc. I tent stay away from news media, as I don't always find them reliable enough, I like to more interact with people and get unfiltered comments etc. I sometimes think both EU and US have this narrow sight of we both think we are the greatest countries in the world. However, I think it depends on how you want to live. Insurance is optional here, healthcare is included in the taxes. However, don't mistaken it for "free healthcare" as there is no free healthcare, everything is funded through heavy taxing. We have 42 % and 60 % taxes in Denmark. And tax on absolutely everything you can imagine. how that makes sense
@@Twikkilol But in this case you know where do you're taxes are going. You pay a lot, but you received a lot in benefficts. Most of the countrys don't know where their taxes going to, and if that's not all, in some countries you have to pay for the basics.
So all they need to do to fix Social security is be really lucky at finding more oil in the country then the country can use, and then be the luckiest investor in the stock market. Seems simple.
Nah, just take a portion of social securities’ reserves and invest it in broad index funds like the S&P 500, Nasdaq, and Dow Jones. You could also throw in some corporate bonds and foreign indices to reduce risk even further.
Luckiest? Bro they underperformed the base index. You wouldn't even have to manage it. You could just park it in SPY or the total market index and get the same return or better.
Americans get the systems which they want - including social security. I’m happy with both our superannuation and our sovereign wealth fund here in Australia 🇦🇺
I love he uses the word "contributions" when talking about a mandatory 15.2% payroll tax paid split between worker and employer. A contribution is how charities are voluntarily funded.
No, the word contribution is used correctly here. A contribution is any payment to a common fund or collection. It doesn't have to be voluntary in order to be a contribution. The word contribution comes from the latin word 'contribuere' which means to bring together; many parts coming together to fund a larger part. It first appeared in English in late middle English and originally meant a levy in English; an imposed tax which was not voluntary at all. Still to this day contribution does not reflect on whether or not it's payed voluntarily. You might be mixing the word up with donation. Donation comes from the latin word donare, which means to give. And the word donation reflects on the giving part. But the word contribution does not. If you don't agree then don't argue with me, but argue with the people who writes dictionaries, cause I looked the five biggest up to confirm my impression and it was pretty clear in every one. I like how 40 people(so far) liked your comment btw. Probably bunch of Americans who think they know how to use the English language. They clearly don't, Americans can't even understand what a bin means so they gotta call it "trash can" just to make it very clear what it is. Better just switch to Klingon at this point.
Norway nationalized their oil thus creating wealth for themselves and their citizens whereas other third world countries who tried to nationalize their oil were subsequently invaded by the US. And more recently in the case of Mozambique after it was confirmed they had oil reserves worth trillions, out of nowhere came under attacks by "Islamist terrorist" armed with American weapons despite the country being largely peaceful for centuries among all faith's living there, just a coincidence I suppose.
Although this is correct to an extent, most countries missmanaged their oil wealth with no foreight intervention. Mexico is a good example, Argentina would be another.
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We actually had a discussion about this issue in one of my masters' classes. The US could be so much successful if it had a fund that could be receiving to a federal reserve fund from small partial subsidies from its oil, weapon, financial, individual wealth, and intellectual rights' revenues. All contributing for the sectors of education and health, which is exactly the problems the US is facing.
@@LogicallyAnswered Compared to not having any money. Yes, it is a net negative if you are above median income, but it is literally a life saver for those below. US should have always had a wealth fund, separate from SS. Both would have been better
@@jiminfested I agree that it does have wealth redistribution function. Which is something that government is responsible of, so that is a good thing. However, it does not change the fact that SS could achieved better return and still does wealth redistribution. So it is still a mediocre money management.
@@ujuoh7730 True, in the end of the video he did say that SS should basically still be government ran but as a wealth fund instead of a tax deposit to eventually be repaid. So the longer part of the video did say that the US should have had, and worse yet still could convert SS to a wealth fund over years without severe distortions in the market. However the headline of well I want to sue SS and it's a scam it sickening, to me. Yes if you make decent money and a fully funded 401K you'll be fine, but most of the country won't and that's why SS should exist. I'm ranting and so I'll stop, however in the same sentence he said the problems he could have said SS should be converted into a wealth fund, instead of showing up 10 minutes later at the end of the video
@@jiminfested no. I like having a constructive debate. I guess i am always disgusted by the fact that SS will run out of money by the time I am old enough to receive the check from them. It is truly sad that most of the people even those who can afford to does not contribute to the retirement fund. But I know many national pension funds around the world that does way better than SS. The problem with SS is that they are only allowed to buy bonds. I see how allowing SS to buy individual stocks or even passive funds can be very controversial. One could argue SS buying individual stocks can only make people with stocks wealthy. But it would still be better than having all that money in bonds only. I would promote that SS should be investing passively on indexes that is a combination of sp500 and russell 3000. Or make it sp 1000, provided that they will never exercise the voting rights.
If you are not in the financial market space right now, you are making a huge mistake. I understand that it could be due to ignorance, but if you want to make your money work for you, prevent inflation from eroding your savings, build generational wealth, and cultivate good habits and financial knowledge, you must be in the market.
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Heads up… the 4% rule does not say what you think it says. It has nothing about never running out of money forever. It is based on the Trinity study which is for 30 year periods. 4% of the original balances adjusted for inflation each year of that original amount.
True, but they've also done studies on the probabilities of losing money when withdrawing 4% over long periods of time, and the findings are quite favorable.
Trinidad never had 3 trillion, the oil is worth that amount probably but the country itself never had 3 trillion. It did have a high per capita income however. That fall off isn't due to a single issue. I could ask what have you done to improve your country?
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Norway technically has two sovereign wealth funds the 1.4 Trillion dollar oil fund and the Peoples Social Security fund at 50 billion USD only invested in the Nordics
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Sweden didn't believe in this golden fund. The deal in 1979 were that Norway wanted ownership in Volvo, and Sweden thought oil were worthless and claimed it would be a unfair deal for Sweden. Sweden regretted it ever since.
so, basically, they took the idea of the AFP developed in Chile in the 80s by the Chicago boys, Milton Friedman's team of students, and instead of giving most of the profits to the private sector to finance their investments and become richer, like in Chile and pretty much most of the world, they decided to do the actual thing that it was created for, let the state manage it and create wealth for the citizens instead of letting the private sector manage the profits not allowing the people any sort of withdrawal ever, damn you Norway, I envy you.
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@@danurkresnamurti3598 the private sector has no other intention than to make money out of it, and then make even more money by cutting down expenses, which means kick out workers with the excuse that they are making everything more "effective", when in reality they are giving all the workload of the people that was fired to the workers that are left. Give companies to the private sector if you want, but things like social services, health, education and even the jails, keep them managed by the state for they should never be made for profit.
TBH, only an American would expect social security to be profitable. It exxists coz its cheaper to buy insurance collectively as a nation, rather than individually. Per capita us Europeans pay less (more than 2 times less!) healthcare than US because we do it on a national level, while US is trying to make it profitable.
Consider the tax pressure when comparing. Over 50% on wages at the federal level and in addition municipal and provincial taxes, taxes on goods, fuel, energy etc etc. Compare US and European purchasing power.
The US doesn't/will never need a sovereign wealth fund at all cuz our Central Bank/ The FED has an unlimited amount of money to spend with just a few clicks away.
Can't the goverment of US just print money to fund a whelth fund? Yes, the dollar value will decrease. But, they will genereate more money and be more safe in the futhure.
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Social Security is just a Ponzi scheme that detonates when the young-to-old ratio of the US's demography becomes too top-heavy with old folks. Social Security is bad and doomed in it's current form because it was created in a pre-WW2 environment in which the political establishment didn't anticipate the baby boom would occur. Social Security has been economically terminal for the entire second half of the 20th century all the way until today. That isn't to say a nation with the US GDP can't have such a system survive for extended periods into the future, but I am trying to indicate that we will have to make extensive modifications and/or extensive funding decisions to prop it up in it's current form for another 20-30 years. Honestly I expect that in my lifetime I will see a populist economic renegotiation within the US along the lines of the New Deal, and I expect a large part of that will be making sure that the retirement system is repaired. Unfortunately I can't ignore the risk that we fail to fix Social Security though, and if that occurs we can expect the government to hopefully put it on the 30 year t-bill "line of credit" instead of simply devaluing the dollar to fund it (as the demographic inversion is a temporary impediment that is solved by the deaths of the elderly beneficiaries within that time period). Alternatively they could decide to dump the problem back into the business world and revive pensions in a modern format, but I think that is the least likely outcome, even below letting the system collapse without attempting a resuscitatory intervention. The real issue is that Social Security is a value transfer vehicle and not a value creation vehicle like an investment in a 401k, so it's inherently weak against a demand-induced scarcity of value (currency from young people's taxes being a supply of value in real terms). Being a value transfer vehicle that taxes more value-creators than it pays currency to value-consumers is generally the easiest way to make Social Security a non-inflationary program, however, which is part of the reason it is structured like it is. Trying to turn it into an investment scheme, which can generate value spontaneously without labor, may be considered impractical unless the GDP of the country is strong enough to outgrow the currency devaluation associated with giving out money to seniors without requiring them to create additional economic value in real terms. Because seniors don't work but they do get paid it would cause inflation as the real value of the country was stretched over enough dollars for the entire population. By taxing young people who create value in their job that problem is solved, as now every dollar you need for an additional senior is one less dollar needed for the young people's payment. In extreme scenarios however you simply run into the fact people who are young can't pay a 100% or greater tax, by definition.
You can actually watch the oil funds value fluctuate in real time online, though the number is so big that its kinda incomprijensible with all the digits moving all over the place constantly
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Hey I’m trading with Mr ADAM, trading with his strategy and predictions are so accurate that I was able to make a lot of money on my previous trades, Reach him for help on the email above my comments, I recommend him for newbies and for anyone seeking for help in trading.
The key for the vast majority of Countries is to start with Health Services and Social Securety. It will always cost a Nation more in the long run that more people become chronically ill for the rest of their lives, without ever being able to get back to work. Cheap for government money now and then, but will be very expensive for the next 30-40 years. Social security for those who fall outside society for various reasons, If one takes the fastest, cheapest route and "forgets" that problem. Due to no positivity from that person means no income either. Or "invest" in these cases, which will cost a little the first time, but if the person can again contribute to society in one way or another, you have got the investments + income back. And not least when the population feels safe and in care, it creates peace and harmony. There will always be exceptions and understand that it can be provocative for some in Norway or Sweden and Denmark. The goal must always be 100% but is an unattainable goal most times. 90% is better than 70-60-50 .......... 20%
Something like 60% of the gas price are taxes to the government, used to help support the welfare state. In Norway cars have traditionally been seen as a luxuary, and one want to move money from the 'rich' to the 'poor'. A part of those taxes are used, are supposed to, for highways and maintenence, which is quite costly in this country of mountains. Also Norway wish to be in the front enviromental, and officially gas cars are 'bad' and must be 'crushed', but at the same time the state want the tax money)
@@Rimrock300 oh yes I'm so glad to hear Norway's commitment to climate change so they should just start pumping oil all together like Greta Thunberg say shut it off overnight and watch everyone's retirement go to zero lol
@@EverydayImTECHnIt The retirement money is in no bigger danger, the pension fund is pretty large by now after 25 years of saving and investing. Much of the profit from oil sales are invested into green tech. It would not help the world if Norways oil was shut down overnigth. Would just been replaced by other producers, even more poluting sources like from oilsand. The world needs oil for mny decades to come still, like it or not.
Amazing, i wish my country would have done the same. I take care of myself quite well, but not everyone does or can save, invest and make online buissneses.
Real meaning of trash in finanace is definitely social security, it just useless and in norway’s case it is just mind boggling. Great video 👍🏻 Do you like it, hari?
Seems like Nordic countries value their citizens happiness and ability to live independently. Unfortunately in America, if a program isn't profitable it's determined to have no value. Imagine if the US took some of the money it makes and gave it back to citizens via a Wealth Fund? Maybe via a wealth tax?
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In USA it is seen as communism or socialism, so they will pass on such an arrangement. Difference No. 2: Americans are self centered. What’s in it for ME? Americans do not understand that helping fellow citizens can indirectly contribute to benefit themselves
If everyone were investing it would just be a asset bubble where most can't cashout. Like we have now due to other reasons. It would only work if you could exchange social security tokens or parts you own for living without selling..
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We effectively choose to give away our sovereign wealth to corporations & the existing wealth elite in this country. Consider how much we give in subsidies & tax breaks. It’s not that we don’t have the means; we don’t TRUST government! Which is also why aside from a few industries (like utilities & roads), the government can’t own enterprises or nationalize them easily. Maybe a topic for another video?
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I like the idea to converting social securities body into somewhat sovereign fund. I believe it is applicable to other developing countries in which didnt have much budget to spare for the new sovereign wealth fund. In my country the idea of the sovereign wealth fund that just newly established is also to attract fund from investors. Somehow I didnt see it could work well given the fact that it should be the sovereign wealth that manage and drop the money into something and not the other way around. But of course Im not being pessimistic and will see to the future.
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Hey I’m trading with Mr ADAM, trading with his strategy and predictions are so accurate that I was able to make a lot of money on my previous trades, Reach him for help on the email above my comments, I recommend him for newbies and for anyone seeking for help in trading. Greetings from USA
See.. U.S Corporation already has that private fund and that's BlackRock and Vanguard so that fund is here for them and not for the rest of us. If us as citizens were to create this fund then maybe we got a shot other than that. It's our sad reality.
Well, the funds that Vanguard and BlackRock manages are largely for people. BlackRock's primary business is offering 401K, retirement, and pension plans, and Vanguard's primary business is offering low cost index and mutual funds.
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There are cities in the US with a bigger population than Norway. It's a little harder to manage when you have a population of 330Million. Good on Norway using the resources that they have. Hopefully the government will stay honest about the investments.
Idea: If it is labeled General Fund in any government account then it can be used to invest in a national fund. That would teach them proper and transparent accounting.
I'm not entirely sure what you mean, but we do have a national fund. Because the Government Pension Fund of Norway consists of two funds. One is the so-called oil fund that is really called the GPF:Global and the other is called GPF:Norway. The GPF:Norway is a closed fund that invests in Norway, Sweden, Denmark and Finland. We don't want to cause inflation, however, because we have other exports, so our investments in Norway is much smaller.
5:00 The type of investments they set is what I believe is so praiseworthy and should be practiced more. Some parts is similar to Islamic Syariah-compliant investments, in which you should not have your investments be associated with weapons, sin-related indulgences/self-detrimental products & services and things that are directly detrimental to the community like climate polluters. But either way, Norwegians are very ethical about this indeed.
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The one problem with this analysis is that the Norwegian SFW does *NOT* finance social programs or old age pensions; those are funded by taxation, same as the rest of the developed world. I’m very much in favor of a social wealth fund in America, but using Social Security as the funding source would be catastrophic. The point of Social Security isn’t to build national wealth; it’s to provide seniors with a baseline of inflation-adjusted income in old age.
Weird statement. We fund pensions under the state budget, yes, and then the SWF contributes massively to that budget. For 2022, the state budget is 1576bn NOK and the contributions from the SWF is ~360bn NOK. The expenses to old age pensions is 269bn NOK in 2022, which means it is more than paid for by the SWF.
@@jeschinstad Well, TIL! Isn't it fairly recent that the government was taking such big withdrawals though? In any case, I think my point stands in that the SWF isn't seeded with people's retirement savings and so Social Security isn't a good funding source for an American equivalent.
@@davidbaird2211: The allowance is increasing very fast year by year and it's not like politicians are afraid to spend money. I think people struggle with percentages. They hear that we spend on average 3% per year and think that's a flat rate, but it isn't. It is true that we used to spend a higher percentage, but let's say we spent 6% when the fund was worth 1000bn NOK. That would be 60bn NOKs. But the fund is now 12.000bn NOK and 3% is then 360bn, which is six times more money, even if the percentage is halved. We spent more than the allowance in 2020 and 2021, both years 3,6%. But in 2020, 3,6% meant 385,8bn while in 2021, 3,6% meant 406,8bn, so that's a 5,5% increase in spending from one year to the next. That is a significant increase. But the fact is we made a killing both those years, because low oil prices reduced the value of the NOK, but the Americans and Europeans still paid dividends in dollars and euros, so the devaluation of the NOK itself was enough to pay most of the costs we had with the pandemic. But the Bank of Norway keeps warning us that we must expect the fund to fall 40-50% and perhaps take more than a decade to recover. It'll be interesting to see how we manage that when we're so used to spend 3% of the value of the fund.
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@@gullfeber: Norway hid the highest GDP in the world twenty years before the oil. It is also true that 2/3s of the wealth fund is return on investment.
@@jeschinstad Er en veldig god artikkel om dette i blant annet E24 med tittelen «Hverken Gherardsen eller oljen gjorde Norge rikt». Godt forklart, utover det du allerede har nevnt 👍 På tide at folk klarer å skille på myter og fakta
Whilst there is doubt Norway has huge benefits from the oil fund, please do not paint this perfect picture. Currently, there is a power supply crisis, causing normal working mothers to not have their kids under their own roof in fear of their children freezing, people can not afford housing, don´t shower every day anymore. Why is this you ask? Well, there is a deal called "EØS" between Norway and the EU that means Norway is not directly a part of the EU. This deal causes Norway to force-sell the power supply we generate, which is fair enough. The problem is that we buy back the power we generate on the cost of the people, whilst the government takes profit when we buy back the power to put back in this fund. The price has gone up 10x from just 6 months ago, around 100x production cost. Considering some people have had to move from their home and sustain from normal activities as a consequence of economic weakness due to Covid, I find it very unethical of the government to force the people who are contributing to this system every day to don´t have access to basic needs. For most people, about 80% of our salary goes back to the government via taxes and other added expenses tied to everyday products. On top of this, the Norwegian journalists are currently uncovering economic corruption from politicians (even though that´s nothing new), so take this video with a grain of salt. All this to say: Yes, we have a good system in place, but don´t believe for a second that Norway is this perfect economic system with only the brightest, goodwill minds. Much of this wealth is built on the back of the people and is being controlled by egotistical people who place themselves in front of others.
The power issue is not confined to Norway, all of Europe suffers from that. The crisis is caused by bad managment from the EU not local politicians in Norway. I don't think it is fair to blame the state for what is happening considering it is subsidising a lot of the power bill. Im not sure who these egotistical people you are talking about are supposed to be, but I think that the state is a lot more generous that most other European countries going through the same thing.
Not only is it ironic that they cannot invest in oil when the money is from oil.. but can't invest in weapons, when Norway is one of the biggest weapons exporters in the world...
Norway has a very rich wealth fund. America doesn’t directly have a wealth fund but most major banks are American and work closely with the government. The top 5 manage like 50 trillion in assets
Nintendo were one of the major golden gooses as they invested already in 1997 when Nintendo weren't valued that much. In 2016 they earned 1.35 billions on Pokemon Go alone. Anyways. You don't really notice that the oil fund even exist if you live in Norway. Nothing from the oil fund went to the population during pandemic and it never will. Norwegians is instead robbed with extremely high prices on power and gasoline/diesel. Norway sells power for cheap to other countries, and then buy the power back so they have a reason to overcharge Norwegians. Power prices increased up to 500% or so the last months. Norway also sell oil for cheap and then buy it back to sell it in Norway at overprice.
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Hey I’m trading with Mr ADAM, trading with his strategy and predictions are so accurate that I was able to make a lot of money on my previous trades, Reach him for help on the email above my comments, I recommend him for newbies and for anyone seeking for help in trading.
What Norway is doing s known as common sense in capitalism. A company doing business on any activity starts with an amount of money to cover the initial expenses; then after a while what they do is to take the profits to be re-invested and pay back the original capital. In the event that they are successful, the original investors are getting a piece of the pie and everything starts all over again in the same activity or somewhere else. The problem with most of our side of the world is that investors take more money than they should because there's no trust amongst them. Trust is the magic word here. Norwegians know that their leaders will invest and re-invest most of the profits from the oil industry, as in this particular case. Sadly, we don't do that and take our money away as soon as possible starving the whole process. Norway, on the other hand doesn't expend their riches trying to force its way in other countries to pillage their resources, and that's why nobody trust the system anymore. It is that simple and it doesn't take a genius to understand that. Greetings fro Toronto-Canada.
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That's not correct. The Pension fund of Norway consists of two funds; one is the "oil fund", called Governments Pension Fund - Global and the other is the GPF-Norway. The Norwegian proper name for the oil fund is «Statens Pensjonsfond - Utland». GPF-G is managed by NBIM and GPF-N is managed by Folketrygdfondet, which translated to English would be "The Social Security Fund".
Any reputable investment manager in the world would have "fiscal responsiblity" to their clients - to act in the best interest of the clients. Also, Norges bank is one of THE BEST, most respected investment managers in the world. They take into account ESG and are industry titans.
This is not entirely correct. The so called oil fund, really called the Governments Pension Fund Global was started in the nineties, yes, but our social security fund (Folketrygdfondet) has been operating since January 1st 1967. It managed among other things, the Governments Pension Fund Norway, which invests in Norway, Denmark, Finland and Sweden. It is currently worth 300bn NOK. That's obviously much smaller, but it's still $6276us per citizen, so it's not nothing. It is a closed fund, so no money goes in or out, but it's just there for long-term savings. During crisis, it establishes temporary bond funds to enable Norwegian corporations with good credit ratings to borrow money in turbulent times. It was done in 2009 and in 2020.
ok lets invest all the money we have for social security in the stock-market... what could go wrong? then comes a crysis like... i dont know... the klimate crysis or a fucking war (ukraine) or an economical crysis and BOOM the whole money is gone forever! You dont beleve me? In Germnany at the end of the 19th century exactly that happened. The answer of the government was to never again invest social security money into the stockmarket and develop the current german system thats far from perfect but has a special feature named reliability! Investing into a stockmarket may be a good idea if you live in stabel times, but i doubt that we live in such a timeperiode, with a war in the Ukraine, the far right taking over the USA, the EU crumbling, china taking over and most important the fucking Climate Crysis thats threatening the whole world! I dont think we should invest anything into the stock market, its far too powerful anyway!
I'm against piracy, but imagine even with piracy, companies earned so much, then how the hell is the government regulating the cost of the software or game or movie or anything. Nowadays, subscriptions for the shit of software are charging 10 USD bullshit; government should control such cost. It will help a lot to reduce piracy.
So right off the bet you know exactly why this could never happen in America… it’s this mentality that money can only work for each person as individuals, can’t ever have the government involved, because we need to run everything through some entrepreneur first, some private sector, Needs to take their profits first, and so we can continue hearing about “trickle down economics” and when people catches up with the fact that the rate of this trickle down would take 2 centuries to get to the bottom, and people starts to question why is it that all our economic policies has to come with the seal of approval of the think tanks, and people starts to find out how the rich launder their money, with tax loopholes left and right, and people starts to demand taxing those on the top…. then they can just recycle the mummies from ancient Egypt, i mean the economic team behind Ronald Reagan, and you start to see Arthur Laffer back in action, talking about the laffer curve, which is amazing, because in the 80’s they could make up fairytales easily because well, with an actor for president who was onboard with Milton Friedman’s economic theory, at that point anything goes… The genius that made the capitalist world curve to the reactionary wing in economic theories wasn’t so much in the economic theories, but the philosophy they pushed on education, they privatized it in way to change the working class students from being on more equal footing with the rich. And we sure paid the price for that stupidity, as a result of that we no longer have conservatives we only have reactionaries. As a result Americans understood less and less about their own politics, I mean an actor for president, at that point that party was never going to bounce back to reality, and it’s not just that they never have good ideas of their own, but how they are terrible as opposition, just look at how they did during the Clinton years, because his economic policies benefited the big donors of both parties, the gop did that circus, and it never stopped, their propaganda arm with Murdoch as the head has always been weak. if they hadn’t privatized both parties the Republican Party wouldn’t have survived and it started with the southern strategy. now I know some people who are democrats might be thinking that’s a good thing, but it’s really not, we needed to have gained more parties during the Cold War not lost, having a 2 party system like we have could only be one step ahead of a one party country disaster, we need to have some reforms on the campaign finance laws of this country, otherwise it will never fix itself, balance itself as they typically imply will happen, that would take even longer than the 2 centuries for the trickle down to effect the bottom lol
As a norwegian, one of my hobbies are watching youtube videoes about how great Norway is.
Hahaha, thanks man!
Nice!
Wish I could say the same about the uk 🤦♂️😂
Me too 😂🇳🇴
du er ikke norsk om du ikke gjør det!
Ive heard about Norway being oil rich for a long time but I never knew how smart they are playing the game.
Having a fund like this, that can be tapped whenever money is needed is simply a godsend for every Norwegian.
For sure, it’s not perfect, but way better than most systems around the world
Lessons for building a fortune: step 1, be extremely frugal. Step 2, recognize scammers and stop them before they get it
Too bad England didn't go the way of Norway. Instead they gave the North Sea billions to BP. Argh.
@@LogicallyAnswered is there any system that's perfect?
Not really, most of the fond is protected by law. So you need to change those first before tapping anything above returns. And no, the President of Norway don't got the power to do so alone. Eaven if it passed the King could use his Veto do deny the change. (As far as I know no King of Norway have ever used the Veto right.)
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The first sovereign fund was actually Kuwait Sovereign Fund , that was founded in 1953 which it value today reached 700 billion dollars , reaching 500,000 per capita
Ah that’s beautiful
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Its wrong - thats $162500 per capita - Norway has 5.4 mill people - Kuwait 4.3 mill.
Kuwaiti people are insanely lucky. 20 times the oil reserves of Norway with a tiny population.
The Scandinavian countries have always been fascinating to me. Their living standards are one of the best in the world and something like a $1.4 Trillion Wealth Fund is expected. Keep up the good work ;)
Thanks man! Glad you enjoyed!
Also they have a really strong Healthcare system and everyone can live okay and isn't on the street, pretty amazing because most of the Scandinavian are also left leaning which I didn't expect before I did research
Yeah, the government is having a great time at our expense. Here in Norway, the government is rich and happy but not the citizens
I wish America could organize itself like this
You should look up their history, most of the benefits they enjoy were build on war, blood and slaves
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The reason why it took so long before the first investment was that early revenue was used to pay for the expansion of the oil industry infrastructure in western norway. They didn’t “do nothing” for 30 years and finally get around to doing something…
Ah, thanks for the clarification Zyth!
@@LogicallyAnswered One of the biggest achievements Norway did when it came to the oil discoveries in the North Sea was to make sure it wasn't run by foreign companies. Big Norwegian oil companies and oil service companies run oil production in Africa today, there barely exist any African oil companies or oil service companies. They're all foreign. But Norway didn't want that. They wanted companies in Norway to run the whole gig. America came early to aid in the production but the government went hard and big to make sure Norwegian companies will run the whole thing. Today foreign companies still run some fields in Norway such as Conoco Phillips but even they use Norwegian service companies for all the services and most oil fields are ran by Norwegian companies, all in the stock market not own by the Norwegian government except Equinor (Statoil) where it all started. Norway didn't want to get in the trap where only the oil was the income, but rather wanted to build an indistry giving a lot of jobs and money for the Norwegian people
True, Zyth. Also we paid off national debts, and spent A LOT on improving hospitals/schools/infrastructures, etc
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The worst part of Social Security's "investments" is that it invests in US Bonds. So it's not really even income, they're taking money from one pocket to put into the other pocket.
For real hahaha
Money is always from one pocket to another my friend.
@@Alzzael when the money goes from your employers pocket to your pocket, it's income for you. When you take it from your left pocket and put it in your right pocket, it doesn't mean anything.
@@richard77231 US Bonds isn't my left pocket neither it is for norvegians. I get your point of view for americans though
@@Alzzael Fair, I should have qualified is as that I was referring to the US government's version of Social Security.
If there’s going to be a Sovereign Wealth Fund for Social Security the stock market will rise rapidly before it starts anticipating the humongous amount of money coming in.
Ah yes that’s very true! Sell the news hahaha
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All countries could and should have done this. With the right initial seeding and management then it becomes self sufficient and abundant.
Equities are the best investments and so countries should have very large investment funds (Sovereign Wealth Funds) just like Norway.
The US method of raising taxes to pay social security is short sighted and shortcoming.
For sure! The method of Social Security is sooo bad
What should be asked is how volatile equity funds would be to a global recession. Plus, in a way both SS and SWF both depend upon how well the entities being taxed are currently doing. If the oil industry wasn't doing well then that would mean SWFs would get less.
@@LogicallyAnswered Norway nationalized their oil thus creating wealth for themselves and their citizens whereas other third world countries who tried to nationalize their oil were subsequently invaded by the US. And more recently in the case of Mozambique after it was confirmed they had oil reserves worth trillions, out of nowhere came under attacks by "Islamist terrorist" armed with American weapons despite the country being largely peaceful for centuries among all faith's living there, just a coincidence I suppose.
agree. imagine nauru did what norway did
@@houdini5538 I agree that the regime changes and meddling in oil rich 3rd world nations in condemnable but can you elaborate on the Mozambique claim of Islamic terrorism with American. Cause i can’t find any mention of US backed regime in that area anywhere online. Plus I would hope if the CIA did want to covertly promote a revolution to steal trillions in oil that they would not be stupid enough to give traceable American weapons.
I like the idea of a sovereign wealth fund, however I don’t really trust anyone who would be appointed to manage it no matter the political party affiliation. Congress is rife with insider trading and anyone who they would appoint would be at risk to do the same or worse use the money to secretly influence politics by funding certain campaigns over others.
Fair enough. But that's why I think it should be passively managed like simply investing in a variety of index funds.
@@LogicallyAnswered yeah I like that idea, there just has to be very strict rules and checks and balances put in place to keep corruption out, because if there’s money to be made, US politicians will always find a way to make it and do it illegally
The manager is a previous hedge fund manager and he had to cut all his ties with previous assets.
@@jakobnordal7432 if only elected officials were forced to do that
You don't want politicians to handle it. Those are incompetent everywhere. You want the real experts to handle it, and thankfully that's how Norway did it. Politicians are not allowed to touch it.
Australia has a decentralised equivalent of this known as Superannuation. Essentially every employer is required to pay an extra 10% of their employees wages into an investment fund of the employees choice. This is collectively worth more than A$3.4 trillion.
Ah interesting! The funding side sounds similar to Social Security
@@LogicallyAnswered US has one but employee can choose the amount. Sweden employers pay as much as 50%, non negotiable. I think Singapore started the whole thing. Every citizen takes care of their retirement themselves. Many like to talk about how the aging population needs new blood to pay for them. Yes, if your country is mismanaged.
The Australian model is different. My understanding is that in Norway, it's the gvt that invests the oil money in the sovereign fund
Why is the US so behind on the times? We have such a massive economy and generate trillions upon trillions of dollars annually. Think of how much MORE wealth the government could generate for the greater good if it was managed properly? What a botched opportunity. It's interesting to me that more people aren't talking about this.
@@jenjuice432 I guess it's a matter of priorities. As long as massive amounts of money comes into the country, albeit into the pockets of an ever shrinking number of individuals, then its supposed to be ok. It will trickle down....the argument goes
Every country needs to learn from Norway's success!
agree. imagine nauru did what norway did
great topic man. I also read somewhere that abu dhabi has total 900 billion dollars in thier soverign wealth fund which is more than 1 million dollars worth of assets per person and in total uae has about 1.3 trillion dollars in their soverign wealth fund.
Oh wow, that's crazy!
The Abu Dhabi fund is worth 649bn USD, which is significantly larger per capita, but they've also had fourty years longer to build wealth.
@@jeschinstad they have two funds which in total has 920 billion dollars. It's true they started saving from 1970's.
@@jeschinstad The uae has more than 3-4 Sovereign wealth funds actually - Mubadala , Abu Dhabi Investment Authority, Abu Dhabi Investment Council, Dubai Investment Authority, Sharjah Investment Authority and ADQ - IHC are sub privately owned large investment funds.
@@jeschinstad This is inaccurate they are not disclosing they're real AUM since its confidential my guess its above 1T at the time of speaking and thats only 1 fund in UAE not taking into consideration the other 3-4 sovereign funds
Having moved to Norway from Denmark, I can confirm Norway is a very nice place to live, Much more relaxed to be honest.
However, regarding the fund and oil monday. Denmark and Norway shares the oil coming from the North sea. Norway has decided to put all those monday in a fund, and negotiated brilliant deals. Where's Denmark decided naah, we'll just put them into our budget. So we technically have the same amount of money, but they are NOT being saved, they are being spend as they are being made. Also, we do have shitty deals when it comes to the oil. so GG Denmark. And well done Norway.
About Norway being "rich" as a person. I come from a Danish salary. As a IT technician, you would expect around 60.000 USD /Year in salary. Then comes 42 % taxes and lots of tax on fucking everything you buy.
As a Norwegian, but yearly salary goes up to around 70.000 USD a year. Which is a pretty big up, and the taxes are lower. Yes the food and everything is quite expensive compared to what you can buy in Denmark, Germany and Sweden. But the salary also compensates for that more expensive prices.
Everything is relative to the salary yeah.. Anyway, I don't regret moving here, and I do not plan on moving back to be honest.
Sounds like you'd do better in the US. 25% tax give or take with an extra 10-15k a year base salary. You have to pay insurance though
@@mpforeverunlimited Hey man! thank you for your reply. I am sorry I am not so well informed of the taxes / salaries in the US etc. I tent stay away from news media, as I don't always find them reliable enough, I like to more interact with people and get unfiltered comments etc.
I sometimes think both EU and US have this narrow sight of we both think we are the greatest countries in the world. However, I think it depends on how you want to live.
Insurance is optional here, healthcare is included in the taxes. However, don't mistaken it for "free healthcare" as there is no free healthcare, everything is funded through heavy taxing. We have 42 % and 60 % taxes in Denmark. And tax on absolutely everything you can imagine.
how that makes sense
@@Twikkilol Well colorline commercials have always told me its Deilig å være norsk, I Danmark.
Denmark do produce oil - but MUCH less than Norway (150k barrels a day vs 2 million+).
@@Twikkilol But in this case you know where do you're taxes are going. You pay a lot, but you received a lot in benefficts. Most of the countrys don't know where their taxes going to, and if that's not all, in some countries you have to pay for the basics.
So all they need to do to fix Social security is be really lucky at finding more oil in the country then the country can use, and then be the luckiest investor in the stock market. Seems simple.
Nah, just take a portion of social securities’ reserves and invest it in broad index funds like the S&P 500, Nasdaq, and Dow Jones. You could also throw in some corporate bonds and foreign indices to reduce risk even further.
Luckiest? Bro they underperformed the base index. You wouldn't even have to manage it. You could just park it in SPY or the total market index and get the same return or better.
Well Sweden got a functioning social security to but no oil sooo…
Denmark, Finland and Iceland too. Guess we care more about each other here. Hmmm... might be the cold weather :)
Americans get the systems which they want - including social security. I’m happy with both our superannuation and our sovereign wealth fund here in Australia 🇦🇺
I love he uses the word "contributions" when talking about a mandatory 15.2% payroll tax paid split between worker and employer. A contribution is how charities are voluntarily funded.
That includes the Medicare and other smaller parts of it that’s the whole payroll tax, social security is 6.2 or 6.3% for each or 12.4/12.6% of that.
No, the word contribution is used correctly here. A contribution is any payment to a common fund or collection. It doesn't have to be voluntary in order to be a contribution.
The word contribution comes from the latin word 'contribuere' which means to bring together; many parts coming together to fund a larger part. It first appeared in English in late middle English and originally meant a levy in English; an imposed tax which was not voluntary at all. Still to this day contribution does not reflect on whether or not it's payed voluntarily.
You might be mixing the word up with donation. Donation comes from the latin word donare, which means to give. And the word donation reflects on the giving part. But the word contribution does not.
If you don't agree then don't argue with me, but argue with the people who writes dictionaries, cause I looked the five biggest up to confirm my impression and it was pretty clear in every one.
I like how 40 people(so far) liked your comment btw. Probably bunch of Americans who think they know how to use the English language. They clearly don't, Americans can't even understand what a bin means so they gotta call it "trash can" just to make it very clear what it is. Better just switch to Klingon at this point.
Norway nationalized their oil thus creating wealth for themselves and their citizens whereas other third world countries who tried to nationalize their oil were subsequently invaded by the US. And more recently in the case of Mozambique after it was confirmed they had oil reserves worth trillions, out of nowhere came under attacks by "Islamist terrorist" armed with American weapons despite the country being largely peaceful for centuries among all faith's living there, just a coincidence I suppose.
Although this is correct to an extent, most countries missmanaged their oil wealth with no foreight intervention. Mexico is a good example, Argentina would be another.
Hey I’m trading with Mr ADAM, trading with his strategy and predictions are so accurate that I was able to make a lot of money on my previous trades, Reach him for help on the email above my comments, I recommend him for newbies and for anyone seeking for help in trading.
easy to blame US for all of the countrys problem. bet corruption and dictators is to blam and not US
Usa is MF
We actually had a discussion about this issue in one of my masters' classes. The US could be so much successful if it had a fund that could be receiving to a federal reserve fund from small partial subsidies from its oil, weapon, financial, individual wealth, and intellectual rights' revenues. All contributing for the sectors of education and health, which is exactly the problems the US is facing.
agree. imagine nauru did what norway did
@@danurkresnamurti3598 actually they did but their investments failed big time and now they are poor.
@@riteshgupta4002 thankyou for the insight
@@riteshgupta4002 they invested into property and doesn't diversify enough iirc, that's why they failed
@@skyfeelan they invested through some advisors who fleeced the money and sold the prop at several times higher rate and its prices failed.
Norge for the win 🇳🇴🇳🇴🇳🇴
Yes sir!
I would sue Social Security if I can. If it was the actual investment bank, it would have zero clients. In a way, it is exactly same as ponzi scheme.
For real, I completely agree. It’s absolute garbage.
@@LogicallyAnswered Compared to not having any money. Yes, it is a net negative if you are above median income, but it is literally a life saver for those below. US should have always had a wealth fund, separate from SS. Both would have been better
@@jiminfested I agree that it does have wealth redistribution function. Which is something that government is responsible of, so that is a good thing. However, it does not change the fact that SS could achieved better return and still does wealth redistribution. So it is still a mediocre money management.
@@ujuoh7730 True, in the end of the video he did say that SS should basically still be government ran but as a wealth fund instead of a tax deposit to eventually be repaid. So the longer part of the video did say that the US should have had, and worse yet still could convert SS to a wealth fund over years without severe distortions in the market.
However the headline of well I want to sue SS and it's a scam it sickening, to me. Yes if you make decent money and a fully funded 401K you'll be fine, but most of the country won't and that's why SS should exist. I'm ranting and so I'll stop, however in the same sentence he said the problems he could have said SS should be converted into a wealth fund, instead of showing up 10 minutes later at the end of the video
@@jiminfested no. I like having a constructive debate. I guess i am always disgusted by the fact that SS will run out of money by the time I am old enough to receive the check from them. It is truly sad that most of the people even those who can afford to does not contribute to the retirement fund. But I know many national pension funds around the world that does way better than SS. The problem with SS is that they are only allowed to buy bonds. I see how allowing SS to buy individual stocks or even passive funds can be very controversial. One could argue SS buying individual stocks can only make people with stocks wealthy. But it would still be better than having all that money in bonds only. I would promote that SS should be investing passively on indexes that is a combination of sp500 and russell 3000. Or make it sp 1000, provided that they will never exercise the voting rights.
If you are not in the financial market space right now, you are making a huge mistake. I understand that it could be due to ignorance, but if you want to make your money work for you, prevent inflation from eroding your savings, build generational wealth, and cultivate good habits and financial knowledge, you must be in the market.
You are right! I diversified my $400K portfolio across various market with the aid of an investment coach, I have been able to generate a little bit above $1.2m in net profit across high dividend yield stocks, ETF and bonds during this red season.
How can I reach this adviser of yours? because l'm seeking for a more effective investment approach How good is this person at portfolio diversification, particularly with regard to digital assets?
@@laurene.johnson2939 My advisor is "MEGAN ALEXIS KYLE". In terms of portfolio diversity, she's a genius. You can glance her name up on the internet and verify her yourself. she has years of financial market experience.
Heard many good recommendations about MEGAN ALEXIS KYLE, and her profitable strategies by some brokers in a seminar and other platforms, I think she's the real deal for people to talk good about her, I will give her a trial and see how it goes then.,
Thanks so much I was able to find her page and I already leave her a message.
I do not watch Netflix,Prime or Disney i watch your videos and they are very informative. I confess your videos have made me addictive to youtube 🙂🙂
Hahaha, thank you Santhosh!
I would love to have a wealth fund here in my country buuuttt there's a lot of corruption in here soooo no. 🤣
Fair enough hahaha
Heads up… the 4% rule does not say what you think it says. It has nothing about never running out of money forever. It is based on the Trinity study which is for 30 year periods. 4% of the original balances adjusted for inflation each year of that original amount.
True, but they've also done studies on the probabilities of losing money when withdrawing 4% over long periods of time, and the findings are quite favorable.
My country Trinidad and Tobago had 3 trillion dollars back in the days and was rank the third richest in the Americans and today we suck ass.
Oh wow, that’s unfortunate
@@LogicallyAnswered They have alot of oil and gas but not a lot of money as before.
Trinidad never had 3 trillion, the oil is worth that amount probably but the country itself never had 3 trillion. It did have a high per capita income however. That fall off isn't due to a single issue. I could ask what have you done to improve your country?
@@jiminfested am telling you it have 3 trillion
@@desfordjames4040 So you are saying a country with about 1 million people had one million dollars per person... k I have a bridge
It should also be noted that they can’t invest internally in Norway
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Norway technically has two sovereign wealth funds the 1.4 Trillion dollar oil fund and the Peoples Social Security fund at 50 billion USD only invested in the Nordics
Damn I was the first view
Thanks for being early Manish!
This is true at a certain point but at the same time we are being controlled more and more by entities that are private!
True
Cool that’s a good thing. Well maybe not controlled but clearly this public private relationship works
Prudent management of resources. That's the greatest lesson learnt from 🇳🇴Norway.
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If you really need to speak that fast (or increase the audio’s speed) you also should improve your pronunciation (or put some captions)
Sweden didn't believe in this golden fund. The deal in 1979 were that Norway wanted ownership in Volvo, and Sweden thought oil were worthless and claimed it would be a unfair deal for Sweden. Sweden regretted it ever since.
Second
so, basically, they took the idea of the AFP developed in Chile in the 80s by the Chicago boys, Milton Friedman's team of students, and instead of giving most of the profits to the private sector to finance their investments and become richer, like in Chile and pretty much most of the world, they decided to do the actual thing that it was created for, let the state manage it and create wealth for the citizens instead of letting the private sector manage the profits not allowing the people any sort of withdrawal ever, damn you Norway, I envy you.
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norway can become like that because goverment honesty. if goverment is corupt it is better to give private sector to manage it
@@danurkresnamurti3598 the private sector has no other intention than to make money out of it, and then make even more money by cutting down expenses, which means kick out workers with the excuse that they are making everything more "effective", when in reality they are giving all the workload of the people that was fired to the workers that are left. Give companies to the private sector if you want, but things like social services, health, education and even the jails, keep them managed by the state for they should never be made for profit.
@@NickSwe i am agree with your point
TBH, only an American would expect social security to be profitable. It exxists coz its cheaper to buy insurance collectively as a nation, rather than individually. Per capita us Europeans pay less (more than 2 times less!) healthcare than US because we do it on a national level, while US is trying to make it profitable.
Consider the tax pressure when comparing. Over 50% on wages at the federal level and in addition municipal and provincial taxes, taxes on goods, fuel, energy etc etc.
Compare US and European purchasing power.
This fund will simply disappear to pay for pensions and migrants...
I don't know if all of what you mention in your videos is 100% accurate but they are super intresting and easy to follow. Thank you!
The US doesn't/will never need a sovereign wealth fund at all cuz our Central Bank/ The FED has an unlimited amount of money to spend with just a few clicks away.
Can't the goverment of US just print money to fund a whelth fund?
Yes, the dollar value will decrease. But, they will genereate more money and be more safe in the futhure.
wait social security only collects a maximum of $18k per person? maybe that's the problem, we don't tax the rich enough.
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No everything about Ponzi Insecurity is wrong and its a scam
Social Security is just a Ponzi scheme that detonates when the young-to-old ratio of the US's demography becomes too top-heavy with old folks. Social Security is bad and doomed in it's current form because it was created in a pre-WW2 environment in which the political establishment didn't anticipate the baby boom would occur. Social Security has been economically terminal for the entire second half of the 20th century all the way until today. That isn't to say a nation with the US GDP can't have such a system survive for extended periods into the future, but I am trying to indicate that we will have to make extensive modifications and/or extensive funding decisions to prop it up in it's current form for another 20-30 years. Honestly I expect that in my lifetime I will see a populist economic renegotiation within the US along the lines of the New Deal, and I expect a large part of that will be making sure that the retirement system is repaired. Unfortunately I can't ignore the risk that we fail to fix Social Security though, and if that occurs we can expect the government to hopefully put it on the 30 year t-bill "line of credit" instead of simply devaluing the dollar to fund it (as the demographic inversion is a temporary impediment that is solved by the deaths of the elderly beneficiaries within that time period). Alternatively they could decide to dump the problem back into the business world and revive pensions in a modern format, but I think that is the least likely outcome, even below letting the system collapse without attempting a resuscitatory intervention. The real issue is that Social Security is a value transfer vehicle and not a value creation vehicle like an investment in a 401k, so it's inherently weak against a demand-induced scarcity of value (currency from young people's taxes being a supply of value in real terms). Being a value transfer vehicle that taxes more value-creators than it pays currency to value-consumers is generally the easiest way to make Social Security a non-inflationary program, however, which is part of the reason it is structured like it is. Trying to turn it into an investment scheme, which can generate value spontaneously without labor, may be considered impractical unless the GDP of the country is strong enough to outgrow the currency devaluation associated with giving out money to seniors without requiring them to create additional economic value in real terms. Because seniors don't work but they do get paid it would cause inflation as the real value of the country was stretched over enough dollars for the entire population. By taxing young people who create value in their job that problem is solved, as now every dollar you need for an additional senior is one less dollar needed for the young people's payment. In extreme scenarios however you simply run into the fact people who are young can't pay a 100% or greater tax, by definition.
You can actually watch the oil funds value fluctuate in real time online, though the number is so big that its kinda incomprijensible with all the digits moving all over the place constantly
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Hey I’m trading with Mr ADAM, trading with his strategy and predictions are so accurate that I was able to make a lot of money on my previous trades, Reach him for help on the email above my comments, I recommend him for newbies and for anyone seeking for help in trading.
What do you search up?
@@prometheus6853 oljefondet
I dropped all my NFT'S in Norway
The key for the vast majority of Countries is to start with Health Services and Social Securety. It will always cost a Nation more in the long run that more people become chronically ill for the rest of their lives, without ever being able to get back to work. Cheap for government money now and then, but will be very expensive for the next 30-40 years. Social security for those who fall outside society for various reasons, If one takes the fastest, cheapest route and "forgets" that problem. Due to no positivity from that person means no income either. Or "invest" in these cases, which will cost a little the first time, but if the person can again contribute to society in one way or another, you have got the investments + income back. And not least when the population feels safe and in care, it creates peace and harmony. There will always be exceptions and understand that it can be provocative for some in Norway or Sweden and Denmark. The goal must always be 100% but is an unattainable goal most times. 90% is better than 70-60-50 .......... 20%
Why is gas price $6.27 per gallon in Norway if it has so much oil & cares about the people so much????
We have a market driven economy.
Something like 60% of the gas price are taxes to the government, used to help support the welfare state. In Norway cars have traditionally been seen as a luxuary, and one want to move money from the 'rich' to the 'poor'. A part of those taxes are used, are supposed to, for highways and maintenence, which is quite costly in this country of mountains. Also Norway wish to be in the front enviromental, and officially gas cars are 'bad' and must be 'crushed', but at the same time the state want the tax money)
@@Rimrock300 oh yes I'm so glad to hear Norway's commitment to climate change so they should just start pumping oil all together like Greta Thunberg say shut it off overnight and watch everyone's retirement go to zero lol
@@EverydayImTECHnIt The retirement money is in no bigger danger, the pension fund is pretty large by now after 25 years of saving and investing. Much of the profit from oil sales are invested into green tech. It would not help the world if Norways oil was shut down overnigth. Would just been replaced by other producers, even more poluting sources like from oilsand. The world needs oil for mny decades to come still, like it or not.
Amazing, i wish my country would have done the same. I take care of myself quite well, but not everyone does or can save, invest and make online buissneses.
Are you vitalik buterin because your voice and iq match with him
Hahaha, I wish
America needs to Federal Sovereign Social Wealth Fund funded by a 100 trillion dollar Platinum Coin with a 10% rate of interest return every year!
Real meaning of trash in finanace is definitely social security, it just useless and in norway’s case it is just mind boggling.
Great video 👍🏻
Do you like it, hari?
Ah yeah, I would def support the US doing something similar to the Oil Fund. Social security is such a waste hahaha
Seems like Nordic countries value their citizens happiness and ability to live independently. Unfortunately in America, if a program isn't profitable it's determined to have no value. Imagine if the US took some of the money it makes and gave it back to citizens via a Wealth Fund? Maybe via a wealth tax?
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In USA it is seen as communism or socialism, so they will pass on such an arrangement. Difference No. 2: Americans are self centered. What’s in it for ME? Americans do not understand that helping fellow citizens can indirectly contribute to benefit themselves
The sweet juicy oil profits really helped Norway.
Yep, they sure did
as it helped the US, arabia and any other country who has oil.
If everyone were investing it would just be a asset bubble where most can't cashout. Like we have now due to other reasons.
It would only work if you could exchange social security tokens or parts you own for living without selling..
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We effectively choose to give away our sovereign wealth to corporations & the existing wealth elite in this country. Consider how much we give in subsidies & tax breaks. It’s not that we don’t have the means; we don’t TRUST government! Which is also why aside from a few industries (like utilities & roads), the government can’t own enterprises or nationalize them easily. Maybe a topic for another video?
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Maybe having a reboot and making a government that is worthy of trust isn't a bad idea
I like the idea to converting social securities body into somewhat sovereign fund. I believe it is applicable to other developing countries in which didnt have much budget to spare for the new sovereign wealth fund. In my country the idea of the sovereign wealth fund that just newly established is also to attract fund from investors. Somehow I didnt see it could work well given the fact that it should be the sovereign wealth that manage and drop the money into something and not the other way around. But of course Im not being pessimistic and will see to the future.
i think money or fund form investor is not sovereign.
Our life is sooo good that we use our time complaining about every thing.
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World: Norway, Why are you so rich?
Norway: Stønks.
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1.4trillion us doller wealth fund😮omg
See.. U.S Corporation already has that private fund and that's BlackRock and Vanguard so that fund is here for them and not for the rest of us.
If us as citizens were to create this fund then maybe we got a shot other than that. It's our sad reality.
Well, the funds that Vanguard and BlackRock manages are largely for people. BlackRock's primary business is offering 401K, retirement, and pension plans, and Vanguard's primary business is offering low cost index and mutual funds.
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How can they have a stake in Nestlé if they're against human rights violations? That company has done evil things
There are cities in the US with a bigger population than Norway. It's a little harder to manage when you have a population of 330Million. Good on Norway using the resources that they have. Hopefully the government will stay honest about the investments.
How is it harder? Its a fund, dont matter how many people lives in norway, still invest and having a fund should not be a problem
Idea: If it is labeled General Fund in any government account then it can be used to invest in a national fund. That would teach them proper and transparent accounting.
I'm not entirely sure what you mean, but we do have a national fund. Because the Government Pension Fund of Norway consists of two funds. One is the so-called oil fund that is really called the GPF:Global and the other is called GPF:Norway. The GPF:Norway is a closed fund that invests in Norway, Sweden, Denmark and Finland. We don't want to cause inflation, however, because we have other exports, so our investments in Norway is much smaller.
5:00 The type of investments they set is what I believe is so praiseworthy and should be practiced more. Some parts is similar to Islamic Syariah-compliant investments, in which you should not have your investments be associated with weapons, sin-related indulgences/self-detrimental products & services and things that are directly detrimental to the community like climate polluters. But either way, Norwegians are very ethical about this indeed.
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First
Thanks for being early!
Haha niceeee
You know
I was like "dammn I'd like it if you made something about Norways wealth fund". And there it is
Hahaha, hope you enjoyed Joel!
@@LogicallyAnswered very much bruv
i hope norway buys some crypto lol
The one problem with this analysis is that the Norwegian SFW does *NOT* finance social programs or old age pensions; those are funded by taxation, same as the rest of the developed world.
I’m very much in favor of a social wealth fund in America, but using Social Security as the funding source would be catastrophic. The point of Social Security isn’t to build national wealth; it’s to provide seniors with a baseline of inflation-adjusted income in old age.
Weird statement. We fund pensions under the state budget, yes, and then the SWF contributes massively to that budget. For 2022, the state budget is 1576bn NOK and the contributions from the SWF is ~360bn NOK. The expenses to old age pensions is 269bn NOK in 2022, which means it is more than paid for by the SWF.
@@jeschinstad Well, TIL! Isn't it fairly recent that the government was taking such big withdrawals though?
In any case, I think my point stands in that the SWF isn't seeded with people's retirement savings and so Social Security isn't a good funding source for an American equivalent.
@@davidbaird2211: The allowance is increasing very fast year by year and it's not like politicians are afraid to spend money. I think people struggle with percentages. They hear that we spend on average 3% per year and think that's a flat rate, but it isn't. It is true that we used to spend a higher percentage, but let's say we spent 6% when the fund was worth 1000bn NOK. That would be 60bn NOKs. But the fund is now 12.000bn NOK and 3% is then 360bn, which is six times more money, even if the percentage is halved.
We spent more than the allowance in 2020 and 2021, both years 3,6%. But in 2020, 3,6% meant 385,8bn while in 2021, 3,6% meant 406,8bn, so that's a 5,5% increase in spending from one year to the next. That is a significant increase. But the fact is we made a killing both those years, because low oil prices reduced the value of the NOK, but the Americans and Europeans still paid dividends in dollars and euros, so the devaluation of the NOK itself was enough to pay most of the costs we had with the pandemic.
But the Bank of Norway keeps warning us that we must expect the fund to fall 40-50% and perhaps take more than a decade to recover. It'll be interesting to see how we manage that when we're so used to spend 3% of the value of the fund.
Can really recommend the TV-Serie "Oljefondet". Funniest show I've ever seen
What a strange title.
Without the massive amount oil they wouldn't have any of this.
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The US has twenty times more oil and still doesn't have any of this. So what is your point?
This is a myth, old and long since been debunked. They were well off long before the discovery of oil in the north sea
@@gullfeber: Norway hid the highest GDP in the world twenty years before the oil. It is also true that 2/3s of the wealth fund is return on investment.
@@jeschinstad Er en veldig god artikkel om dette i blant annet E24 med tittelen «Hverken Gherardsen eller oljen gjorde Norge rikt». Godt forklart, utover det du allerede har nevnt 👍 På tide at folk klarer å skille på myter og fakta
Whilst there is doubt Norway has huge benefits from the oil fund, please do not paint this perfect picture. Currently, there is a power supply crisis, causing normal working mothers to not have their kids under their own roof in fear of their children freezing, people can not afford housing, don´t shower every day anymore. Why is this you ask? Well, there is a deal called "EØS" between Norway and the EU that means Norway is not directly a part of the EU. This deal causes Norway to force-sell the power supply we generate, which is fair enough. The problem is that we buy back the power we generate on the cost of the people, whilst the government takes profit when we buy back the power to put back in this fund. The price has gone up 10x from just 6 months ago, around 100x production cost. Considering some people have had to move from their home and sustain from normal activities as a consequence of economic weakness due to Covid, I find it very unethical of the government to force the people who are contributing to this system every day to don´t have access to basic needs. For most people, about 80% of our salary goes back to the government via taxes and other added expenses tied to everyday products. On top of this, the Norwegian journalists are currently uncovering economic corruption from politicians (even though that´s nothing new), so take this video with a grain of salt. All this to say: Yes, we have a good system in place, but don´t believe for a second that Norway is this perfect economic system with only the brightest, goodwill minds. Much of this wealth is built on the back of the people and is being controlled by egotistical people who place themselves in front of others.
Thanks for all the insight!
The power issue is not confined to Norway, all of Europe suffers from that.
The crisis is caused by bad managment from the EU not local politicians in Norway.
I don't think it is fair to blame the state for what is happening considering it is subsidising a lot of the power bill.
Im not sure who these egotistical people you are talking about are supposed to be, but I think that the state is a lot more generous that most other European countries going through the same thing.
Hear hear 👏
Not only is it ironic that they cannot invest in oil when the money is from oil.. but can't invest in weapons, when Norway is one of the biggest weapons exporters in the world...
Please explain Pakistan's debt ridden economy...
Thanks for the suggestion Hasnain!
I dont understand why in America we cant just get our social security payments into a Roth IRA account
Norway on average owns 2% of any one company in the world.
That is INSANE! And when i think again, i realize it is extremly INSANE. Good job Norway. 🤣
Norway has a very rich wealth fund. America doesn’t directly have a wealth fund but most major banks are American and work closely with the government. The top 5 manage like 50 trillion in assets
30 trillion$ in dept tho😂
I love the fund.. it means I never need to worry about my future, or my grandkids.
Nintendo were one of the major golden gooses as they invested already in 1997 when Nintendo weren't valued that much. In 2016 they earned 1.35 billions on Pokemon Go alone. Anyways. You don't really notice that the oil fund even exist if you live in Norway. Nothing from the oil fund went to the population during pandemic and it never will. Norwegians is instead robbed with extremely high prices on power and gasoline/diesel. Norway sells power for cheap to other countries, and then buy the power back so they have a reason to overcharge Norwegians. Power prices increased up to 500% or so the last months. Norway also sell oil for cheap and then buy it back to sell it in Norway at overprice.
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Dude, get a grip
social security is very good to keep a countries all shops and services alive tho. people going out shopping and such
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Hey bruh, haven't been commenting much since school
Tough life and everything
I see your channel going well,
Keep going man, i was here to see you hit all your Milestone and ill be staying to see the rest 💪
Thank you man! As always, I really appreciate your support!
The Norwegian electorate has to guard the nation's vital interest against the rapacious greed of right wing capitalists.
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Too bad the right wing capitalists were in government for the last 8 years
And people still think the USA is the best country lol.... I hate being american
What Norway is doing s known as common sense in capitalism.
A company doing business on any activity starts with an amount of money to cover the initial expenses; then after a while what they do is to take the profits to be re-invested and pay back the original capital. In the event that they are successful, the original investors are getting a piece of the pie and everything starts all over again in the same activity or somewhere else.
The problem with most of our side of the world is that investors take more money than they should because there's no trust amongst them.
Trust is the magic word here. Norwegians know that their leaders will invest and re-invest most of the profits from the oil industry, as in this particular case.
Sadly, we don't do that and take our money away as soon as possible starving the whole process.
Norway, on the other hand doesn't expend their riches trying to force its way in other countries to pillage their resources, and that's why nobody trust the system anymore.
It is that simple and it doesn't take a genius to understand that.
Greetings fro Toronto-Canada.
It's basically a huge passive index fund. That is why it is successful. No inflated egos trying to be active.
its not named "the oil fund" that is just a nickname, its name is "Norwegian pension fond".
Hey I’m trading with Mr ADAM, trading with his strategy and predictions are so accurate that I was able to make a lot of money on my previous trades, Reach him for help on the email above my comments, I recommend him for newbies and for anyone seeking for help in trading.
That's not correct. The Pension fund of Norway consists of two funds; one is the "oil fund", called Governments Pension Fund - Global and the other is the GPF-Norway. The Norwegian proper name for the oil fund is «Statens Pensjonsfond - Utland». GPF-G is managed by NBIM and GPF-N is managed by Folketrygdfondet, which translated to English would be "The Social Security Fund".
this video is amazing. also i wonder what if nauru did what norway did with their fospat
what happened to your idea of creating videos in other languages as well
just curious hari??
Ah yes, we launched the Hindi channel a few weeks ago actually. You can find it under the featured channels section.
i wish i was born in Norway, must be nice🚀🚀🚀 i dont have to invest like crazy and live in poverty.🤷🤷🤷
Well on the bright side, it's not that hard to beat out Norway's returns. So, you're money would actually be growing faster.
Any reputable investment manager in the world would have "fiscal responsiblity" to their clients - to act in the best interest of the clients. Also, Norges bank is one of THE BEST, most respected investment managers in the world. They take into account ESG and are industry titans.
This is not entirely correct. The so called oil fund, really called the Governments Pension Fund Global was started in the nineties, yes, but our social security fund (Folketrygdfondet) has been operating since January 1st 1967. It managed among other things, the Governments Pension Fund Norway, which invests in Norway, Denmark, Finland and Sweden. It is currently worth 300bn NOK. That's obviously much smaller, but it's still $6276us per citizen, so it's not nothing. It is a closed fund, so no money goes in or out, but it's just there for long-term savings. During crisis, it establishes temporary bond funds to enable Norwegian corporations with good credit ratings to borrow money in turbulent times. It was done in 2009 and in 2020.
What About The American Dollar? What About Social Security? Aren’t We Talking About Nazi Baby Farms?
ok lets invest all the money we have for social security in the stock-market... what could go wrong? then comes a crysis like... i dont know... the klimate crysis or a fucking war (ukraine) or an economical crysis and BOOM the whole money is gone forever! You dont beleve me? In Germnany at the end of the 19th century exactly that happened. The answer of the government was to never again invest social security money into the stockmarket and develop the current german system thats far from perfect but has a special feature named reliability! Investing into a stockmarket may be a good idea if you live in stabel times, but i doubt that we live in such a timeperiode, with a war in the Ukraine, the far right taking over the USA, the EU crumbling, china taking over and most important the fucking Climate Crysis thats threatening the whole world! I dont think we should invest anything into the stock market, its far too powerful anyway!
I'm against piracy, but imagine even with piracy, companies earned so much, then how the hell is the government regulating the cost of the software or game or movie or anything. Nowadays, subscriptions for the shit of software are charging 10 USD bullshit; government should control such cost. It will help a lot to reduce piracy.
So right off the bet you know exactly why this could never happen in America… it’s this mentality that money can only work for each person as individuals, can’t ever have the government involved, because we need to run everything through some entrepreneur first, some private sector, Needs to take their profits first, and so we can continue hearing about “trickle down economics” and when people catches up with the fact that the rate of this trickle down would take 2 centuries to get to the bottom, and people starts to question why is it that all our economic policies has to come with the seal of approval of the think tanks, and people starts to find out how the rich launder their money, with tax loopholes left and right, and people starts to demand taxing those on the top….
then they can just recycle the mummies from ancient Egypt, i mean the economic team behind Ronald Reagan, and you start to see Arthur Laffer back in action, talking about the laffer curve, which is amazing, because in the 80’s they could make up fairytales easily because well, with an actor for president who was onboard with Milton Friedman’s economic theory, at that point anything goes…
The genius that made the capitalist world curve to the reactionary wing in economic theories wasn’t so much in the economic theories, but the philosophy they pushed on education, they privatized it in way to change the working class students from being on more equal footing with the rich. And we sure paid the price for that stupidity, as a result of that we no longer have conservatives we only have reactionaries.
As a result Americans understood less and less about their own politics, I mean an actor for president, at that point that party was never going to bounce back to reality, and it’s not just that they never have good ideas of their own, but how they are terrible as opposition, just look at how they did during the Clinton years, because his economic policies benefited the big donors of both parties, the gop did that circus, and it never stopped, their propaganda arm with Murdoch as the head has always been weak. if they hadn’t privatized both parties the Republican Party wouldn’t have survived and it started with the southern strategy.
now I know some people who are democrats might be thinking that’s a good thing, but it’s really not, we needed to have gained more parties during the Cold War not lost, having a 2 party system like we have could only be one step ahead of a one party country disaster, we need to have some reforms on the campaign finance laws of this country, otherwise it will never fix itself, balance itself as they typically imply will happen, that would take even longer than the 2 centuries for the trickle down to effect the bottom lol
Taking oil out of the ground doesn't cause global warming😂😂😂
Burning oil causes global warming.