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By *nny OP   Man
over a year ago

Glasgow

Bingo, roulette or just smoke and mirrors .........?

Some 50 years ago, Njord, the mythological Norsk god of wealth, smiled on the hardworking fishermen and lumberjacks, and presented Norway with the gift of oil. In financial terms, this was a handsome gift indeed, currently translated into a natural bounty worth $740 billion.

Successive Norwegian governments pledged to save this wealth for the welfare of future generations. Yet, half a century after this windfall began, questions increasingly arise of whether Norway’s handling of its oil wealth has even withstood the test of the past, much less the future.

The country’s 2013 election campaign spawned a debate about the government’s management of the massive Norwegian Oil Fund. Norwegian citizens, however, have been trapped within a virtual bubble: Far from raising and discussing serious concerns, the debate in which the country has been engaged is fundamentally flawed. Behind the rosy picture that Norway’s leaders have painted of the country’s economy lie some difficult truths. We have only to chip away a little at this bright facade to realize that a far less glittering reality lies beneath the surface.

First, the oil fund is a mathematical artifice. At three-quarters of a trillion dollars, the Norwegian Oil Fund appears to provide plenty for a country with scarcely 5 million citizens. Yet the country has accumulated a foreign debt that, at $657 billion, is almost as massive. Subtracting the debt from the fund’s $740 billion leaves a balance of only $83 billion. In other words, there is a treasure chest, but it is almost empty: Njord’s prize for future generations is only a little more than 10 percent of its putative value.

Read more: http://www.washingtontimes.com/news/2013/dec/25/vitenberg-norways-mythical-oil-wealth/

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By *ky HookMan
over a year ago

Dundee

Thanks for this post. It highlights why we shouldnt depend on the oil fields surrounding us. That we should be looking to sustainable and renewable sources of energy and power. It says to me that some people are more concerned with things that have nothing to do with them than with things they can have a direct effect on. It is also in my oppinion a scaremongering tactic. Trying to frighten us into believing that once we have our autonimy will fall into the same problems.

Personally it wont work on me. I hope that others see through this propaganda and realise that our Indipendance is more important than personal wealth. Wether there is an oil fund or not is irrelevant. I would rather live poor and free than as a bird in a guilded cage.

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By (user no longer on site)
over a year ago


"Thanks for this post. It highlights why we shouldnt depend on the oil fields surrounding us. That we should be looking to sustainable and renewable sources of energy and power. It says to me that some people are more concerned with things that have nothing to do with them than with things they can have a direct effect on. It is also in my oppinion a scaremongering tactic. Trying to frighten us into believing that once we have our autonimy will fall into the same problems.

Personally it wont work on me. I hope that others see through this propaganda and realise that our Indipendance is more important than personal wealth. Wether there is an oil fund or not is irrelevant. I would rather live poor and free than as a bird in a guilded cage."

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By *nny OP   Man
over a year ago

Glasgow


" ......I would rather live poor and free than as a bird in a guilded cage."

In the increasingly unlikely event of Separation, you'll get your wish.

Poor but free.

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By *wiftieeMan
over a year ago

near Glasgow


"Bingo, roulette or just smoke and mirrors .........?

Some 50 years ago, Njord, the mythological Norsk god of wealth, smiled on the hardworking fishermen and lumberjacks, and presented Norway with the gift of oil. In financial terms, this was a handsome gift indeed, currently translated into a natural bounty worth $740 billion.

Successive Norwegian governments pledged to save this wealth for the welfare of future generations. Yet, half a century after this windfall began, questions increasingly arise of whether Norway’s handling of its oil wealth has even withstood the test of the past, much less the future.

The country’s 2013 election campaign spawned a debate about the government’s management of the massive Norwegian Oil Fund. Norwegian citizens, however, have been trapped within a virtual bubble: Far from raising and discussing serious concerns, the debate in which the country has been engaged is fundamentally flawed. Behind the rosy picture that Norway’s leaders have painted of the country’s economy lie some difficult truths. We have only to chip away a little at this bright facade to realize that a far less glittering reality lies beneath the surface.

First, the oil fund is a mathematical artifice. At three-quarters of a trillion dollars, the Norwegian Oil Fund appears to provide plenty for a country with scarcely 5 million citizens. Yet the country has accumulated a foreign debt that, at $657 billion, is almost as massive. Subtracting the debt from the fund’s $740 billion leaves a balance of only $83 billion. In other words, there is a treasure chest, but it is almost empty: Njord’s prize for future generations is only a little more than 10 percent of its putative value.

"

And yet AS regularly holds up Norway as a blueprint for an independent Scotland?

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By (user no longer on site)
over a year ago

Thanks for this post. It highlights why Admin should put a stop to certain people starting or contributing to political threads.

It also highlights how amazing it is that some people can have friends, either here or in real life, because of their unremitting arrogance and obnoxiousness.

(See you all after my timeout)

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By *uncan20004Man
over a year ago

Glasgow


" ......I would rather live poor and free than as a bird in a guilded cage.

In the increasingly unlikely event of Separation, you'll get your wish.

Poor but free."

Why would we be poor? Oil only accounts for 16% of GDP. In Norway it is much more. And without oil our GDP matches the rest of the UK so if we are gonna be poor then so are they. And the Norwegian debt referred to is private debt of individuals. Why would the government pay that from the oil fund?

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By *horstrollMan
over a year ago

Caprona


"Bingo, roulette or just smoke and mirrors .........?

Some 50 years ago, Njord, the mythological Norsk god of wealth, smiled on the hardworking fishermen and lumberjacks, and presented Norway with the gift of oil. In financial terms, this was a handsome gift indeed, currently translated into a natural bounty worth $740 billion.

Successive Norwegian governments pledged to save this wealth for the welfare of future generations. Yet, half a century after this windfall began, questions increasingly arise of whether Norway’s handling of its oil wealth has even withstood the test of the past, much less the future.

The country’s 2013 election campaign spawned a debate about the government’s management of the massive Norwegian Oil Fund. Norwegian citizens, however, have been trapped within a virtual bubble: Far from raising and discussing serious concerns, the debate in which the country has been engaged is fundamentally flawed. Behind the rosy picture that Norway’s leaders have painted of the country’s economy lie some difficult truths. We have only to chip away a little at this bright facade to realize that a far less glittering reality lies beneath the surface.

First, the oil fund is a mathematical artifice. At three-quarters of a trillion dollars, the Norwegian Oil Fund appears to provide plenty for a country with scarcely 5 million citizens. Yet the country has accumulated a foreign debt that, at $657 billion, is almost as massive. Subtracting the debt from the fund’s $740 billion leaves a balance of only $83 billion. In other words, there is a treasure chest, but it is almost empty: Njord’s prize for future generations is only a little more than 10 percent of its putative value.

And yet AS regularly holds up Norway as a blueprint for an independent Scotland? "

The Nordic model is not restricted to one country though.

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By (user no longer on site)
over a year ago

Figures for comparison (in dollars)

UK

Budget Revenue 1.007 trillion.

Exenditure 1.19 trillion.

Government debt 91.1% of GDP.

Deficit of 7.4% of GDP.

Norway

Budget Revenue 292.8 Billion.

Expenditure 225 Billion.

Government debt 30.1% of GDP.

Surplus 13.1% of GDP.

USA

Budget Revenue 3.849 Trillion.

Expenditure 5.817 Trillion.

Government debt 71.8% of GDP.

Deficit 4% of GDP.

hope this comparison is of use to some of you.

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By (user no longer on site)
over a year ago

any good looking ladies looking for nsa fun

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By *addie bunnetMan
over a year ago

glasgow

You must be bored right out of your skull _nny with all this crap you put on here are you David Cameron papa get life go out to the bowling green or something there's more to life than ranting your Tory propaganda plus you might meet a burd at the jack

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By *ky HookMan
over a year ago

Dundee


" ......I would rather live poor and free than as a bird in a guilded cage.

In the increasingly unlikely event of Separation, you'll get your wish.

Poor but free."

Im sorry I used the word 'poor' it was a bad choice. I would have been better to say 'with less' because I will never be 'poor'. I have a family who love and support me and friends who bring joy to my life. What more do any of us really need?

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By *nny OP   Man
over a year ago

Glasgow


" ......I would rather live poor and free than as a bird in a guilded cage.

In the increasingly unlikely event of Separation, you'll get your wish.

Poor but free.

Im sorry I used the word 'poor' it was a bad choice. I would have been better to say 'with less' because I will never be 'poor'. I have a family who love and support me and friends who bring joy to my life. What more do any of us really need?"

No, you were spot on. Impoverished.

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By *addie bunnetMan
over a year ago

glasgow

There's now 55.000 using food banks in Scotland now but hey we are better together lol

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By *nny OP   Man
over a year ago

Glasgow


"There's now 55.000 using food banks in Scotland now but hey we are better together lol"

And how many in the UK as a whole?

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By (user no longer on site)
over a year ago

[Removed by poster at 28/02/14 12:18:30]

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By (user no longer on site)
over a year ago

That's the point....we don't give a shit about the UK as a whole....we only care what's best for Scotland and right now London is destroying Scotland so its clear that independence is the only answer to rid ourselves of the greedy fat cat etonion twat Tories once and for all

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By *nny OP   Man
over a year ago

Glasgow


"That's the point....we don't give a shit about the UK as a whole....we only care what's best for Scotland and right now London is destroying Scotland so its clear that independence is the only answer to rid ourselves of the greedy fat cat etonion twat Tories once and for all"

That will come as a surprise to many.

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By (user no longer on site)
over a year ago


"There's now 55.000 using food banks in Scotland now but hey we are better together lol

And how many in the UK as a whole? "

nobody knows, the UK government do not compile figures on foodbanks.

this may help give an idea though:

The Trussell trust (as at april 2013) operate 345 foodbanks around the country in 2012-13 they helped 346,992 people, in 2007-08 they helped 13,849.

thats an aprox increase of 2500% in 5 years.

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By *rsFine-MrBallsCouple
over a year ago

markinch


"Bingo, roulette or just smoke and mirrors .........?

Some 50 years ago, Njord, the mythological Norsk god of wealth, smiled on the hardworking fishermen and lumberjacks, and presented Norway with the gift of oil. In financial terms, this was a handsome gift indeed, currently translated into a natural bounty worth $740 billion.

Successive Norwegian governments pledged to save this wealth for the welfare of future generations. Yet, half a century after this windfall began, questions increasingly arise of whether Norway’s handling of its oil wealth has even withstood the test of the past, much less the future.

The country’s 2013 election campaign spawned a debate about the government’s management of the massive Norwegian Oil Fund. Norwegian citizens, however, have been trapped within a virtual bubble: Far from raising and discussing serious concerns, the debate in which the country has been engaged is fundamentally flawed. Behind the rosy picture that Norway’s leaders have painted of the country’s economy lie some difficult truths. We have only to chip away a little at this bright facade to realize that a far less glittering reality lies beneath the surface.

First, the oil fund is a mathematical artifice. At three-quarters of a trillion dollars, the Norwegian Oil Fund appears to provide plenty for a country with scarcely 5 million citizens. Yet the country has accumulated a foreign debt that, at $657 billion, is almost as massive. Subtracting the debt from the fund’s $740 billion leaves a balance of only $83 billion. In other words, there is a treasure chest, but it is almost empty: Njord’s prize for future generations is only a little more than 10 percent of its putative value.

Read more: http://www.washingtontimes.com/news/2013/dec/25/vitenberg-norways-mythical-oil-wealth/"

I grasp what mr negative is saying in this quote, but to point out they are still have positive finances, also , scotland has a damn site more to offer than oil, even to break even with the oil industry in relation to our debt we would be quids up through all our other industries

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By *wiftieeMan
over a year ago

near Glasgow


"That's the point....we don't give a shit about the UK as a whole....we only care what's best for Scotland and right now London is destroying Scotland so its clear that independence is the only answer to rid ourselves of the greedy fat cat etonion twat Tories once and for all"

I couldn't care less about the rest of Scotland, I only care about myself!! )

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