Norway literally has more money than it knows what to do with, for now…

posted at 8:41 pm on September 9, 2013 by Erika Johnsen

…And perhaps the most unusual part of that is, as Jazz noted in August, is that even with all of that cash in their coffers they’re actually eschewing the Labor-party government of the past eight years and are voting in their version of a conservative coalition government in their national elections right now.

Conservative Party leader Erna Solberg — nicknamed “Iron Erna” — will become Norway’s new prime minister as the leader of a center-right coalition government likely including an anti-immigration party.

Preliminary results from the oil-rich Nordic country’s parliamentary elections shows the Conservative Party got 26.8 percent of votes, the best result for the party in 28 years. Solberg, who will be Norway’s second female prime minister after Gro Harlem Brundtland, thanked the voters Monday for a historic victory.

“The voters had the choice between 12 years of red-green government or a new government with new ideas and new solutions,” Solberg said. …

The discovery of oil and gas in Norway’s waters in the 1960s turned the Scandinavian nation into one of the richest in the world, with a strong welfare system and a high living standard. The oil wealth helped it withstand Europe’s financial crisis and retain low unemployment throughout Stoltenberg’s years in power. Still, the Conservative Party has managed to attract votes amid pledges to increase the availability of private health care and cut taxes on assets over $140,000.

Although much of Europe continues to stagger beneath the tremendous weight of their own imploding welfare states and the accompanying fiscal and economic burdens, borne of their very progressive- and labor-influenced state-spending policies, Norway is still a relative island of plenty amidst that sea of European debt. Norway, too, has an extravagant welfare state, but the constant stream of wealth that comes from their nationalized system of tapping their vast reserves of oil and gas mean that they have a robust revenue stream that enables them to keep the welfare state going.

Norweigens take a lot of pride in their economic inclusiveness, and they boast some of the highest living standards in Europe with an unemployment rate of only 3.5 percent and a relatively (and I do mean relatively) good GDP growth rate of 3 percent in 2012. That 3 percent, however, is still a slowdown, and the conservative-minded politicians in the running want to avoid injecting too much public spending into the economic in the misbegotten attempt to spur growth as well as keep taxes low and business-friendly. What’s more, as the United States’ shale oil-and-gas boom continues to grow and as countries like Germany and the United Kingdom think about fracking for themselves, using oil riches to cover a full third of your country’s revenue stream isn’t necessarily a dependable plan for the future, and it sounds like they’re at least taking small steps toward a more definitely sustainable public-spending plan for the long term.

 

On a semi-related note concerning energy riches and Scandinavia, President Obama stopped in Sweden on his way to Russia last week and hailed the tiny country as an example to us all in bringing about the cleaner, greener future to which we should all be aspiring: “Sweden is obviously an extraordinary leader when it comes to tackling climate change and increasing energy efficiency, and developing new technologies. And the goal of achieving a carbon-neutral economy is remarkable, and Sweden is well on its way. We deeply respect and admire that and think we can learn from it.” That prompted RealClearEnergy‘s editors to wonder: …Er, Obama does know that Sweden is 40 percent nuclear, right?

Sweden does indeed have the lowest rate of carbon emissions in Europe.  What the President didn’t mention is that Sweden gets 40 percent of its electricity from nuclear energy, second in Europe only to France and tiny Lithuania. In a country the size of California with the population of North Carolina, the Swedes have 10 operating reactors and two held in reserve. Combined with its ample hydro, this gives Sweden 90 percent “clean energy” with almost no fossil fuels. As for solar panels and windmills, there aren’t any in sight. Of course no one in the press is mentioning this.


Related Posts:

Breaking on Hot Air

Blowback

Note from Hot Air management: This section is for comments from Hot Air's community of registered readers. Please don't assume that Hot Air management agrees with or otherwise endorses any particular comment just because we let it stand. A reminder: Anyone who fails to comply with our terms of use may lose their posting privilege.

Trackbacks/Pings

Trackback URL

Comments

Iron Erna! Those Norwegians crack me up.

txhsmom on September 9, 2013 at 8:49 PM

cut taxes?

IR-MN on September 9, 2013 at 8:53 PM

Darn. Progs will no longer sing the praises of the Scandinavians.

aryeung on September 9, 2013 at 8:54 PM

Dog Eater doesn’t know anything about Sweden, so why even ask. He probably made a callow joke about the way they talk “Erkta berga bergen berga”, noticed no one was laughing, and proceeded to say how much he loved the Minnesota Vikings.

Bishop on September 9, 2013 at 8:56 PM

My expert analysis of Norway’s election: The party that wins the white vote will win the election.

Mark1971 on September 9, 2013 at 8:57 PM

It’s cold up there, plus they have wacky ideas about criminal justice.

So I’ll stick it out here, thank you very much. Hopefully, they’ll take Jugears off our hands.

platypus on September 9, 2013 at 8:58 PM

Well,……Australia,and now Norway,must be a Finger to Liberalism:
——————————————————————-

Reuters Top News ‏@Reuters 18m

Conservative leader Solberg sweeps into power in Norwegian election http://reut.rs/1alAzxg
===============================

Conservative leader Solberg sweeps into power in Norwegian election

By Balazs Koranyi and Gwladys Fouche
OSLO | Mon Sep 9, 2013 8:33pm EDT
*********************************

(Reuters) – Norway’s opposition Conservatives, promising tax cuts and better healthcare, won elections in a landslide on Monday but faced tough coalition talks with a populist party that wants to spend more of the accumulated oil riches and curb immigration.
(More…………….)
=====================

http://www.reuters.com/article/2013/09/10/us-norway-election-idUSBRE9880Y820130910?feedType=RSS&feedName=topNews&utm_source=dlvr.it&utm_medium=twitter&dlvrit=992637

canopfor on September 9, 2013 at 9:00 PM

Sweden does indeed have the lowest rate of carbon emissions in Europe. What the President didn’t mention is that Sweden gets 40 percent of its electricity from nuclear energy
=================================================

Thats a “Crucifix to Liberals”…..!!!

canopfor on September 9, 2013 at 9:05 PM

… and proceeded to say how much he [Dog Eater] loved the Minnesota Vikings.

Bishop on September 9, 2013 at 8:56 PM

They play in Cominski Field, right?

/Lifelong Chi-Town Sports Fan and — were he not currently occupied with Golf Duties and moonlighting as POTUS — doubtless a retired multi-year NBA MVP

ShainS on September 9, 2013 at 9:07 PM

My expert analysis of Norway’s election: The party that wins the white vote will win the election.

Mark1971 on September 9, 2013 at 8:57 PM

Heh.

I was thinking that Norway’s first female Prime Minister, Gro Harlem Brundtland, probably changed her middle name to attract the black vote …

ShainS on September 9, 2013 at 9:09 PM

Erika…

Andorra is tiny. Vatican City is even tinier. Sweden is NOT tiny, even among its European neighbors.

Scopper on September 9, 2013 at 9:10 PM

Norway literally has more money than it knows what to do with, for now…

The EU arrives with demands for bailout money for the PIIGS in 5, 4, 3, 2…..

clear ether

eon

eon on September 9, 2013 at 9:10 PM

If the whole world goes into economic collapse and WWIII, how long will it take Russia to invade Norway?

listens2glenn on September 9, 2013 at 9:14 PM

Thinking about how to get myself expatriated to Norway. In summers I could go up north and enjoy the midnight sun. :)

22044 on September 9, 2013 at 9:16 PM

Heh.
I was thinking that Norway’s first female Prime Minister, Gro Harlem Brundtland, probably changed her middle name to attract the black vote …
ShainS on September 9, 2013 at 9:09 PM

That’s true, she did. And it was successful, too. Both of them voted for her.

turfmann on September 9, 2013 at 9:16 PM

The Muslims will love the fjords and that extra cash when they finish taking over the continent in a few more decades.

You see there is a demographic time bomb getting ready to go off. It’s called declining birth rate.

Islam is the future of Europe. Think of it as a slow motion version of the Crusades being lost in birthing rooms all over the continent.

http://www.youtube.com/watch?v=6-3X5hIFXYU

PappyD61 on September 9, 2013 at 9:16 PM

Huge numbers of people from Norway log on and or post to http://www.wattsupwiththat.com they know the cold is coming and they are not going to freeze to death for the Al Gore/Commie Democrat lies on global warming, life has meaning other that as a slave of the commie Democrat redistribution state.

Just say no to the lies.

John Kerry is a Lt. for life.

B. Obama is a commie for life.

NO.

APACHEWHOKNOWS on September 9, 2013 at 9:16 PM

When there is nothing left to redistribute, redistribution has its orginal problem to face in the cold.

APACHEWHOKNOWS on September 9, 2013 at 9:18 PM

But does anyone notice the key to Norway’s Cashpalooza?

ENERGY.

Something we could be exploiting even further right now with the Keystone XL Pipeline.

PappyD61 on September 9, 2013 at 9:19 PM

Riches from oil, while telling the world to go green and emulate them.

The irony is not lost on me.

KMC1 on September 9, 2013 at 9:26 PM

Yes, a big victory for the right in Norway.

The Conservatives main coalition partner, the Progress Party, is further to the right than many Republicans in the US:

http://www2.nationalreview.com/nordlinger/nordlinger_progs07-19-10.asp

Norwegian on September 9, 2013 at 9:44 PM

Darn Obama and his team are stupid. Simpletons, really.

pat on September 9, 2013 at 9:52 PM

As for solar panels and windmills, there aren’t any in sight. Of course no one in the press is mentioning this.

That’s cuz Sweden’s windmill parks are mainly offshore, see the Lillgrund one….

jimver on September 9, 2013 at 10:38 PM

Scopper what’s your point…..?

In a country the size of California with the population of North Carolina, the Swedes have 10 operating reactors and two held in reserve. Combined with its ample hydro, this gives Sweden 90 percent “clean energy” with almost no fossil fuels.

So yes- it’s tiny.

CW on September 10, 2013 at 6:10 AM

Dog Eater doesn’t know anything about Sweden, so why even ask. He probably made a callow joke about the way they talk “Erkta berga bergen berga”, noticed no one was laughing, and proceeded to say how much he loved the Minnesota Vikings.

Bishop on September 9, 2013 at 8:56 PM

thanks for the morning laugh! good way to start the day.

The sad part of this is that it’s more likely to be true than false.

acyl72 on September 10, 2013 at 7:28 AM

He probably made a callow joke about the way they talk “Erkta berga bergen berga”

Bishop on September 9, 2013 at 8:56 PM

Why would Obama think that Swedes speak Austrian?!

Shy Guy on September 10, 2013 at 8:54 AM

Obama’s insightful analysis of Scandinavian countries

Cleombrotus on September 10, 2013 at 7:40 AM

JOTUS

Jukebox of the United States

Shy Guy on September 10, 2013 at 8:59 AM

Ah yes, Sweden. Nowhere it is mentioned that this paragon of healthcare virtue has a local tax rate of 30-33% AND a VAT tax of 24%. It’s been almost 20 years since I left Sweden but I don’t think that has changed.

The French make fun of the Swedes because they lack style. They also lack the disposable income to buy costly clothing, and mostly wear sweatpants and the like.

disa on September 10, 2013 at 9:06 AM

There’s like, what…..ten million Norwegians?

Kinda easy to spread oil wealth among ten million.

98ZJUSMC on September 10, 2013 at 10:56 AM

Norsk makt.

MichaelGabriel on September 10, 2013 at 11:43 AM

In a country the size of California with the population of North Carolina, the Swedes have 10 operating reactors and two held in reserve. Combined with its ample hydro, this gives Sweden 90 percent “clean energy” with almost no fossil fuels. As for solar panels and windmills, there aren’t any in sight. Of course no one in the press is mentioning this.

With most of the country above 60 degrees North latitude and lots of mountains, the Swedes figured out a long time ago that they could get more juice out of snowmelt flowing downhill than from sunshine.

Meanwhile, the Norwegians have been funding their welfare system on all that evil, carbon-belching oil, and are just fine with that.

Speaking of water flowing downhill, when will California send some into the Central Valley at the price of a few delta smelts? They could learn something from the Swedes…

Steve Z on September 10, 2013 at 2:46 PM

Speaking of water flowing downhill, when will California send some into the Central Valley at the price of a few delta smelts? They could learn something from the Swedes…

Nah, Sacramento loves the idea of the Central Valley reverting back to its natural arid and water deprived condition. Heck, those valley farmers and ranchers were mostly Republican anyway and won’t be missed when their enterprises are belly up and dust in the wind and they all move on to other states.

/SARC

hawkeye54 on September 10, 2013 at 4:18 PM