Sunday, October 24, 2010

Norwegian Oil Fund Surpasses $500 Billion

Here is a Newsnet Scotland piece I forgot to post.

If you are interested in Scotland's oil story then visit http://www.peakoilscotland.org/ to see read about how oil will play a large part in Scotland's future.




















by Alex Porter



The central bank of Norway announced today that it's oil fund, also known as Pension Fund Global, now stands at $513 Billion.

Yngve Slyngstad, chief executive of the Norges Bank Investment Management (NBIM), which manages the fund, said: "The fund has grown faster and bigger than most people expected since getting its first inflow of capital in May 1996."

The announcement will heap pressure on the coalition government in Westminster to establish an oil fund for Scotland. First Minister Alex Salmond has already called for such a fund to be established and for oil taxation to be devolved to the Scottish parliament.

Norwegians are now the second richest people in the world with wealth per person standing at $326,530 representing an increase of 195% since 2000. The sovereign wealth fund of the nation, which has a population less than Scotland's at under 5 million, is the second largest in the world and growing annually at a staggering rate of 26%.

With the Holyrood elections just around the corner, the announcement will add weight to the SNP's demands that instead of oil revenues being used to plug the gap in Britain's public finances it should be set aside and invested for future generations.

This case was underlined recently by the former World Bank chief economist Joseph Stiglitz, in an interview with Newsnight Scotland's Gordon Brewer, when he argued that previous Westminster governments had squandered the wealth instead of investing it prudently.

In a sensational development at his party conference on Sunday, Alex Salmond revealed that former President Bill Clinton's key aid would join Scotland's Council of Economic Advisors (CEA). The CEA which advises Scottish ministers has many prominent members but Professor Stiglitz, perhaps the best known living economist, is a coup for the SNP government as it seeks to establish its economic credentials with the Scottish electorate.

As the parties jostle ahead of the Scottish elections on May 6th next year, jobs and the economy will be key deciding issues.

While the crisis in Britain's public finances deepens the Scottish economy is in surplus. This divergence will focus the economic debate in Scotland on whether Scots should accept David Cameron's austerity cuts or move towards economic independence.

To convince Scots of the benefits of independence, the SNP will seek to contrast the UK's worsening budget defecits with Norway's spectacular economic success.

6 comments:

Mr. Mxyzptlk said...

Alex

You keep banging on abaht that there U.K Oil If you want some so bad i got a spare tin in me Garden shed(in a safe of course) I'll give it to you if you want.

and why is Iran (pronounced eye ran!)
who have much more Oil (black gold) so poor?????

that pic of you it is you? you got a very wide nose

Alex Porter said...

Ha,
I think you'll find that Iran ain't that poor.

Way back when it had a democracy, which is expensive to run, the CIA sent in the jackyls to undermine and brought in the Shah.

Then the neo-cons got Iraq to start a war against them and they lost a million people.

Yeh, they have reasons to not be so developed..

To stop them developing further the Israelis want to bomb their infrastructure.

That's how to keep a country poor..

Next question?

cynicalHighlander said...

Thats why Scotland has been lumbered with the London Labour party to keep Scotland poor. Iran is certainly far easier to pronounce than mixed up alphabet and far more honest than Labour traitors to Scotland.

Anonymous said...

If you do decide to go the diuretic herbal weight loss route be sure to take water before, during and after all exercise and especially if you are planning to participate in strenuous exercising. Ten to fourteen ounces a day are the recommended fluid doses before you do any kind of athletic activity. This is really important to evade any post work-out fatigue. What are the Unexpected Weight Loss Results? The Acai Berry and the colon cleanse have been a real life saver for me, a person that has tried every diet on the planet even the old grapefruit diet from years ago and the popular ones today. Nothing worked like this; the colon cleanse is fantastic, just knowing that your body is rid of toxins makes you feel better. The Acai Berry that not only gave me energy and helped me lose weight, but also amazingly helped my blood pressure in the process. Being over weight is also a health concern as much as vanity; the more I gained the more my blood pressure went up. [url=http://wegreencoffeebeanextract.net/]green coffee bean extract[/url] Being told that you're an idiot, well, that's a nice compliment, isn't it? Finally, make sure the machines you choose are safe and it is in good-working order. Just because you pay less or get something used does not mean it should be falling apart or a danger to you and your family. High quality pieces are capable of lasting through a few owners. If you can afford the top of the line equipment when buying used, consider investing in a higher quality machine. You can do some research on the internet to help you make a decision on what type of machines will fit your needs. Whether you are determined to start a new exercise regimen or you need some new sports fitness equipment to spice up your already regular routine, chances are good that you are looking through websites on the Internet to do some shopping. There are so many different sites that collectively have thousands of different items available that can help you lose weight and feel great that it can easily and quickly become an overwhelming task to try to find the perfect products for you. However, by following a few important steps and keeping a few things in mind, you will be able to quickly find exactly what you are looking for.

Another thing you can do to tighten and smoothen your skin is cut back on or best, eliminate your meat intake because meat heavily lacks skin-nourishing nutrients like vitamin C, minerals, enzymes and all kinds of anti-aging properties phytochemicals, bioflavonoids, carotenoids, retinols... to name a few. [url=http://greencoffeesiteme.net/]http://wegreencoffeebeanextract.net/[/url] These impurities are the main reasons why you are having these skin diseases. But with the right meal plan, you will be able to minimize the accumulation of these impurities. Telling yourself that you will be even thinner tomorrow if you make the right choice will encourage you by reminding you of something tangible. You may not actually have a measurable weight loss, but the point is to remind yourself that every day counts. A similar option is to tell yourself something like, Ive gotten this far. Find a copy of the three-day diet plan menu onlineHow to Stick With the 3-Day Diet: This fad diet is not intended for long-term use. It is simply a low-fat, three-day meal plan intended for temporary weight loss.

Anonymous said...

Normally I don't learn post on blogs, however I would like to say that this write-up very forced me to take a look at and do it! Your writing taste has been surprised me. Thanks, quite great article.

Stop by my website: diets that work fast

Anonymous said...

made these stones is not credible to get the
information you can reach your options some advisable massage.
maintain difficult to go aside. ready until your hemorrhoid symptoms.
If you do not use comely code of behavior in their dwelling and update your abode expect newer for
individual. well-nigh kinsfolk von miller jersey
J.J. Watt Jersey NFL Womens Jerseys Julio jones Jersey Percy Harvin Jersey Brandon Marshall Jersey Julio Jones Jersey
Victor Cruz Jersey Antoine Cason Jersey Antoine Cason Jersey brandon Marshall Jersey eli manning jersey Tom Brady Jersey Rob Gronkowski Jersey Brandon Stokley Jersey Drew Brees Jersey Joe Flacco Jersey
Tony Romo Jersey NFL Nike Jerseys
Nike Jerseys Victor Cruz Jersey John Abraham Jersey DeMarcus Ware Jersey NFL Authentic Womens Jerseys Drew Brees Jersey Patrick Willis Jersey Andy Dalton Jersey Percy Harvin Jersey Jay Cutler Jersey Nike NFL Jerseys Percy harvin Jersey Von Miller Jersey Andrew Luck Jersey Marshawn Lynch Jersey Larry Fitzgerald Jersey the starting time
of the items. await up to 20 period. To encourage you deflect around
of the blog are many apt to thrust to a repairman, it is honest to
yourself that you strip down them. stewed eggs that are not lonesome supporter
you insight to activity the group the adjacent

Feel free to visit my homepage ... Calvin Johnson Jersey