Friday, 30 January 2015

The Dark Side of "Norway's Golden Age"

Household debt has increased more than NOK 1.978 trillion, or 271%, since December 1999...


...while the Norwegian krone has lost more 76% of its purchasing power against gold during the same period.


And while the overall tax burden remains as high as ever in Norway, the government managed to run a fiscal surplus for the mainland economy (which excludes oil and gas) only twice during the last 15 years (2000 and barely in 2007, the deficit will be record high in 2014).


A golden age for the oil and gas industry? Yes. A golden age for government spending, bureaucrats and public employees and the private companies servicing them? Yes, absolutely. As for everyone else, what they thought was a golden age was little more than a debt fest fueled by easy money policies. And all parties ultimately need to be paid for. 


Related:

What Has The Norwegian Central Planning Bureaus Done to Our Currency and Wealth?


Norwegian Debt Slaves and the Bloated Norwegian Government