Why Oil Doesn’t Corrupt Norway

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[@leftaroundabout]

Norwegians' favourite activities: 3. skiing 2. getting rich, but stealthily 1. watching foreign-made statistics, videos etc. that confirm “Norway is the best”

[@catbear3294]

Kanskje :P

[@fajia3479]

@@singularityraptor4022 wdym?

[@lilbruh1151]

@@singularityraptor4022 I can with confidence say that you are probably from a country that has exploited more nations than Norway (unless you are from norway)

[@Verwaist1998]

@@singularityraptor4022 Are you referring to the *Netherlands*? They were the ones who colonized Indonesia, bro.

[@Kumorini]

@@singularityraptor4022 tf you on about

[@Aakkosti]

UK and maritime borders over oil: “I sleep.” UK and maritime borders over cod: “REAL SHIT”

[@lele-wp2hs]

When you do best of thirds but still fuck it up

[@Maltheus_]

It’s for the fish and chips innit bruv

[@leonohanlon8951]

@@Maltheus_ mmm u are making me hungry

[@seneca983]

Why are people so into cod? Salmon is much better.

[@zksnxtrap]

@@seneca983 i eat salmon more but I would rate them equally

[@ropersix]

By law, Norway only invests their oil fund money in foreign countries/companies. And not being able to invest it in Norwegian companies undoubtedly helps keep corruption way, way down. So that was a smart move, too.

[@jirou6228]

@yabghus you must be an Americans to say that... Only American disrespect other country policy and Americans are heavy politics because USA propaganda their people to be politics and hating on other policy 😷

[@cameronsmith3047]

@yabghus what exactly is your point....everyone is richer and It's far less corrupt

[@CrispyMuffin2]

@yabghus Salmon* eating socialists, thank you

[@CrispyMuffin2]

@yabghus also just saying, thanks to that 60% tax, i was able to get emergence surgery as a kid without my family falling into poverty, and im about to finish college with barely a dollar in debt. You cam believe in what you want, but stats are there. The dumb potato eating socialists tend to get treated like actual humans, which after learning more and more what's going on in the world, im extremely grateful for

[@walemaa5631]

Sounds great, but how the Norwegian law deals with the possibility of her own officials owning a company abroad? What if a high-ranking politician invests those oil money in his own business in foreign country?

[@evilleader1991]

Fun fact: It was an iraqi geologist who helped Norway developing this strategy, he first-hand saw how the discovery of oil destroyed Iraq and helped develop of what is known as Norways oil fund.

[@TomorrowWeLive]

source?

[@Proskater134]

Thats not entirely true. But he did help alot, as he was the leading geologist at the time.

[@lipids7185]

Bullshit

[@willylao5430]

Really!!? I doubt it.

[@FancyUnicorn]

@@Proskater134 What was his name?

[@zhevox]

Norway is the definition of "never get high on your own supply".

[@Luredreier]

Kind of, we *are* working on putting an end to our exploration and extraction though. The green movement in this country is growing. SV, V and MDG are all enviromentalist political parties in Norway. Our biggest political party Ap isn't enviromentalist but they're close to being split in half on the issue and it's likely that they'll eventually buckle under combined external and internal pressure towards putting an end to oil exploration. Putting an end to actual *extraction* is going to be harder, but is also something we're going to achieve eventually. Norway has a proportional electoral system, but since one of our enviromentalist parties SV (on the left), V (on the right) and MDG (in the center) are likely to pretty much always be the king makers in future coalition negotiations we *will* get our will through on this eventually. Indeed I doubt that the minority AP, SP coalition that AP is currently negotiating for will survive the next 4 years without making such a concession to the green movement. End to exploration that is. They're not going to end extraction just yet no matter how much pressure we put on them this election, they'll turn to the conservatives before they'll do that right now.

[@aCycloneSteve]

@@Luredreier That's to bad. if you extract it all then the problem of enforcing green edicts goes away. 😃

[@grimfpv292]

The oil would be worth a lot more in the ground, than invested in funds. I'm not opposed to taking out the oil, but the speed it was taken out is a tragedy.

[@Luredreier]

@@aCycloneSteve What do you mean? We're *trying* to put an end to extraction too But the political math just doesn't add up for that just yet. Look up my other comments in here, both the individual one and the response to ""AJ".

[@Luredreier]

@@Noobscodee That's not true. There's other small countries that has wasted the oil money. The difference with us is that we actively avoided using the oil money as much as possible. Still relying on taxation of other industries for our government revenues and to keep our economy going.

[@bhatice819]

Difference between Norway, Canada and US from other oil countries is that they were actuals nations before oil was discovered. They had actual goverments and economies before oil. All the middle eastern countries were barely independent before oil was discovered. They had no time to develop governments and national identities before the oil was discovered. And given that they are monarchs or dictators, they have been able to hoard the oil wealth to a few.

[@AoDConnection]

Yea its just this exactly. The simple answer is all these other regions were weak and unstable at its discovery and so were exploited from the outside.

[@zksnxtrap]

Yes, i would say that the us handles their oil the worst. The take all the oil from other countries So greedy.

[@jonijoestar6871]

How about UK? It literally State with democracy older than three of those, yet the oil wealth gone for nothing

[@zksnxtrap]

@@jonijoestar6871 yes I agree

[@itsjonny1744]

@@jonijoestar6871 UK had massive debt + a inneficient economy + less oil than Norway and 10x the population. Its not wierd that they have significantly less oil wealth than the little guy

[@Greksallad]

Proud of my neighbors for handling all of this responsibly and acting in the general public's best interest. I wouldn't expect anything less from awesome Norway 🇸🇪❤️🇸🇯

[@IAmGodHimself777]

🇳🇴❤️🇸🇪

[@Vs3Walker]

From a Norwegian engineer student back in the day, I gotta say. This video is really well done. This is like an enhanced version of the history lessons we had, updated and more polished in video form. They should definitively be use this in schools as I think it is easier to learn from than the books, especially as digital video courses gets more and more relevant for schools and workplaces alike.

[@doesntmatter6084]

Are you no longer in Norway?

[@TheAccidentalViking]

My father in law was a professor at NTNU in hydro physics and hydro dynamics. I wonder if you had him as a teacher?

[@EEEEEEEE]

E‎ ‎ ‎

[@CybranM]

Fun fact: Volvo almost got a majority stake in the Norwegian oil field but since the resources were unproven the company needed to hold a shareholder vote. The shareholders voted no to the deal

[@SauloA333]

Volvo' shareholders must have nearly choked to death went they heard the news about the oil fields...

[@uniktbrukernavn]

It was only a trillion dollar mistake :) Granted hindsight is 20-20.

[@fredericrike5974]

Fun Fact; the wealthiest rock group on the planet isn't who you would think; not Elvis and not the Beatles- it's ABBA, due to very high income tax, they invested much of the prime album and touring income in the North Sea, ultimately becoming the largest private investors in it- only some of the large corporate investments are larger. Literally worth billions in 1990. I have no idea what today. FR

[@mr.dalerobinson]

@@uniktbrukernavn if hindsight is 20-20, we should really be learning a lot from 2020 ;)

[@natashagupta4691]

◽ SERCH ADITYA RATHORE-HE ALSO MAKES INFORMATIVE CONTENT LIKE POLYMATTER

[@lydia8937]

"Nations that possess it should be among the richest in the world, yet so rarely do those riches reach the right hands." as an Algerian, this really hits home.

[@mrchristoph5674]

As an American. This hits home as well.

[@TenOrbital]

And a supposedly socialist regime in Algeria . . . Norway is a Nordic social democracy. The video misses politics, but social democracies do it better than classical liberals or communists.

[@aaryt]

Americans calls Scandinavian countries like Norway socialist because they have free healthcare and high taxes

[@thebeastfromeast6978]

@@aaryt most people in Norway are taxed around 30 percent income tax. Not that different from many states in the US

[@Janshevik]

Algeria is actually doing okay if you see where is located.

[@Fredrick_Turner]

I love seeing Norway drone shots and things in videos because all the time I go "Hey I've been there!

[@ephimp3189]

Perfect example of how "Big Government" can be a good thing. Size is not the defining feature of good or evil. "Small government" just means corporations take over the things government abdicates. And we all know how good the big corporations are

[@rainbowkittycat627]

Thank you! “Big government” and “small government” are the stupidest terms ever invented. Mind you, I’m an anarchist, I think the fact that countries exist at all is inherently exploitative because of the state’s monopoly on violence. But when people say “big government” or “small government”, they’re not actually talking about limiting the states abuse of power, they are just talking about which part of the state (local vs. federal) gets to abuse that power, and who the federal state serves, the people, or giant corporations. I personally would much rather have a state that serves me, if my state gets to brutalize millions of people with its police force, then at the very least I should get a good wage goddamnit.

[@softan]

@@rainbowkittycat627 If you want a state that serves you then you're not an anarchist. Also is a monopoly on violence not a good thing if that creates less violence and suffering? Or do you think no laws or countries at all would create less violence somehow?

[@rainbowkittycat627]

@@softan wtf are you on about? There’s a difference between practical politics and preferred socioeconomic systems. Unfortunately, there is no anti-state party in the electoral college, so I’m going to be voting for the people with beliefs that most closely align with mine. And here’s the thing-having a monopoly on violence might be a good thing if it creates less violence and suffering, but that literally never has happened in the history of the earth. Any time there is a state, there is an incentive for the state to abuse its power in order to keep its monopoly. Obviously, this abuse is a spectrum, not all states abuse violence in the same way hitler did, but even in the most successful democracies there are still so many notorious cases of the state abusing its power. And in tribal pre-state societies, there was actually less inter group violence and farrrr lesss intra group violence. Conflicts, if they existed, were small between groups of 10-20 people, not massive wars that kill millions. But all of this is relevant, because my point was that when people talk about big vs. small government, they are not actually talking about the power the state holds, they are talking about who should control that power, state or federal governments. And in the vast majority of the time, the federal government has proven to be far less likely to abuse that power than the state governments.

[@InvestingEducation]

I really like how the norway sovereign trust has invested its money passively in the stock indices and made good money. Much more than singapore's temasek

[@supermanifolds]

It also invests in bonds and real-estate to further diversify and protect itself from a crash. ~70% is in stocks

[@AxxLAfriku]

I broke my feet today because I kicked my computer because someone commented that my videos are bad! I hate unjustified criticism. Please wish me a speedy recovery, dear inv

[@satvik007]

@@AxxLAfriku I hope your computer is okay.

[@username65585]

​@@supermanifolds It used to be mandated that only 60% could be in stocks.

[@lpdude2005]

@@username65585 70%

[@AJGress]

I'm actually writing an essay on Oman's oil-based economy and I'm using Norway as an example to contrast the policies put in place by both governments. This video couldn't have come at a better time. Thank you so much 🙏🏾

[@milominderbinder6209]

I would so love to read your essay. Can u post it here when its completed? Perheaps you may even find some of my inputs worthy.

[@2011Lastman]

Would love to read the essay too if you are welling to share!

[@IllusiveDude]

link me your essay when your done! would love to read your research

[@None-do2qn]

Don’t show them your essay before you publish it

[@andrew2371]

This video just wrote your paper lol

[@FewVidsJustComments]

Other countries when they find oil: “yes, more money and jobs” Norway: “stays wholesome”

[@manperson5315]

wholesome norway superevent (big oil corp wrecked!!! !!)

[@orionSpacecraft]

@@manperson5315tno reference

[@dallyh.2960]

So essentially, they don't waste money. They live below their means, and do not spend what they do not have. I think if every country did this, regardless of their natural resource availability, we would all be as well off as Norway.

[@dr.lerocc3525]

@yabghus What are you trying to say?

[@ratulxy]

@yabghus oil is public resource, private companies shouldn't be allowed to all the profits.

[@Perception_]

The real truth is a lot different than this glorified documentary. There's lots of guilt and shame all of the world, and Norway is no different.

[@nils8541]

If some African nations had a quarter of the discipline and intelligence of Norwegian people, theyd be the richest countries on earth.

[@TomorrowWeLive]

@@nils8541 but for that they would have to be Norwegian

[@GyroCannon]

I disagree with one statement in this video, 5:43, "They would drop in, take the loot, and vanish, leaving hardly a trace" They certainly leave a lot of environmental devastation and an exploited local economy

[@bkern8536]

true, american using their influence to exploit countries over the world, glad it didn't happen here

[@masonada8826]

Hardly a trace of the natural resources...

[@barathrajkumar5564]

@@masonada8826 oof

[@AdnanKhan-vg8lj]

@@bkern8536 what if US government exploits Norway, like they did to Iraq or Labia, what would or how would Norwegian react to US govt?

[@bkern8536]

@@AdnanKhan-vg8lj probably be more russia friendly i guess.

[@ot0m0t0]

Lived in Norway for 5 years. What almost nobody realizes is Norwegians in they culture desend from poor people. If you didnt store fish and wood for winder you died. If you didnt plan for future may god have mercy on your frozen soul. As such, when found oil they knew what to do with it. Culturally they are most interested in security and survival first, everything else second. It also frowned upon flauntering wealth so you can rub shoulders with the rich out in the street without realizing it.

[@schnoonsdad]

Sounds like my 95 year old mother in law, daughter of immigrants from Norway who settled in Montana 100 years ago, broke sod to grow wheat and eventually prosper. Tough in ways hard to find anymore.

[@natashagupta4691]

🔲 SERCH ADITYA RATHORE-HE ALSO MAKES INFORMATIVE CONTENT LIKE POLYMATTER

[@overdose8329]

One huge issue you have is that this sovereign wealth fund isn’t saving for the ultimate winter of the global financial system crashing. Norway has 0 gold or silver reserves

[@hi-ve1cw]

This is extremely true. Culturally, scandanavians have learnt over history and their extremely harsh climate that when you find a resource, you don't squander it you make it last as long as possible. Not being flashy and not spending on useless stuff is part of that mindset, because you never know when hard times will approach

[@Anurid]

This is a myth. Norway has been an active participant of the maritime commerce in the North Sea for over a thousand years. Sure Norway has had its ups and downs, like any country will, but has on average not performed any worse than the other countries around the North Sea.

[@sherrykda3511]

Did he really say that the US isn't corrupt and preservers "Democracy"? Best joke in a long time

[@-01x]

Middle East bad U.S. good

[@gioprox5207]

Compared to almost every big oil prodicer US is a democratic paradise

[@arc619]

Great video, well researched. I live in Norway and even learned a lot. I was a bit worried at the beginning when you didn't mention the U.S. in the context of non-functioning democracies, but you definitely compensated. The rebranding of statoil to equinor definitely reaches far. Equinor also operates, like many U.S.companies in Africa, and other countries. So if we even decide to stop national oil production, equinor is going to focus on extracting oil internationally. So yeah, we don't have clean hands.

[@lzh4950]

In response to the Summit for Democracy initiated by Biden I imagine authoritarian countries e.g. mainland China might be like **cough** _I can't breathe/Brenna Taylor/George Floyd_ **cough** (though to be fair if similar events happen there I imagine you won't even be allowed to know about it)

[@koharumi6461]

The USA isn't a proper democracy, it is closer to a republic. From Second Thought. kzbin.info/www/bejne/gKHae36Pl6p0kJo

[@Spacemongerr]

@@koharumi6461 Ah, the battle cry of the US right-winger. You do know that it is possible to be two things at the same time?

[@koharumi6461]

@@Spacemongerr yes. There is a nice channel talking about the USA and democracy called Second Thought. kzbin.info/www/bejne/gKHae36Pl6p0kJo

[@aksbeixhev]

I believe the Norwegian government also take 70% of the losses when drilling without hitting a pocket. So they take roughly 70% of the profits but also bear a similar percentage of potential losses. Its been a great deal so far.

[@stevencooper4422]

It also ignores the fact that the country itself is made up of Norwegians, a smart and industrious race

[@StrangerHappened]

BTW, regarding the 70%. Ever since Putin was elected to lead Russia, he has done about the same thing. This is how nowadays Russia has a only a tiny state debt and $680B reserves in two state funds, and oil and gas companies came from paying barely anything to form about 30% of the budget yearly. But, of course, those policies got the USA, the UK, and other major investors very angry so they started the whole “Putin bad” thing. Some corrupt criminal oligarchs like Khodorkovsky and Berezovsky were invited by the UK (as per usual as the UK did the same thing with criminal oligarchs from its former colonies). For the same reason, Putin’s ratings in Russia were always either high or very high even as per Western-funded polls. This is why he is catching up to Finland in terms of how many re-elections he wins (Finland had the same leader for thirty years) and even tops Merkel (though the only reason she has left is her health).

[@denisflorian2431]

@@stevencooper4422 lmfao,no.shut it

[@rogink]

@@StrangerHappened Putin might have put Russia's finances in order, but unlike Norway, he uses his oil and gas supply as an economic weapon. The West would much rather have a stable, prosperous Russia than they had under Yeltsin. Yes, plenty of the Yeltsin era oligarchs were corrupt. They were too powerful, which is why they had to go. But as long as you are an oligarch loyal to Putin - you're welcome!

[@starmorpheus]

@@stevencooper4422 "a smart and industrious race" here we go 🙄

[@napoleonibonaparte7198]

US: “You guys don’t get bribed by fossil lobbies?”

[@bjrn-oskarrnning2740]

Lobbying is illegal in most countries in the world. It's literally bribery, the fact that it's not only legal, but normalized, in the US is insane.

[@GreenBlueWalkthrough]

@@bjrn-oskarrnning2740 Lobbying isn't the issue how else do you get right to repair or minimum wage or anything done? The issue is when money changes hand or other bonuses... you just watched a youtuber get bribed in your words how do you feel about it?

[@jiminy82]

@@bjrn-oskarrnning2740 you are simplifying the issue to the point that I don't think you've done any research into it.

[@nathanhyde2946]

@@GreenBlueWalkthrough if America had a functional democratic system and not be a two party duopoly then laws like that would get passed without any issues and without the need of any lobbyists

[@MrMediator24]

@@nathanhyde2946 they need to abandon the first past the post, but obviously politicians won't undercut themselves

[@empirestate8791]

Basically, ensure the profits go to the government, not private companies, and make sure the funds are invested for the future, not spent in the present.

[@redrodlrowon]

Your videos are so informative! Great work.

[@LonelyRacoon]

"Uk was in no mood for a long, protracted border dispute" The day UK was least like the UK. Damn that took the irony to next level

[@magicmagus1459]

It would be even more astounding if indians could ever learn to either: stop chest thumping in YT comment section or not blame other countries for problems....but it much easier to do both....

[@abjjeet]

Heh you bet, chest-thumping is only being popularised by the current disposition. Those Indians smart enough to get down to business and put money where their mouths are, feel embarrassed calling themselves Indians, me being one of them.

[@LonelyRacoon]

@@magicmagus1459 It would be actually astounding if you could read some history. But I think you're too busy telling people what to do on KZbin. (Also I am not Indian. Too bad you lack the education required to understand how that could be possible. )

[@minhaj23227]

@@magicmagus1459 U should be thankful that we are only making comments on yt and not asking fr reparations like RWANDA, GHANA, JAMAICA Etc .........and honestly the comment was just a joke but a person who thinks its colonial past as glory or triumph is ever expected to be "sane" either 👍

[@magicmagus1459]

​@@LonelyRacoon i do know history....i also know how over exaggeration and unrealistic nationalist sentiments cloud true objectivity and common sense...

[@randomguy418]

Broke: get in a border dispute over oil Woke: get in a border dispute over cod

[@amistrophy]

Based uk fish and chips sigma grindset

[@JeanLucPicard85]

Umm, haven't you heard of FISH OIL!!? :P

[@amistrophy]

@SMA Productions wrong comments section :]

[@floppyearfriend]

@@natashagupta4691 stop spamming

[@bleddynwolf8463]

reject oil, embrace FIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIISH

[@aLmAnZio]

As a Norwegian, I do get slightly flattered and embarrased by this :P

[@lairoslairoslairos]

Vi blir alltid glemt, så hver gang vi ser noen snakke om Norge, eksploderer egoet vårt

[@JohnnyRoscoe01]

As a Norwegian, thank you for teaching me this. Never had a clearer view of our wealth until now. 👍🇳🇴

[@LudosErgoSum]

When the Norwegian government started receiving oil revenue, they hired a philosopher to survey the ethical questions the new riches raised to us as a nation. This resulted in The Government Pension Fund of Norway. In Norwegian society no individual group or corporation hold too much power to influence pivotal decisions apart from the government, subsequently the peoples interest is given priority. This is why strong government, or shall I say functional democratic governance, is necessary to keep forces in check that could otherwise squander unique opportunities with the potential to elevate society as a whole. The wealth of a nation should be managed in a way that support the broad population in various ways and not enable arbitrary entities to utilize (unfair) privileges to enrich themselves. There is of course class differences in Norway, don't get me wrong, but the quality of living for the average citizen is still miles beyond most of the world even on par with wealthy individuals in some countries. This is the very reason I'm always so happy to come home after a travel abroad as there simply is no other place in the world I'd want to live. At the same time I wish more people would realise that strong democratic governance is necessary to keep officials accountable for their decisions and keep people out that could potentially corrupt the decision making process. In the end it might be that Plato was right that the philosophers should rule us - or at least we should strive to let reason and knowledge guide our most important collective questions.

[@najobe4]

Excellent comment, a very thought-provoking paragraph, thanks for that...

[@levelup1279]

You are right & wrong, a good government shouldn't be off the back of tax payers, taxes shouldn't even exist. I believe in equality of opportunity NOT equality of outcome. You are entitled to the pursuit of happiness should you choose to chase it. Happiness is not a right, it is a privilege earned by those who find fulfillment by having purpose in their life. The traditional principles America was founded on are near perfect, sadly modern America is a very different place.

[@markusklyver6277]

@@levelup1279 If they were near perfect, they would have dealt better with the imperfections of man. A system is only so good the actual execution is. The US is a terrible experiment that hopefully will collapse into a civil war at any point.

[@kevinw2592]

@@markusklyver6277 The US is a terrible experiment that hopefully will realise it's mistake and put the power back into the people's hands. Anyone who wishes for war is a child.

[@markusklyver6277]

@@kevinw2592 I'm not wishing for war. I just wish the US in its current form ceases to exist.

[@ranilabeyasinghe]

Glad you brought up the Dutch Disease concept. That is basically what helped destroy Venezuela. Stark contrast to Norway.

[@aleksanderbrygmann279]

Also as a NATO member we escape the economic sanctions and freedom drones when we decide to use the oil revenue for something other than profit for private shareholders

[@tommeng6522]

@@natashagupta4691 Bot, no one cares. Tell him to make a better title for his channel first

[@genericjoe4082]

Akshually it was socalism

[@MegaCaptsparrow]

Very Informative! Keep making contents

[@bkhalil2000]

Amazing video. Very informative. Can you expand on Alberta oil and the way it is taxed and people benefit vs Norway in a separate video. Thank you

[@techtt6213]

It's not actually an oil field in Groningen but a gas field

[@pavansai9735]

Thank you for telling

[@dkaloger5720]

He said gas but wrote oil

[@theramendutchman]

He does say that at 3:23; "the single largest natural gas field in all of Europe"

[@techtt6213]

@@dkaloger5720 ah true, didn't notice that

[@languist]

Fun fact, Groningen is where Vicetone are from, those guys who made "Nevada" and "Astronomia"

[@runarandersen878]

The founding of Norways own oil company was also clever. It helped keeping the jobs in Norway. There was a few smart persons when this started, doing some smart things.

[@redditsucksyo]

Jepp. Dette er grunnen til at vi fortsatt har yrende fiskevær og tekstilfabrikker i det ganske land. Hipp hurra for disse fremsynte sosialistene.

[@matpk]

Compare 1930s Nazi Germany Vs 2020s Communist China IN YOUR NEXT VIDEO Project before it's too late

[@Sepuku78]

Excellent analysis sir!

[@NaumRusomarov]

Norway is actually actively investing in offshore wind power mostly as a way to sell energy to its neighbors and make more money. They can power most of the country with wind power and use the rest of the capacity and their hydropower to sell energy to its neighbors when the prices are high.

[@Plex86]

As a Norwegian I really enjoyed this, you got a lot right and love to see foreigners taking a deeper dive into our thought process around our oil industry

[@ThePowerLover]

It's a scam for a State to invest in private companies with the money of a natural resource, is like being a leech of the Stock Market to some extent, and unfair competition against the people/the private sector!

[@Plex86]

@@ThePowerLover lol . Please then come with a better solution as you seem to be a financial expert on how to invest for the people and their future. Btw, the way we have done it here in Norway works . So if you with all your visdom knows better. Why don't you enlighten us

[@ThePowerLover]

​@@Plex86 I'm no financial expert, I just analyzed ethically that bussines. You, and the rest, of the Norwegian people, and its govt. may just sell the oil, tax it with a 5/14% flat rate, and let individual people invest in the stock, yes, that will produce bubbles sometimes and probably may be less proffitable, but would be morally correct. With the current fund, the govt. could sell it all, return the money earned to the private companies and States, and kept the original inversion, inflation ajjusted, for the State's expenses.

[@overdose8329]

Norway is extremely vulnerable though. With 0 gold and silver reserves if the global economy/financial system crashes Norway’s sovereign wealth fund will be worthless.

[@thunderb00m]

Your government knows oil is bad but yet is increasing production? Is there no plan to reduce that? Its kinda how cigarette companies operate

[@jplumail]

"Norway's disinterest in developing offshore wind farms, like its neighbor" It's hard in a country where the sea is more than 100m deep ! Same goes with Scotland, developing floating farms is more expensive and it doesn't go as fast as in England where water is ~20m deep

[@alfredv4724]

Plus, at least in Norway's case, there is enough green electricity to begin with, so there is nothing non-green to replace.

[@gordonwatson328]

Plenty of resource in Scotland for non-floating offshore wind. The reasons there are far more offshore windfarms in England is actually because Scotland's Transmission grid has been heavily underinvested in in the past thanks to the English focus of the UK parliament. Its simply wasn't built with the level of power or reliability needed. Now the system has been privatised there are massive charges both upfront and ongoing for operating an offshore windfarm in Scotland, as compared to England. Essentially its all about money, and the focus of the Westminister governments of past/present on England, as opposed to any wind resource constraint.

[@lzh4950]

Meanwhile in some other places winds I guess are too irregular to justify turbines/wind farms I guess e.g. in Singapore, the wind seems to blow only during thunderstorms, though wave power might be more reliable as our waters are choppy (perhaps as the sea is deep (~20m), allowing for more undercurrents)

[@pkmChris]

I service fishing vessels in Norway and the vessels echosounders usually read 450-750m deep whenever we leave shore

[@oadka]

@@lzh4950 Would be hard to do I think, given how much shipping traffic there is in the region....

[@GlennKarlsenCurlyfied]

That tumbnail was 10/10! Great work.

[@Zircuitz]

@ 02:42 - WOAHHH! That tripped me out! I drove over that bridge not 30 minutes ago. It's called Tjeldsundbrua. It's located pretty far north in the country. I never expected to see my tiny village in this video.

[@VulcanM61]

I like that you are here proud of you local bridge

[@Biggihansalejandro]

My grandfather died in that 1980 oil rig accident. Would be interesting for you to read more about it seeing how much you like the Norwegian government's oil policies. The accident was never investigated and no action taken against the American owners. That was until now, when the children of the deceased (my mother, uncle and aunt included) forced the hand of the government after a long and emotional public campaign. Now it seams that the American owners broke many rules and laws, and that this was known at the time but the Norwegian government decided to cover it up so as to not anger these important investors and the US government. Many employees of both the companies and the government tried to acts as whisteblowers but were threatened by the companies, silenced by the government and ignored by the norwegian media. Now 40 years later, one Scottish man who worked on the rig, and knew of the actions of the companies, has his old age comeforth and spoken about this. There is a small memorial in Norway deticated to the victims of the accident and financed by this Scottish man and the descendants of the victims. Looking towards the future, it looks like significant damages (after the accident very little money was given to the families) might be payed out (by the Norwegian government, not the companies) but nobody wil be held accountable. The American owners were ConocoPhillips and my grandfathers name was Hans. I'm named in his honor.

[@lzh4950]

Singapore's quite reliant on foreign investment also but it was other regulations/policies that were influenced instead of safety ones (also probably because we don't have so much primary industries here). 1 way I think we were attractive to investment was that, soon after the _Hock Lee_ bus riots in 1954 (which're tellingly well publicised in our history books), the gov't required all unions (except ALPA-S'pore) to join the gov't-affiliated NTUC organisation (which was led by the Minister of Labour), which gave the gov't more say over industrial organisation I think. Then came the Nat'l Wages Council that made pay increases conditional on productivity increases (which I heard has been rejected by others elsewhere e.g. protesters for higher minimum wages in the USA). Many of our blue-collar careers (that're more likely to be unioised) are also done by foreigners, who're legally banned from unions (as it might cause foreign interference I guess), so I guess we kind of 'outsourced' this issue. There's been quite a bit of gov't publicity over workplace safety, though I guess we still have some areas for improvement e.g. a doctor was suspended for giving an injured worker insufficient MC, perhaps at his employer's behest, because over here, workplace accidents leading to

[@hotbeefo]

Thanks for sharing Hans, my grandpa also worked on North Sea oil rigs. He came back OK but died at 56 of cancer.

[@pepeokatze]

Ofc its an american company no wonder

[@dimasbaskoro8150]

Norway: when a country tries FIRE movement

[@jurgen4796]

haha damn you're right, norway truly is going for the financial independence retire early strategy

[@HR15DE]

FIRE for life.

[@rockystonewolf]

From the whaling industry, many oil workers was spawned. A railway worker from Narvik was instrumental in forming the oil tax regime. 2:42 Tjeldsundbrua

[@loudradialem5233]

Your videos about China were the best, you predicted its real estate, water and power issues and increased show of power that's happening now. Please do more of them!

[@chef4797]

Yank here living in Norway and often writing about Norway including its energy policy. This may help to flesh out Norway's relationship with its resources a bit more. Soon after Norway became an independent nation (1905) mostly German and Swedish companies wanted to buy rights to Norway's waterways for development of hydroelectricity. The Norwegian parliament passed two acts, the first sometimes referred to as the "panic act" and both referred to as the concessions act to basically enshrine "Norwegian resources should be used for the benefit of the Norwegian people". From that baseline is where oil and wind rights are being negotiated from. Many people in Norway do not want wind whatsoever (we make plenty enough electricity from hydro (much of which is state or government owned)). Of those that do some want it to be a public utility and then there are those who want it and want it private. Think if every nation started off with the premise what we own is ours and you will have to pay us, as in all of us, a fair sum to get your hands on it how better off so many nations would be? Understanding the business of wind in much of Europe often it ends up benefitting the wealthy in the form of tax credits and breaks. Choosing not to develop wind is more than about sustainability its also about deciding who gets what and should they be allowed to at what some see as the expense of others. This is the result of a voting population that has chosen safety, security, stability and traditionally solidarity as what they prioritize at the ballet box. This combined with high participation in civil society and unions, i.e., lots of democracy everywhere is what established political ecology as a mainstream talking point, which is needed in response to the market. Needed in the sense that I can tell you as an American who has lived or worked in each Scandinavian country, Norway is the one that gets the balance most in favor of the everyday person and that everyday person is overall much better off than back in the US.

[@francoislechanceux5818]

You had to end it with this usual childish comment seen regularly all over internet ''better off than in the US'' OR ''Unlike in the US where it's worst'' etc...Tiresome. My question is why is all only Americans that do that ? Is it something cultural ? Do American psychologically feel obliged to say that because they feel their nation is too powerful and invulnerable so they constantly spit on it and belittle it in world forums, it does not matter? You will NEVER read a German, an Italian, a French, a Scandinavian, a Russian, a Japanese, A Chinese, a Spaniard, a Greek, a Turkish etc...etc... say these things publicly and so mindlessly in outer worldwide online vlogs to belittle their countries CONSTANTLY and with INSISTENCE and passion. I'm French and I'm a learner, can you please help me understand this peculiar american cognitive disorder ? Is it a form of reversed arrogance or is it just to be liked and get 'more 'likes'' at the expense their country ?

[@ankit4747249]

Norway is like a financially responsible person who lives life modestly and plans for the future. Middle East countries are like a guy with 10 gold Ferraris showing off while going broke simultaneously.

[@Janshevik]

Depends, those countries' future is uncertain anyway, one false move to upset major powers and they can get Iraq's or Libya's fate. So they enjoy the riches until they can. Even Russia is not efficient in their management, because of their preppy politics that puts army above anything else as they are constantly threatened, even though they are a superpower, but you have to mantain that status.

[@AdnanKhan-vg8lj]

This is so true!

[@ThePowerLover]

It's a scam for a State to invest in private companies with the money of a natural resource, is like being a leech of the Stock Market to some extent, and unfair competition against the people/the private sector!

[@overdose8329]

With 0 gold and silver reserves they’re not planning for the future at all

[@hi-ve1cw]

Culturally scandanavian people hate showing off, bragging is really looked down on. I think this makes a difference, people are just culturally more modest with spending. Probably comes from its climate of long and hard winters. So when a resource like oil comes along, they're not gonna squander it

[@zam6877]

This is so illuminating, thank you

[@slurpii4669]

moral: state companies can function properly and even better than private companies when extracting minerals

[@bootlegga69]

The really depressing fact for Albertans is that Norwegian politicians came to Alberta to learn about sovereign wealth funds, and then copied Alberta's model. The difference is that Norway kept adding to their fund nonstop, while Alberta stopped in the mid 1990s, then raided their fund for most of its interest.

[@calebweldon8102]

That’s the danger of electing conservatives.

[@ernestoag4101]

Elect right wingers and you will start seeing the wealthy and politicians become wealthier while the common man gets left in the dust.

[@ThePowerLover]

It's a scam for a State to invest in private companies with the money of a natural resource, is like being a leech of the Stock Market to some extent, and unfair competition against the people/the private sector!

[@angrychortle4013]

That's because Pierre Trudeau created the National Energy Program and syphoned off much of Alberta's money in transfers. That's the problem when one part of the country benefits from high energy prices while another part is hurt by them.

[@bootlegga69]

@@angrychortle4013 False. The Heritage Trust Fund was in fine shape (and growing) until the mid-90s, when the Klein government began withdrawing every bit of interest it generated. In all, Klein withdrew over $13 Billiom! Had he left it alone, the HTF would be worth $50 or $60 Billion (like Alaska's Fund). Instead, it's worth $17 Billion now, which adjusted for inflation, is actually LESS than it was worth when Klein took over. Successive governments (including the NDP) mostly followed that policy, although they usually left enough interest in to avoid losing ground to inflation.

[@VarvasNukka]

Because Norway is a country with a well educated smart population, high social trust and cohesion. And importantly it had this before they found oil.

[@Lixn1337]

High social trust and cohesion is extremely important for a well-functioning state/democracy

[@antoniomromo]

Plus there are actually limits on how and what it can be spent on.

[@paddy9738]

just say White bro, although that would be saying the quiet part out loud...🤔

[@imrannooraddin1876]

@@paddy9738 Ooo a racist in the wild 🥺🥺 mommy can we keep him

[@brutechieftain9321]

@@paddy9738 could you add this as a main comment and not a reply. Say it out loud.

[@AfroMyrdal]

I liked this documentary, it's actually something I was thinking about the other day, that I don't really know how my country actually got rich. I knew it was oil of course but how. Really well made man, I appreciate it.

[@Felevr]

I love your narrative style, its so calming to hear making watching this vid so relaxing yet so informative☺

[@shinchan-F-urmom]

Corrupt is also called "something" else like lobbying

[@johnl.7754]

I guess in Norway corporations are not people like in the US.

[@deltabeta5527]

Buri Buri Buri Buri

[@GreenBlueWalkthrough]

Lobbying is needed as who else will politicians know of small causes other than letters? Which the problem is when money changes hands or they get bonuses.

[@dekaaizer2550]

@@GreenBlueWalkthrough Tf you saying dude. You dont win a debate over thinks by starting to talk just random crab.

[@GreenBlueWalkthrough]

@@dekaaizer2550 What how is saying lobbying should be legal but not the bribes random under a comment about lobbying?

[@BeeepBo0op]

For an interesting tidbit regarding this, search up Farouk al-Kasim. He's an Iraqi-born geologist who happened to be at the right place at the right time. His work after the discovery of Ekofisk was important to the development of Norway's petroleum sector as we know it today!

[@natashagupta4691]

🔹 SERCH ADITYA RATHORE-HE ALSO MAKES INFORMATIVE CONTENT LIKE POLYMATTER

[@daveharrison84]

The new 13th Warrior

[@curioustill]

Those lifeboats at the 10:40 mark TERRIFY me. Are they being lowered down during an emergency, or are they just gonna drop like this? What a ride that would be! Anyway, awesome video!

[@YahyeAli123]

This video is really well made :D

[@Mosern1977]

As a Norwegian - this video is pretty good and accurate actually. Culturally saving for harder times (the winter) is deeply ingrained in the Norwegian psyche, and overt display of wealth is frowned upon. And thanks to the latest development in our local politics, our economic future is safe for at least 4 more years - status quo will be kept.

[@ursafan40]

You are swimming in oil, why are gas prices in Norway so high? Seems every European nation save for Germany pays less than Norwegians for a liter of gas. More than twice what we pay in the USA, though our prices are rising too.

[@Mosern1977]

@@ursafan40 - that's an interesting question. I'd say it is because Norway doesn't produce cars, and it is a great way to tax people/men. Historically cars have been extremely heavily taxed, as it was "luxury" goods with no car industry to keep the government in check. So could you afford the car, you could afford the gas. (This was turned on its head with electric cars - which is a fun story).

[@alexpotts6520]

I'm not local - is there any scenario under which you can envisage the social-democratic but business-friendly status quo ever being broken? There seems to be quite a high level of consensus across Norwegian politics.

[@Mosern1977]

@@alexpotts6520 - good question. It would take some extreme outside change I think (like major wars/conflicts) for that to happen. And a lot of other countries would crack long before Norway. All parties in parlament are Social Democratic and just have a bit different versions of the details. The extremely powerful Norwegian bureaucracy is running the country, and the politicians argue about details. The entire political system is very conservative and not prone to massive changes - this works great when a country is on a right track, and just gradual course corrections are needed.

[@ThePowerLover]

It's a scam for a State to invest in private companies with the money of a natural resource, is like being a leech of the Stock Market to some extent, and unfair competition against the people/the private sector!

[@finalbox4416]

0:45 Me, an intellectual who has read the Wikipedia page for Norway and knows that its population is 5.3 million

[@fondrees]

Why is an intellectual reading wikipedia's? Obviously a pseudo-intellectual.am I right? Lol

[@kjugirl]

@@fondrees that wording js from a meme dude

[@frederickbays405]

It was the arable land that gaive it away or me. I am farmer have a way of knowing these things Now dont anyone call me a dumb farmer I have degrees in Animal Husbandry and Horticulture . I am also a CPA and am self taught in computer repair and software. I can take an engine apart and put it back together again as I can with just about anything. I look at commodities markets every day to know the going price of what I grow and raise I am now 73 and still put in the dawn to dust day Summer time can mean some long days but winter makes for short ones. i work 7d/w 50/w/yr taking two weeks beginning of Feb to see Kids and Gkids in AZ I drive there in my Leaf I have on order 3 ele pickups from Ford that I will not see until Dec of '23 I am waiting for an ele tractor so that i can get rid of my gas ones i just may have someone build me one if they do not come up with it in the next 5 yr I have only 2 tractors. 1 of 120 horse to cut and bale hay with and one of 60 to move the 800bl bales with. At this time i have 2 pickups to hull hay wagons with and other stuff that needs hulling. I have 4 20K wind mills on farm for ele so sell a lot of it to NYSEG in Summer but use most of it in winter to heat Greenhouses

[@hansnana3336]

@@fondrees What's wrong with Wikipedia? Most articles have citations or trusted sources.

[@finalbox4416]

@@frederickbays405 Good for you, sounds like you work really hard, but also are able to make time for family 👍

[@tilemovicx]

The only thing about this video is the Buttery smooth video and animations.. Professionally made.

[@hughtierneytierney3585]

Thanks for a very interesting film. Take care of the difference between 'disinterest' and 'lack of interest' as they have different meanings.

[@Holland1994D]

Groningen mainly had a gasfield, not an oilfield. Yes there was some oil, but that was negligible compared to the gasfields we have.

[@theramendutchman]

He does say that? 3:23 "the single largest natural gas field in all of Europe"

[@seneca983]

@@theramendutchman He does correctly say "gas" but for some reason the text in the video reads "oil".

[@jinxedpenguin]

yeah it was a mistake in editing

[@natashagupta4691]

◻️ SERCH ADITYA RATHORE-HE ALSO MAKES INFORMATIVE CONTENT LIKE POLYMATTER

[@Holland1994D]

@@theramendutchman 6:05 Multiple times he refers to oilfields in the Netherlands while it should be gas.

[@jacobsjdin4057]

This is a good shorthand description of oil in Norway. However, there are some corrections that need to be made: 1) The Governement Pension Fund Global does not invest in oil because it is still dependent on oil revenues, not because of environmental concerns. In other words it does not invest in oil because of a desire for diversification, not because of environmental concerns. 2) Politicians do spend more than the 3% rule. The rule is designed for regular times, and it is specified that the governement can (and sometimes should) use more than this in times of crisis (such as the corona crisis). The reason this does not get abused is because of the well functioning democratic institution that Norway has. Otherwise a great video. As a norwegian that want to move away from the oil-dominated industry I think you summarised it quite well :)

[@RoScFan]

What are the odds of norway ever joining the EU and why is EU membership apparrently unpopular in norway?

[@norfsk]

​@@RoScFan We're afraid we'll become the EU piggy-bank without any say. However I think we definitely should join the EU because together with Denmark, Sweden and Finland we'd make a powerful nordic bloc with generally shared interests. I think we'd have a say at the table. As it currently stands I think most Norwegians are frightfully ignorant as to how much legislation is decided upon in Brussels that Norway has to follow, despite having no say since we're not a member.

[@apotato6278]

@@norfsk Swede here and yeah, it has some benefits. Being able to roam freely through europe is nice and exporting goods has never been easier! Unfortunately it comes at the cost of having to prop up the southerners. It will never not be funny to me that the engines of classical civilization, the great Greeks and the peoples of Italy, now have to rely on the kindness of Swedes, Danes, Finns and Germans to keep their economies afloat. Were it up to me we'd throw them to the wolves but then again, if their economies collapse they'll just come knocking on our door instead, demanding to live here. All in all, the EU is pretty nice... but it would be nicer if some people knew how to build a functioning economy.

[@jacobsjdin4057]

@@RoScFan EU-membership in Norway may not be as unpopular as you think. Norway is part of the EEA, which binds it to following many of the laws made by the EU. In some sense Norway is the most EU-integrated country which is not a member. The historical reasons against membership were in large part because membership was thought to negatively impact farmers and fishermen in Norway. These groups are seen as part of the Norwegian identiy. In addition, the notion of independence has contributed a lot. There have been two referendums about membership in Norway, and both had somewhat close margins of victory. A new referendum in the near future seems unlikely, as there is in large part consensus about membership in EEA, and a debate about membership in EU could jeopardise this.

[@FTWNorwayFTW]

@@RoScFan Becoming a part of EU would make Norwegians farmers and fisherman compete equally with agricultural exports from any other EU country, which is unfair to the Norwegian farmer because of harsher climates and shorter harvesting seasons. We therefore tax imports extra while giving subsidies to Norwegian farmers to keep our % of farmers high as to prevent increased urbanisation and preserve our smaller local communites.

[@oakstrong1]

What was left out of this video is that Norway has also invested the oil money (wisely) so it is not nearly as dependent on it as other countries of comparable size.

[@Asidders]

Magnificent video. I learned many, many things.

[@charleshelf6760]

Narrator: "Norway is not, after all, the only large oil producer to preserve democracy and minimize corruption. Canada and the U.S. also fit into this category." Me, a U.S. Citizen: "Uhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh... yeah, ABOUT that..."

[@juice8431]

I know things are fucked up but its still way way wayyy better than other countries

[@insira_nome5333]

@@juice8431 as a brazilian, can confirm yanks don't know how good they still have it

[@juice8431]

@@insira_nome5333 Yeah, sometimes I get pissed when I see people out here being so freaking ungrateful for what they have. America isnt the best but its far from being the worst.

[@Briggsian]

As a Canadian, I also wouldn't exactly say that we do a bang up job of "preserving democracy and minimizing corruption". The province I live in (New Brunswick) is more or less owned and controlled by a singular family, the Irvings. Of course, many don't hear much about the fact they damn near have a monopoly over the entire province because they own the media within our province and are one of the richest families in Canada.

[@Varun37251]

@@insira_nome5333 eh, its mainly the white middle class, or upper middle class and above that have it good. Many of the countries we point to as bad, their situation was because of the US. Many hate America due to its foreign policy, not to mention the domestic issues of police brutality, mass shootings, crime ridden areas. There are cities here that many would consider third world, and in contrast many cities here that people would give two kidneys to live in. The gap is crazy

[@Lorryslorryss]

There are two ways oil resources go. They so outway the value of the rest of the economy that having a productive, happy population isn't important anymore and the country becomes terrible. Or it gets plundered by private enterprise. It looks like Norway, with their already functioning economy and social democracy, found a third way. Good for them.

[@escapingthesquare]

outweigh*

[@canoai]

True

[@RoyalLegend1000]

Yupp it's a combination

[@woodswitch23]

Good vidio.I liked how you mentioned Alberta's experience.

[@Gabby-bot]

Thanks for the video. Particularly relevant, I am a resident of Norway. My neighbour works on drill rigs in the North Sea. He tells me that they are still finding the gold.

[@force1535]

Polymatter has departed from China, in hopes of exploring other nations of the world. But the question remains, How long till he returns? Edit: Holy smokes, 856 likes!!!

[@sci-based]

Shortly, especially after evergrande news broke up

[@roberteischen4170]

China is fascinating to study to me as a westerner. Sometimes I wanna stand up and applaud the Chinese people. Other times I'm appalled by the government.

[@WeebJail]

'why china doesn't corrupt polymatter'

[@arv7539]

until china does one of their silly things that give everyone a headache

[@heatherswanson1664]

Like Norway, he’s also diversifying

[@maryjames9432]

There's no government without sovereignty 💯

[@murphyomar680]

God got the best plan for our financial growth and freedom It will take time for things to return to normal, people's jobs were really lost

[@aliciamolly1833]

@@murphyomar680 God is really intervening on this present issue of unemployment and various jobs lost. I make cool money from Bitcoin trades

[@patrickjefferson4121]

@@aliciamolly1833 I've heard different news about Bitcoin and how tricky it is but people still say it's safe

[@aliciamolly1833]

@@patrickjefferson4121 Bitcoin and forex trading is 100% safe with an expert to avoid losses and risk

[@aliciamolly1833]

People venture into Bitcoin wrongly and that's why they always complain of losses

[@BrunoSantos-jh4sg]

Hydro, a private company but whose main shareholder is the Norwegian government, dumped ore tailings into a river in the city of Barcarena in northern Brazil. The local population used the river water and ended up ingesting metals that were very bad for the body.

[@AlexanderRM1000]

0:19 nations European countries and the US that have been democracies long also tend to have been economically developed the longest and have mined out most of the oil that was accessible with the technology of a few decades ago (ex. non-offshore oil). Funny graph though, it seems to basically show that there are a lot of countries which have next to no oil, and also a lot of countries that have no time under democratic rule whatsoever (both these make sense), each category having varying levels of democracy/oil respectively. The weird thing is that there doesn't appear to be a big clump at (0,0) of dictatorships with little oil, unless there is one and it's just covered up by the way the dots are displayed.

[@diogomorales1613]

I have been watching some videos and I was thinking about investing, but still don't know where to start from.

[@cryptoplug9398]

I have about 5% of my portfolio in uranium stock any advice on any other stock that I can grow my $300k capital to a million dollars?

[@alankiesewetter8427]

You should know it's easy and hard to make that much profit. I say EASY because it's very possible to make that much, and Hard because you'll need professional assistance to do it, I'd suggest you get assisted by a market advisor

[@yuvrajmakjhaj274]

Trading crypto now would be wise, but trading without a professional is really bad, I tried to trade alone, I completely lost a lot of money till I started trading with expert Wayne Thornton that is a nice broker

[@eyrlgudjensen6822]

Mr Wayne has brought me out of the wrenches and to a better living through trading options, I encourage newbies to trade with him

[@Michael-lz9ic]

I have heard a lot about investments with Wayne Thornton and how good he is, please how safe are the profits?

[@sofiaormbustad7467]

My grandma worked in the finance and later oil departement from the late 1950s (as a secretary) and up until I was born in 2000. She and her party, Labour, saw what was coming and did well, a job so astonishing it is unique in the world regulating our oil revenue. Ironically though, the wealth would change Norway in so many ways, and Stavanger and Bergen; traditional Labour strongholds are now conservative strong holds, as well as most of western Norway, although tbf the rightwing parties have always done the best in the rural west. Anyways, I just wanted to shout out that I am so proud of her (she did rise to become the administrative leader of the oil and finance departements in like 1987, idk, until she retired, and thus became a semi advisor to both Gro Harlem Brundtland (the first female PM and the second longest ruling PM) and Jens Stoltenberg, though she never liked Torbjørn Jagland afaik, lol. She and everybody in the departement actually got a bottle of some of the first oil drilled, from Ekofisk in 1969, though my dad has forgotten where he put it, Rip. She died back in 2013.

[@sofiaormbustad7467]

Also, I do support keep drilling, some parties (the greens) has set a date to stop all drilling in 4 years, which would really make a recession and decreasing standards of living (in my opinion). And all my family votes well, "grey" as the green parties (The Greens/MDG, Left/Venstre and the Socialists/SV) call it. I do think we should probably phase out drilling for oil though, but well, it needs to happen over time and if we quited dictatorships would just fill in the gap, dictatorships which don't care about climate change since they are ruled by corrupt old, white men. And they even rafine oil in a much more poluted and outdated way. So idk, somewhere between 2035-2050 I guess would be a nice time to end it, or well. Some oil- and gasfields last for 15 years, others can last for 40-50 ofshore, after what I have read atleast, so that basically means the newly elected government is probably the last to open new oil fields, certainly if it gets reelected as well. I can't really see green, progressive Norway digging for oil in the 2030s.

[@phatana2490]

Erling drinks oil, he’s a machine

[@dorissteve912]

The wisest thing that should be on every wise individual's list is to invest in different stream of income and don't depend on the government to bring in money especially now the pandemic is hitting the economy

[@wilsonjudson1650]

you are definitely right , waiting on the government is a big waste

[@dorissteve912]

Investments are the stepping Stones to success especially if you been guided by a professional

[@williamjohn1374]

Investing is good but investing in the right thing is the actual key to success . who is your pro ?

[@dorissteve912]

That was exactly what I did, I trade with a professional stock expert "Tamara Diane Hagan " who i met in one of the seminars..

[@dorissteve912]

There are so many investment out there but if profits must be considered then not all investments are good to go into.

[@fraserfuite8816]

As an Albertan, I will say that the vast size of the Norweigen sovereign wealth fund, when compared to our own, is brought up constantly. It is true that our oil wealth is not merely divided by our population of 4-odd million; but is also shared throughout the rest of Canada. But that doesn't nearly explain the difference of two orders of magnitude. Many would say that the government has not taken nearly as much as it could from the oil companies, and there are many examples of fairly silly spending by the government. I remember the government cutting every Albertan a cheque for $400 around 2005; this move is frequently ridiculed in after the 2014-16 crash in oil prices. Normal lobbying corruption was also frequently alleged against the Progressive Conservative government, that ruled from 1971-2015.

[@Vlasov45]

Hello fellow Albertan. There are a couple of things that work against the Heritage fund. Alberta not being a country for one. Hard to hang on to a $1 trillion fund without sovereignty and having control of your own currency. The second is tied to the first, in that people moved to Alberta to make money from oil, and without it we would be more like Saskatchewan. Because people didn't intend to stay, after moving here from Newfoundland or Ontario or wherever, the smart play was to vote for low taxes and high earnings, and try to build up your personal wealth instead of the province's wealth, then retire to BC.

[@Obscurai]

After Ralph Klein squandered a good portion of the fund with his $400 Ralph bucks, subsequent Conservative governments went on a Dutch Disease spending spree created a huge deficit, and depleted the Heritage fund.

[@planefan082]

@@Vlasov45 Also there's a HUGE issue with a lack of diversification. Super dependant on oil and not much else; when oil goes down, Alberta goes down. Not to mention how we subsidize the oil companies so much it's almost like we don't make any money unless you happen to be within the lucky 1-4% who actually work for the companies.

[@Vlasov45]

@@planefan082 I’m not disagreeing with you. If Alberta taxed like BC or Ontario the money would have piled up in the Heritage Fund. The point being that the majority of Albertans are newcomers who came because of the money flowing into the economy from oil via labour income, construction, and retail spending. Even government agencies like AHS and education were propped up by oil royalties spent immediately. Nobody had long term plans to stay in Alberta once the oil runs out so voting for low taxes and high benefits was a better option than voting for high taxes and growing a massive fund you might not be around to see the benefit of.

[@planefan082]

@@Vlasov45 True. Lack of long-term thinking is also definitely causing harm.

[@andreasviken2949]

I'm so thankful to be born in Norway.

[@francoislechanceux5818]

Have you noticed that the video is about Norway BUT more than 90% of the comment is about....the USA ? And I can guaranty to you 100% that the overwhelming majority of those talking about American or veering this discussion on America are NOT Americans.

[@Jmvars]

10:29 Norway gets 94% of its electricity from hydro power. Why would they invest in wind? Am I missing something?

[@jeschinstad]

89% on a normal year. But the world needs to go electric and Norway wants to be there to meet demand. Besides, as the last year have shown us, precipitation isn't reliable and will only become less reliable with climate changes. Yesterday, our minister of energy told us that we may have to ration electricity in the spring.

[@MartinManscher]

Given the influence of money in politics, it seems like a stretch to include the US in the list of non-corrupt countries

[@orestmakar8562]

Corruption is much higher than in Norway but it is uncomparable to countries like Russia. The US is ranked 67 according to the corruption perceptions index while Russia is 129. Norway is in 7 place. Funny fact Denmark, Finland and Sweden are in the top 6 along with Switserland, New Zeland and Singapore.

[@goergejones6861]

The sooner the government wake up to the fact that we need more 'doers' and less office chair sitters the better for everyone.

[@hamidjamie2694]

@Steuern MitKopf A country can only be proud if there is order in the country and reasonable wealth with all the borders.

[@ericrobert4651]

Welcome to the U.S. where our motto is; "come back when you are a little more richer."

[@garciasean7891]

The economy hardship, recession, unemployment and loss of job caused by covid pandemic is enough to push people into financial ventures.

[@roycejakob4411]

@@garciasean7891 I have secured financial freedom by Investing in bonds, equities, EFT's and some digital currencies long before the pandemic started.

[@tylerwilson5747]

I wanted to invest more on digital currencies (crypto) but the fluctuations in crypto value discourage me into dumping.

[@hagalathekido]

im a norwegian, i by no means speak for the entire country here but my view is that if we dont drill oil someone else will, so we might as well drill the oil and spend that money on green initatives and the longevity of the nation rather than building skyscrapers and buying lambos.

[@ThePowerLover]

It's a scam for a State to invest in private companies with the money of a natural resource, is like being a leech of the Stock Market to some extent, and unfair competition against the people/the private sector!

[@Thelango99]

@@ThePowerLover The Government is the people.

[@professionalgambling6783]

@@ThePowerLover no ones give a shit since you spam this crap everywhere.

[@ThePowerLover]

@@Thelango99 Kinda, the market and the private sector is also "the people".

[@ThePowerLover]

@@professionalgambling6783 That's not how logic works

[@liveen]

Fun fact: At 10:10, the sign warning of polar bears, the text under it reads "includes all of svalbard" as in that entire region. Which is kinda hilarious, like "hey, you there, right now, watch out for polar bears, but also watch out later, and forever while you're in this part of norway"

[@uxe9066]

Well presented.

[@Sunnykr275]

Your thumbnail quality is amazing man! Cant resist to touch it and always informative video!

[@1337hacks]

2:37 "How did Norway conquer Big Oil in a way neither Canada, nor America, nor any other country could? Sponsored by Brilliant."

[@doncarlodivargas5497]

Regarding how Norway/Norwegian government handled the oil, in general Norway have little industry, and mostly export timber, fish and minerals already, perhaps it gave us some kind of understanding on how to export oil also?

[@comedyman4896]

Albertan here. I'd just like to say this video made me really, really jealous of Norway.

[@thatcoolkidjoey]

10:29 you really don't need to waste money on offshore wind farms if you get 93 percent of your power from Hydro

[@tr33c21]

Norway wants to move away from hydro eventually as it is bad for the fish ecology

[@tr33c21]

That said. Wind farms are bad for birds. But they do tons of research to find other ways and lower the ecological damage overall

[@datechds9434]

@@tr33c21 Still better than coal power.

[@HolybasilYT]

Pretty good and balanced view of my country's golden ticket to the world stage. I'm actually impressed that you included the part about the state coalition failing due to oil disputes as this happened less than 48 hours ago. I'm saddened by the lack of a successful coalition. The expectations weren't even that high like "stop oil production", it was just "stop looking for more fields". Sadly a majority of the population have their heads so far planted in the ground (or up their own ass) that they can't see, or simply don't care about the long term implications to the environment. For a classic retelling of David vs. Goliath as you so aptly put it, our residents sure are quick to name themselves as too small to make any real impact.

[@ChrMuslimThor]

@ParvaRegna Synd du ikke kan å lese, han skrev "slutte å lete etter mer olje" Stor forskjell.

[@itsjonny1744]

And the second norway cuts production, the gulf states just increase theirs. Or Venezuela does. Its stupid to think consumption drops without the green tech that rivals or surpass the efficiency of oil and gas. Norway are atleast the cleanest extractors of oil

[@edptv3421]

As a Norwegian, its really nice being recommend what in my opinion is a love letter to Norway.

[@Gaijin101]

props to norway for having the clarity of mind and balls to invest in the future

[@thomaswalsh4552]

“Just one country” Canada: am I a joke to you?

[@TheClownesque]

1:40 >U.S. >minimise corruption >"donations" to politicians are both common and legal nice try, fed

[@genghiskhan5701]

"One place" Americans always feel like their the exception, even when it comes to their bad traits.

[@markusklyver6277]

fed literally trying to divert attempts to outlaw corruption

[@TheClownesque]

@@ASS_ault I'm not from (or in) the US, nor am I trying to minimise problems in other countries. I'm just tired of Americans thinking their country is so great in ways it really isn't.

[@markusklyver6277]

@@ASS_ault I'm not a liberal, in fact I don't like liberals at all.

[@markusklyver6277]

@@ASS_ault I don't like communists either. Why is everyone in your mindset a conservative, liberal or communist? I'm neither of those. I'd like to get rid of all three.

[@reallifesomalilander441]

13:08 The Red Block With The Grey Balconies Is Where I Live Seen Up And To The Left In The Skyline View Of Oslo.

[@elementalgolem5498]

I have to butt in on the offshore windfarm argument. Norway, as of today is run off 99% hydropower. the rest a mix of solar, wind and import(usually coal). the reason we have a disinterest in offshore wind is 1. the fishermen, and our fish enoconmy. 2. the birds that die each year due to theese windmills. and 3. we really don't need the renewable energy. we already run off renewables

[@Nuubles]

there's a mistake in the video; at 8:23 is the chart in dollars or euros? the money is marked with dollars but the text says euros. the same is in 9:06, 9:49 marked with dollars but it's said to be NOK

[@theramendutchman]

I assume they're euros and kronen but he used the wrong sign That, or I've never heard of the American Euro before

[@Mayordomo32]

Doesn’t matter anymore LOL

[@kibetgodwin2834]

Democracy isn't the standard for equity, political goodwill is..

[@the360mlgnoscoper]

It's a start

[@khldwb1425]

11:07 “skyscrapers of Saudi Arabia” *proceeds to show a picture in Dubai* Also surprisingly, Saudi Arabia only has 36 skyscrapers (22nd most skyscrapers in the world). It has 4 more skyscrapers than UK, but 3 less than Vietnam.

[@NLaertes]

Netherlands: We found gas, lets spend and sell it... Norway: We found oil, lets save it for retirement and tell no one...