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Striking oil is hardly a financial innovation. Norway just happened to hit the lotto and manage the wealth responsibly, they don't have a real economy.
by aianus 11y ago
Striking oil is hardly a financial innovation. Norway just happened to hit the lotto and manage the wealth responsibly, they don't have a real economy.
- ForHackernews 11y agoManaging the wealth responsibly is the innovative part. Most countries with oil wealth piss it away or use it to enrich a tiny elite. American has loads of money (including a not insignificant amount from fossil fuels). If we chose to do so, we could manage that wealth in trust for our citizens. Instead, we choose to make a few executives and hedge fund managers mind-boggling rich.
- aianus 11y agoWell, I see your point. But you can at least argue that the executives and hedge fund managers 'earned' their wealth and shouldn't have it taken away from them. Nobody can argue that there was any kind of personal merit in the fact that oil happened to be found within their national boundaries. It's much easier politically to create a national wealth fund from a windfall like that.
- tsotha 11y agoAmerica doesn't have loads of money. Individuals living here have money. There's a big difference.