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Wow, Norway is going to go from rich to richer. They already have put $1.5 trillion (!) into their national pension fund with oil: https://en.wikipedia.org/wik

Wow, Norway is going to go from rich to richer. They already have put $1.5 trillion (!) into their national pension fund with oil: https://en.wikipedia.org/wiki/Government_Pension_Fund_of_Norway https://en.wikipedia.org/wiki/Government_Pension_Fund_of_Nor...

vundercind 2y ago
This is what the US should have done. Huge amounts of collective wealth, frittered away. Alaska’s the only state I know of that even kind-of demands that permanent extraction from the very land under our feet benefit its people broadly, instead of only a few.
- Gud 2y ago
  Not frittered away. That money went straight to the rich and well connected.
  - rqtwteye 2y ago
    Seems the plan worked really well.
- reducesuffering 2y ago
  So while Norwegians have collectively saved ~$300k per citizen, Americans are collectively in debt ~$100k per citizen.
- bpodgursky 2y ago
  Alaska does the exact opposite of what you are glamorizing, by frittering away extracted wealth on a state UBI (which many recipients use to avoid building careers or skills).
  - vundercind 2y ago
    At least the unrecoverable wealth of the very land of the state is distributed to residents, I mean. That’s not the opposite, it’s just less than the ideal of capturing quite a bit of that value and investing it for citizens’ benefit so that some of the wealth isn’t lost to a few private hands forever. It’s the closest the US gets to doing something that’s a good idea, with its vast non-renewable natural resources.
    - bpodgursky 2y ago
      When the oil music stops and residents have to pull their weight via value-added production or services, residents of Texas (where the economy is rapidly diversifying, but makes no effort at a UBI) are going to be better off than residents of Alaska.
    - scottyah 2y ago
      It's just generational theft at that point, you're taking resources that could be utilized by (some cultures would say belong to) future generations and instead have set up a structure that has the effect of letting the current generation drink the money away, not to mention the poor prospects of the future generations growing up in a system like that. I know Japan has a culture that believes that we are stewards of the land for the youth. America lately has collectively decided to toss in their babies to fuel their furnace of war.
deleted 2y ago
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vundercind 2y ago

This is what the US should have done. Huge amounts of collective wealth, frittered away. Alaska’s the only state I know of that even kind-of demands that permanent extraction from the very land under our feet benefit its people broadly, instead of only a few.

Gud 2y ago
Not frittered away. That money went straight to the rich and well connected.
- rqtwteye 2y ago
  Seems the plan worked really well.
reducesuffering 2y ago
So while Norwegians have collectively saved ~$300k per citizen, Americans are collectively in debt ~$100k per citizen.
bpodgursky 2y ago
Alaska does the exact opposite of what you are glamorizing, by frittering away extracted wealth on a state UBI (which many recipients use to avoid building careers or skills).
- vundercind 2y ago
  At least the unrecoverable wealth of the very land of the state is distributed to residents, I mean. That’s not the opposite, it’s just less than the ideal of capturing quite a bit of that value and investing it for citizens’ benefit so that some of the wealth isn’t lost to a few private hands forever. It’s the closest the US gets to doing something that’s a good idea, with its vast non-renewable natural resources.
  - bpodgursky 2y ago
    When the oil music stops and residents have to pull their weight via value-added production or services, residents of Texas (where the economy is rapidly diversifying, but makes no effort at a UBI) are going to be better off than residents of Alaska.
  - scottyah 2y ago
    It's just generational theft at that point, you're taking resources that could be utilized by (some cultures would say belong to) future generations and instead have set up a structure that has the effect of letting the current generation drink the money away, not to mention the poor prospects of the future generations growing up in a system like that. I know Japan has a culture that believes that we are stewards of the land for the youth. America lately has collectively decided to toss in their babies to fuel their furnace of war.

deleted 2y ago

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