For while other countries have struck oil and then binged on the revenues, by contrast Norway is continuing to invest its oil and gas money in a giant sovereign wealth fund.
The fund, worth about $800bn (£483bn), owns 1% of the entire world’s stocks, and is big enough to make every citizen a millionaire in the country’s currency, the kroner. In effect, it is a giant savings account.
1% of all the stocks in the world. Crazy (smart).
We’ll see how this plays out in the long run, but it strikes me as smart for any “boom” town to diversify as much as possible when they can — before they can’t, and they’re screwed.
Kal’s cartoon: this week, policing in America
You never need to apologize
for how you chose to survive.
— Clementine von Radics (via journalofanobody)
Photo credit: The monkey you see above. Although pointing this out is apparently unnecessary.
Tove Lo - Habits (Stay High) /by ToveLoVEVO
Artist Name: Nowak852
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Édith Piaf | La foule http://www.last.fm/music/%C3%89dith+Piaf/_/La+foule