Norway Central Bank Hikes Rates By 0.25% To 1.75%, Gives Clueless Bernanke A Hint

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Wed, 12/16/2009 - 11:34 | 165918 lsbumblebee
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I wonder. If Ben visited Norway, would he be named National Geographic's Man of the Year?

Wed, 12/16/2009 - 11:37 | 165923 I need more asshats
I need more asshats's picture

Quite possibly the Nobel Prize for what it's worth anymore...

Wed, 12/16/2009 - 11:35 | 165919 10044
10044's picture

Yeah, the problem is Shalom was 'born' clueless!

Wed, 12/16/2009 - 11:37 | 165924 bugs_
bugs_'s picture

Has Norges paid back the injection of capital

they received from Helicopter Ben in September

2008?

Wed, 12/16/2009 - 11:55 | 165941 Señor Tranche
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Aside from the Nobel Prize Committee, Norway is an excellently run country.  Around 9% surpluses in current account and budget balance.  Unemployment <4%.  GDP per capita: $91K (57K PPP).  Sure, the oil helps, but the fact that the government has shown the restraint to keep its finances in order (Saudi Arabia runs deficits) speaks volumes.  I wish I had learned to speak Norwegian. 

Wed, 12/16/2009 - 12:22 | 165980 rayen36
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Chicks are hot too.

Wed, 12/16/2009 - 12:29 | 165990 SteveNYC
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Norway and Australia, two of the best-run countries. I'll take Australia for the weather though.......

 

.....Aussies may have some housing issues down the track however......

Wed, 12/16/2009 - 12:13 | 165963 Anonymous
Anonymous's picture

This motion no doubt carried despite Iceman Mishkin's misgivings.

Wed, 12/16/2009 - 12:41 | 166008 Anonymous
Anonymous's picture

Norwegian Portfolio Currency Overlay Makes sense and money. They have the lowest CDS spreads around. http://blogs.reuters.com/rolfe-winkler/2009/12/15/the-norway-trade/

Wed, 12/16/2009 - 12:43 | 166011 Reductio ad Absurdum
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Norway lives off oil wealth. Don't draw too many conclusions from what they do.

Wed, 12/16/2009 - 13:26 | 166063 A Man without Q...
A Man without Qualities's picture

No, you have got this wrong.  If you actually look at the trade data, and the economy, what is interesting is Norway uses its oil wealth to save for the future.  Ex. oil and gas, they have a balanced current account, and use the revenues from oil to build a massive SWF, which is actually owned by the citizens, rather than the personal piggy bank of some guy with a penchant for bejeweled motor vehicles or football clubs.

But the US could never be Norway, the taxes are too high and there is socialized medicine and they spend far too much time worrying about silly stuff like balancing budgets.

Wed, 12/16/2009 - 14:46 | 166216 Anonymous
Anonymous's picture

Be aware that Norway produces roughly 100% of it's annualised power consumption by hydro power. Free surplus energy is the source of Norway's wealth, not so much what they do. Because that basically is -besides family live, hiking, and skiing- just making sure to leave office at 15h30 as a daily routine.

It is more what they don't do, trying to stay clear of Dutch disease, see the FT article "The Iraqi who saved Norway from oil": http://www.ft.com/cms/s/2/99680a04-92a0-11de-b63b-00144feabdc0.html

Question now is where do you put all that oil money to work? They tried Lehman bonds last year, but that didn't work so well.

Maybe Norway should play the contango by leaving the oil in the ground instead of pumping it up and bartering it for soon-to-be worthless pieces of US paper.

Wed, 12/16/2009 - 23:55 | 167043 Anonymous
Anonymous's picture

''Ex. oil and gas, they have a balanced current account, and use the revenues from oil to build a massive SWF, which is actually owned by the citizens, rather than the personal piggy bank of some guy with a penchant for bejeweled motor vehicles or football clubs.''
No, this is false. The norwegian people will most likely NEVER see anything of these money. Our schools and nursery homes are rotting. Our roads are becoming trails again. These money are NOT for the people, and the government has told us exactly that. It's a basically a fund for globalists.
Rune

Wed, 12/16/2009 - 14:01 | 166107 trx
Wed, 12/16/2009 - 14:18 | 166157 A Man without Q...
A Man without Qualities's picture

You're right, there is a deficit ex oil and gas, but not massive..

http://www.ssb.no/muh_en/

Wed, 12/16/2009 - 14:05 | 166127 tip e. canoe
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i'm beginning to think that the norwegians are just helping the emperors out of their clothes.   must be something in that arctic melt water (or the sky spirals).

Wed, 12/16/2009 - 15:00 | 166243 trx
trx's picture

Water: Sulfid Acid

Sky: Russian Missiles

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