Norway has an annual income from oil that far exceeds what can be safely used domestically without wrecking our economy. Therefore a sovereign wealth fund was created in 1990 for investing abroad. This would allow for saving and investing in Norwegians' futures without overheating the economy.
There are a few rules for how much of the profits from this can be used annually, but here are the main points:
- the fund currently is worth 20,000 bln NOK (1800bln €, 360,000€ per person in Norway).
- the war in Ukraine has increased gas prices significantly, netting Norway about 180bln€
- this increased profit has been paid by our European allies.
Since the fund is there to secure our futures, and we cant spend it in Norway, investing it in Ukraine makes sense. Morally, spending the proceeds from our war profiteering in such a way is the only right thing to do.
Comments
- the fund currently is worth 20,000 bln NOK (1800bln €, 360,000€ per person in Norway).
- the war in Ukraine has increased gas prices significantly, netting Norway about 180bln€
Since the fund is there to secure our futures, and we cant spend it in Norway, investing it in Ukraine makes sense. Morally, spending the proceeds from our war profiteering in such a way is the only right thing to do.