The Socialist Hellscape
May 14, 2009 Leave a comment
of Norway, as reported by the New York Times on May 14, 2009:
… in the midst of the worst global downturn since the Depression, Norway’s economy grew last year by just under 3 percent. The government enjoys a budget surplus of 11 percent and its ledger is entirely free of debt.
[…] Banks represent just 2 percent of the economy and tight public oversight over their lending practices have kept Norwegian banks from taking on the risk that brought down their Icelandic counterparts. But they certainly have not closed their doors to borrowers.
[…] To Ms. Halvorsen, the finance minister, even the underside of the Norwegian dream looks pretty good compared to the economic nightmares elsewhere.
“As a socialist, I have always said that the market can’t regulate itself,” she said. “But even I was surprised how strong the failure was.”