The Norwegian people owned half of the Oslo Stock Exchange, the banks and key companies in this country in 1992, when I started working on state ownership in connection with the Solidarity option. At the same time became oil Fund established, but remained vacant until 1995 – as a result of the Willoch government's deregulation of the financial market and the ensuing banking and debt crisis. Since the first two billions rolled in in 1996, the Oil Fund has grown to 10 billion.
To preserve this money, which is today the bedrock of the Norwegian welfare state, the governor of the central bank has Øystein Olsen selected Nicolai TangenBy hedge funds-speculator who has gained tremendous control over the state of war in the international financial market.
"Speculative fund management", as it is called in the professional language, is a game for oligarchs who sit in groups or alone with so much power and information about the companies they "raid" that they can pick them as "mature pears". This is their concept of a company whose face value is sent to the bottom of business cycles, liquidity crises or insider manipulation – while the real value may be ten times as large.
These acquisitions are funded – in the form of one loan which secures the purchase itself and a bank credit as pro forma back-up. This is, in fact, a fictitious transaction, all the while the speculative fund manager pays the debt to the banks by selling the previous owner's products – wine, for example, if it is a vineyard in question.
Ronald Reagan called it "the recipe for a free lunch."
Speculative fund management is lagging and depleted.
It goes without saying: Speculative fund management fails and depletes both the industrial community and financial institutions, with the result that the world economy is increasingly collapsing – despite growth in production and GDP.
These breakdowns are calculated and therefore predictable. However, the speculative fund managers effectively ensure that the assets they run away from are hidden from the public in tax havens.
The bill for a crisis, on the other hand, sends them to the world community, which is slowly but surely drowning in debt, with the consequence that material conditions collapse as the number of billionaires grows.
To go well for Tangen, Olsen has set the moral philosopher Henrik Syse, who does not find it problematic that Tangen has earned his money on speculative funds and is hiding his wealth in tax havens. It's no wonder. Syse is a board member of Tang's companies on Cayman Island. Moral is so much – including teaching decent people how to become Christian charlatans with gold crosses on their chest.
In this, Syse receives support from Olsen: He regrets that Tangen was driven by insidious news before he got the job – under unclear circumstances no longer can explain – he will not join the Oil Fund. And heck, Tangen is a forgiven, refined and anointed basket boy who shows up on TV and tells us that his boyhood dream has come true.
These are not the Hardy boys on new adventures. It is the financial industry that takes control of the Norwegian public.
VG sounded alarm. The Oil Fund's social policy foundation is now under threat. It therefore does not hold apologies and regrets. The parliament must deal with the Tangen case. Now!