Venezuela economy

[gordondaviesmoustache]

If too much of the economy is in public hands, inefficiency and inertia eventually takes a grip, ultimately in a way that is highly destructive. I think anything over 50% of the economy being in public ownership should be broadly considered undesirable, and to that extent, I don’t believe socialism works in the long run.

That said, at the moment (in the UK) we’ve gone too far the other way. Despite those inefficiencies, some things are simply better for society if they are publicly owned and run: the penal system being a case in point. I also refuse to accept that, individually, publicly run institutions are bound to to operate in a way that is (relatively speaking) egregiously inefficient (all large organisations, including commercial ones, have manifest inefficiencies).

As with anything in life, it‘s about balance.

 

[Chippy_boy]

Norway may run a deficit, but that is the result of their decision to separate oil revenues from the general pot, creating a sovereign wealth fund. Not one penny of the income from oil has been spent, only the income from investment by the sovereign wealth fund. This fund, incidently, is currently making heavy investments in UK industries, believing that Brexit will be a success in the long run. Norway, of course, is not a member of the EU.

8% of their portfolio is invested in the UK. They've increased in marginally as part of balanced portfolio and sensible hedging of bets. It's certainly not the ringing endorsement some people crave.

 

[Ancient Citizen]

8% of their portfolio is invested in the UK. They've increased in marginally as part of balanced portfolio and sensible hedging of bets. It's certainly not the ringing endorsement some people crave.

The 8% figure underplays the enormous size of the Norwegian wealth fund, it is one of Britains largest investors,
it co owns Regent st,is a top 5 owner of HSBC and BP, among others, and holds some £6billion of UK govt, debt.
and increasing it is an endorsement. Britain is the third largest recipient, behind the US and Japan.
Where I don't think they're putting money is Venezuela, unsurprisingly.

 

[Chippy_boy]

The 8% figure underplays the enormous size of the Norwegian wealth fund, it is one of Britains largest investors,
it co owns Regent st,is a top 5 owner of HSBC and BP, among others, and holds some £6billion of UK govt, debt.
and increasing it is an endorsement. Britain is the third largest recipient, behind the US and Japan.
Where I don't think they're putting money is Venezuela, unsurprisingly.

Yes, but it's still 8%.

They have to stick their money somewhere and putting 8% of it into the UK seems pretty reasonable. If you were telling me they had 50% of it in the UK, then that might be different. But in any event, this is an investment looking for a potential return over a 30+ year time horizon. Frankly I care pretty little about us being possibly better off in say 35 years.

(And BTW, I am about as devout a Remainer as you can get, and even I have more than 8% of my money invested in the UK!)

 

[Ancient Citizen]

Yes, but it's still 8%.

They have to stick their money somewhere and putting 8% of it into the UK seems pretty reasonable. If you were telling me they had 50% of it in the UK, then that might be different. But in any event, this is an investment looking for a potential return over a 30+ year time horizon. Frankly I care pretty little about us being possibly better off in say 35 years.

(And BTW, I am about as devout a Remainer as you can get, and even I have more than 8% of my money invested in the UK!)

Well I'm a devout leaver, and if I had any so would I ;)

 

[Turks Head Again]

Kicking off in Corbyn's Utopia.
Civil coop detat today.

 

[Ban-jani]

Kicking off in Corbyn's Utopia.
Civil coop detat today.

Momentum have come out in support of the government.

We mustn’t let these extremists into power here.

 

[Turks Head Again]

Momentum have come out in support of the government.

We mustn’t let these extremists into power here.

Momentum will never get its hand on the levers of power in this country .
The British are not so stupid as to put them in power with the sinister McDonnell in the Treasury.

 

[Ban-jani]

Momentum will never get its hand on the levers of power in this country .
The British are not so stupid as to put them in power with the sinister McDonnell in the Treasury.

I’m not so sure.

The Tories are dead, thankfully, and this paved the way for a Labour majority I think.

 

[urban genie]

This thread went quiet since the coup failed.