WEBVTT 00:00:00.150 --> 00:00:05.786 Prime Minister, you have a little fund in Norway, the sovereign fund. I looked at, 00:00:05.869 --> 00:00:08.310 I just checked, it's reached two... 00:00:08.610 --> 00:00:10.530 Two and a quarter trillion dollars. 00:00:10.890 --> 00:00:13.270 You have what, 5 million people in Norway? 00:00:13.500 --> 00:00:14.620 Like, I'm sure I've... 00:00:14.790 --> 00:00:19.890 close to half a million dollars per person. What are you going to do with it? 00:00:19.980 --> 00:00:22.560 Share with the fins. 00:00:25.980 --> 00:00:31.287 What we are doing is we live in a generation where we are transferring value 00:00:31.371 --> 00:00:37.174 from energy that is being sold mainly to Europe into a fund that will fund pensions 00:00:37.258 --> 00:00:38.960 in the future in Norway. 00:00:40.110 --> 00:00:43.237 So this is, you know, when oil prices go up and down, 00:00:43.320 --> 00:00:46.470 nothing goes into my budget. It goes into this fund. 00:00:47.100 --> 00:00:51.780 And from that fund, we can spend 3% or less of interest. 00:00:52.350 --> 00:00:56.040 a year. So basically, we have not spent any money from that fund. 00:00:56.670 --> 00:01:00.589 only part of the interest and it's meant to be there for future generations. 00:01:00.673 --> 00:01:03.670 It basically is meant to be a fund there for ever. 00:01:04.410 --> 00:01:07.742 if it is well protected. And it is differing from sovereign wealth funds 00:01:07.826 --> 00:01:10.657 in the Gulf, for example, where they are strategic funds, 00:01:10.740 --> 00:01:16.320 which are being used by major shares, we never take more than Basically, 00:01:16.410 --> 00:01:20.530 1 to 2 or 3% shares of companies. It is owning... 00:01:20.850 --> 00:01:23.587 shares in about 7,000 to 8,000. 00:01:23.670 --> 00:01:26.010 Companies around the world is an index fund. 00:01:26.430 --> 00:01:30.997 But you do have some ethical guidelines, for example, relating to Israel-Gaza. 00:01:31.080 --> 00:01:35.528 You have it. I mean, we are not, the fund is supposed to invest in countries 00:01:35.611 --> 00:01:38.950 that respect, you know, basic international conventions. 00:01:39.600 --> 00:01:46.600 We have not investing in companies that are in a major way invested in code. 00:01:47.820 --> 00:01:52.760 tobacco companies and so on. And now we have a review of those principles so that 00:01:52.920 --> 00:01:57.226 a fund which is basically owned by all Norwegian and future generations live up 00:01:57.309 --> 00:02:00.300 to basically the values we have as a people. 00:02:00.600 --> 00:02:04.320 So it is a major responsibility to manage that over time. 00:02:04.650 --> 00:02:06.671 and to manage our economy in a way. You know, 00:02:06.755 --> 00:02:10.273 you can explain to people that the government cannot use money that you don't 00:02:10.356 --> 00:02:11.189 have. 00:02:11.520 --> 00:02:15.570 I can tell you it's harder to explain that you cannot use money that you do have.