this post was submitted on 29 Jul 2023
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I'm sure this is a stupid simple take, but could a nation like Norway avoid this (at least for a while) by selling oil in other currencies and maintaining their investments in other currencies?
What currency the selling is done in probably doesn't matter but yes Norway maintains one of the largest sovereign wealth funds.
The issue is in undemocratic countries there's usually a preverse incentive to not educate people to maintain control of the country. Non resource rich countries have to educate their population to improve productive output.