It looks like madness because it's something that's almost completely absent from politics around the world: thinking past the next election!
Ok, the government has this oil money what should we do with it? Give everyone tax cuts? Build giant vanity projects? Throw a year-long nation-wide party with a kilo of cocaine for every household?
Nope, let's invest it into a government owned diverse market fund so the social security of our citizens is sound for generations to come.
And it pays for public pensions. I see that as an absolute win. If there's going to be exploitation of the working class, at least let it be to care for old bums.
Norway and the US are using hacks. Whenever there's a shortage of something, a farmer in Bumfucksville, Iowa or fisherman in Bømføkstad, Norway finds some immense reserve of it.
2024 June 7
(...) After three years of targeted exploration, REN calculated this week a JORC-compliant inferred resource of 559 million tonnes at 1.57% total rare earth oxides (TREO). This means that the Fen carbonatite complex contains 8.8 million tonnes TREO with a reasonable prospect for eventual economic extraction, the company said. (...) https://www.mining.com/rare-earths-norway-says-its-ree-discovery-is-europes-largest/
https://www.ga.gov.au/scientific-topics/minerals/mineral-resources-and-advice/australian-resource-reviews/rare-earth-elements
"The group of metals referred to as rare earth elements (REE) comprises the 15 elements of the lanthanide series. Metals in the lanthanide series are: lanthanum (La), cerium (Ce), praseodymium (Pr), neodymium (Nd), promethium (Pm), samarium (Sm), europium (Eu), gadolinium (Gd), terbium (Tb), dysprosium (Dy), holmium (Ho), erbium (Er), thulium (Tm), ytterbium (Yb) and lutetium (Lu). In addition, yttrium (Y) and scandium (Sc) are often grouped with the lanthanides and referred to as REE."
