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Posted: 4/26/2024 6:26:31 AM EDT
Norway's 'trillion-dollar-man' believes America's attitude towards failure is helping propel the nation ahead of its European counterparts—where workers may have a better work-life balance but aren't as ambitious. Nicolai Tangen leads Nordic behemoth Norges Bank Investment Management, which governs the revenue earned by Norway’s oil and gas resources, with the aim of ensuring its benefits are distributed fairly between current and future Norwegian generations. Under Tangen's management since 2020, and over the past decade, the $1.6 trillion fund has invested more and more heavily in the U.S. instead of its closer neighbors in Europe—and it's no coincidence. America's performance, particularly in innovation and performance, is "worrisome" in contrast to Europe, Tangen told the Financial Times. Part of comes down to mindset, Tangen added, and how accepting each continent is of mistakes and risk: "You go bust in America, you get another chance. In Europe, you’re dead,” he said. https://finance.yahoo.com/news/americans-just-harder-europeans-says-104346801.html Naturally, they don't see that it's their socialism holding them back. |
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USA
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Posted: 4/26/2024 6:45:22 AM EDT
[#1]
I doubt labor is a very significant fraction of costs for oil production. That's an insanely highly capitalized industry with absurd productivity per worker, and much of that is created by processes of a few engineers that can be followed by anyone.
Oil companies invest primarily because of production opportunities, and regulatory arbitrage, and ultimately net positive margins. They couldn't give a flying fuck about who works harder, it makes very little difference as they can throw all the bodies they need for very little extra relative cost. |
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Posted: 4/26/2024 6:45:23 AM EDT
[#2]
 Brooks & Dunn - Hard Workin' Man (Official Video) Do you find many songs about being proud of their work ethic in other countries? |
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Posted: 4/26/2024 6:46:19 AM EDT
[#3]
Don't worry, the younger gens are certainly trying to catch up to the European model. They're looking forward to AI.
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Posted: 4/26/2024 6:53:05 AM EDT
[#4]
Quote HistoryOriginally Posted By DDalton: Don't worry, the younger gens are certainly trying to catch up to the European model. They're looking forward to AI. They don't realize that they're not getting paid while AI does their work for them. The company is keeping all that money. |
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Posted: 4/26/2024 6:55:36 AM EDT
[#5]
Quote HistoryOriginally Posted By miseses: I doubt labor is a very significant fraction of costs for oil production. That's an insanely highly capitalized industry with absurd productivity per worker, and much of that is created by processes of a few engineers that can be followed by anyone. Oil companies invest primarily because of production opportunities, and regulatory arbitrage, and ultimately net positive margins. They couldn't give a flying fuck about who works harder, it makes very little difference as they can throw all the bodies they need for very little extra relative cost. He's not talking about their oil industry. He manages their trust fund and explains why they invest in American companies. |
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Posted: 4/26/2024 7:11:41 AM EDT
[#6]
I've seen enough Hoist the Colours shorts on Youtube. Fuck that shit, I'm not going to the North Sea no matter what they pay me.
Kharn |
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Posted: 4/26/2024 7:16:25 AM EDT
[Last Edit: -Ascent-]
[#7]
I spent a couple years in Germany. I been to Poland and Hungary a bunch. I’ve made a lot of friends from cops to engineers. I would agree. Americans work longer hours and more days than what I saw.
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USA
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Posted: 4/26/2024 7:16:30 AM EDT
[#8]
Wife works for a French based company. They are absolutely pompous, they want the American branch to switch to the European training model. The European model doesn't accomplish near what the American does...because not only do they work 20% less a week, they fill the curriculum full of BS
Europe has some smart people...absolute idiots at execution |
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FL, USA
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Posted: 4/26/2024 7:23:57 AM EDT
[#9]
Quote HistoryOriginally Posted By miseses: I doubt labor is a very significant fraction of costs for oil production. That's an insanely highly capitalized industry with absurd productivity per worker, and much of that is created by processes of a few engineers that can be followed by anyone. Oil companies invest primarily because of production opportunities, and regulatory arbitrage, and ultimately net positive margins. They couldn't give a flying fuck about who works harder, it makes very little difference as they can throw all the bodies they need for very little extra relative cost. The point, you missed it. |
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Posted: 4/26/2024 7:26:19 AM EDT
[#10]
Quote HistoryOriginally Posted By JellyBelly: They don't realize that they're not getting paid while AI does their work for them. The company is keeping all that money. There will be universal basic income by that point. They will get paid, just not what they think they are worth. |
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Posted: 4/26/2024 7:29:21 AM EDT
[#11]
Does this mean their government workers are even more worthless than ours?
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Posted: 4/26/2024 7:34:51 AM EDT
[#12]
BREAKING: A European acknowledges something that's been common knowledge since at least WWII.
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Posted: 4/26/2024 7:35:52 AM EDT
[#13]
It's a well known fact….
Americans live to work. Euros work to live. |
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Posted: 4/26/2024 7:36:23 AM EDT
[#14]
Quote HistoryOriginally Posted By twistedcomrade: Does this mean their government workers are even more worthless than ours? I'd think you would toss all government workers (from every country) out of the equation when comparing productivity. |
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Posted: 4/26/2024 7:38:46 AM EDT
[Last Edit: ED_P]
[#15]
In my working life I worked with Norwegians and they worked just as hard as a good US employee. Never issues with staying late or working weekends when something was not working right.
The one weird thing about Norway is everyone's salary, taxes paid and bank savings are public information. You can go to the website for the city they live in and look up what their pay and savings are. |
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OK, USA
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Posted: 4/26/2024 7:50:45 AM EDT
[#16]
Quote HistoryOriginally Posted By pdm: It's a well known fact…. Americans live to work. Euros work to live. So many will read this as a compliment to Americans.... |
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THA
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Posted: 4/26/2024 7:59:51 AM EDT
[#17]
Americans have had to work harder. For 80 years we've had to financially support European leaches. We get ass raped in taxes so they can take it easy.
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Posted: 4/26/2024 3:08:33 PM EDT
[#18]
Quote HistoryOriginally Posted By Steamedliver: There will be universal basic income by that point. They will get paid, just not what they think they are worth. Subsistence living and if you don't toe the company line you may be cut off from those benefits until you've been retrained to think properly. You'll be nothing and you'll like it. |
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NC, USA
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Posted: 4/26/2024 3:15:48 PM EDT
[#19]
 Cadillac ELR 2014...n'est-ce pas? |
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FL, USA
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Posted: 4/26/2024 3:17:26 PM EDT
[Last Edit: TotalNovice]
[#20]
I worked for a few years in Europe. I know what he's trying to say. It won't be a surprise or a concern on either side of the Atlantic.
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Posted: 4/26/2024 3:19:34 PM EDT
[#21]
Thats why Australia told France to shove their nuke subs up their ass and went with Americans.
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TX, USA
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Posted: 4/26/2024 3:31:20 PM EDT
[#22]
Quote HistoryOriginally Posted By -Ascent-: I spent a couple years in Germany. I been to Poland and Hungary a bunch. I’ve made a lot of friends from cops to engineers. I would agree. Americans work longer hours and more days than what I saw. I work with Europeans daily and for the most part they are lazy entitled assholes. Only a handful of them are hard working and actual care about being productive. The rest for back and say the works union will protect them. Then they wonder why we don't hire any more people there that we absolutely don't need. It's getting to the point that we only hire mental laborers and vet some hard working managers to watch over them. All the administrative type rolls are filled in our American offices. Hell, we only keep enough IT on hand there to swap out equipment. All support is done state side. |
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PA, USA
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Posted: 4/26/2024 3:35:47 PM EDT
[#23]
Some of you really need to travel to Europe, or any other continent. Know the way we complain about union employees or road/infrastructure workers standing around watching someone work? Imagine what you see times 10. It's hilarious watching them to be honest, 10 standing around drinking tea/coffee/hot water while 1 guy barely does anything at all for an entire day, on a project that could be completed by a backhoe in 2 minutes.
Arguably, we DO work harder AND longer hours than pretty much every European country. South Americans are just retarded and don't work smart. |
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MN, USA
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Posted: 4/26/2024 3:49:27 PM EDT
[#24]
Quote HistoryOriginally Posted By -Ascent-: I spent a couple years in Germany. I been to Poland and Hungary a bunch. I’ve made a lot of friends from cops to engineers. I would agree. Americans work longer hours and more days than what I saw. I spent a week in England on company business. It was a software company and office work. The people trickled in starting about 8AM and everyone was there by 8:30. At 5:00PM, it was like someone rang a fire alarm. At 5:05 PM, the place was empty. I've worked in a lot of US companies, I've never seen anything like it in the US. |
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Posted: 4/26/2024 4:00:24 PM EDT
[#25]
Quote HistoryOriginally Posted By ED_P: In my working life I worked with Norwegians and they worked just as hard as a good US employee. Never issues with staying late or working weekends when something was not working right. The one weird thing about Norway is everyone's salary, taxes paid and bank savings are public information. You can go to the website for the city they live in and look up what their pay and savings are. I've worked with a lot of Norwegians in the maritime industry and this is my experience as well. Their guys will bust ass to get a job done. The laziest, cheapest motherfuckers I've worked with from "Europe" have been the Greeks. I once had a Greek crewed ship try to stiff me on payment (they were told ahead of time it would be a cash job) until I threatened to break their shit back to where it was when I started and inform the Coast Guard that they were not fit to sail. Magically, the money appeared |
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Posted: 4/26/2024 4:08:21 PM EDT
[#26]
Quote HistoryOriginally Posted By -Ascent-: I spent a couple years in Germany. I been to Poland and Hungary a bunch. I've made a lot of friends from cops to engineers. I would agree. Americans work longer hours and more days than what I saw. |
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Posted: 4/26/2024 4:15:48 PM EDT
[#27]
I’ve worked with European folks a lot over the years. Very smart, loyal to the company, but they do enjoy their time off. Most of the time they seem to lack a sense of urgency. From June to September, it’s a wash. Most folks are on “Holiday.”
Most unproductive time of the year. |
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Posted: 4/26/2024 4:21:19 PM EDT
[#28]
Our US commanders (German) secretary said she could tell the Americans coming down the hall by the sound of our footfall. We walked faster than every one of the other 16 nations on the base, including the Canadians.
Most of the European military went on extended leave in July, to include the Germans and Dutch. We ran the base at a normal ops tempo, and rarely missed them. Their "work-life balance" is heavily weighted to the live side, and the further south you travel the slower the work side, right up to the point you reach Greece, where it almost crawls to a halt. |
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Posted: 4/26/2024 4:23:03 PM EDT
[#29]
We could very easily have a sovereign wealth fund like Norway and SA.
But instead… we have huge deficits. |
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Posted: 4/26/2024 4:28:10 PM EDT
[#30]
Go to Spain
Holy fuck they know how to not work They must train to fuck off because they are the best at it. They would not work more than 38 hours a week and when they did work nothing got done. It is fucking insane |
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Posted: 4/26/2024 4:33:27 PM EDT
[Last Edit: mancat]
[#31]
Quote HistoryOriginally Posted By Crazyascanbe: Go to Spain Holy fuck they know how to not work They must train to fuck off because they are the best at it. They would not work more than 38 hours a week and when they did work nothing got done. It is fucking insane I lived in Spain for almost 6 months in El Puerto de Santa Maria near Naval Station Rota There was a high rise apartment building being built when I arrived. Guys showed up for work every weekday. Lunch time hits, after lunch you can visibly see half as many guys on site- many would simply not return from lunch, that's siesta for you. In the 6 months I was there, ZERO visible progress on the construction of that building. |
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Posted: 4/26/2024 4:36:55 PM EDT
[#32]
Quote HistoryOriginally Posted By Crazyascanbe: Go to Spain Holy fuck they know how to not work They must train to fuck off because they are the best at it. They would not work more than 38 hours a week and when they did work nothing got done. It is fucking insane I don't think I'll go to Spain, then. 
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Posted: 4/26/2024 4:55:32 PM EDT
[Last Edit: Kharn]
[#33]
Quote HistoryOriginally Posted By LittleBigHorn: Some of you really need to travel to Europe, or any other continent. Know the way we complain about union employees or road/infrastructure workers standing around watching someone work? Imagine what you see times 10. It's hilarious watching them to be honest, 10 standing around drinking tea/coffee/hot water while 1 guy barely does anything at all for an entire day, on a project that could be completed by a backhoe in 2 minutes. Arguably, we DO work harder AND longer hours than pretty much every European country. South Americans are just retarded and don't work smart. But they don't have pickups or semis in city centers! They have the perfect traffic infrastructure! Oh wait, they can't haul that backhoe anywhere.  Kharn |
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Posted: 4/26/2024 4:58:36 PM EDT
[#34]
Wait till they unionize.
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PA, USA
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Posted: 4/26/2024 5:04:41 PM EDT
[#35]
Quote HistoryOriginally Posted By Kharn: But they don't have pickups or semis in city centers! They have the perfect traffic infrastructure! Oh wait, they can't haul that backhoe anywhere. Kharn Quote HistoryOriginally Posted By Kharn: Originally Posted By LittleBigHorn: Some of you really need to travel to Europe, or any other continent. Know the way we complain about union employees or road/infrastructure workers standing around watching someone work? Imagine what you see times 10. It's hilarious watching them to be honest, 10 standing around drinking tea/coffee/hot water while 1 guy barely does anything at all for an entire day, on a project that could be completed by a backhoe in 2 minutes. Arguably, we DO work harder AND longer hours than pretty much every European country. South Americans are just retarded and don't work smart. But they don't have pickups or semis in city centers! They have the perfect traffic infrastructure! Oh wait, they can't haul that backhoe anywhere. Kharn I don't spend much time in the European cities, and where I go, even with the winding roads, they certain can and do haul heavy equipment. Actually, I think I have a video of somewhere in SA of 5 guys shoveling dirt in to a hole with a backhoe right next to them, running.
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WI, USA
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Posted: 4/26/2024 7:25:04 PM EDT
[#36]
We also steal less.
Not sure how much it’s changed, but the head of Air Research European division said when he took over the laborers were stealing millions of dollars of product & it was considered “Normal” & management just let it happen. If they didn’t let them they would strike & shut the company down until they got their free shit to sell for scrap or pennies on the dollar. |
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Posted: 4/26/2024 8:08:19 PM EDT
[Last Edit: ED_P]
[#37]
Quote HistoryOriginally Posted By Crazyascanbe: Go to Spain Holy fuck they know how to not work They must train to fuck off because they are the best at it. They would not work more than 38 hours a week and when they did work nothing got done. It is fucking insane I agree on Spain. Very nice people- so generous to complete strangers with food and drink, but once lunch is done they have a thousand different ways to call it a day. On their generosity- We walked into a restaurant we didn't realize was closed. The owner was doing renovations on his bar and still welcomed us in and poured us each 3 beers for free and showed us the kitchen before getting back to work.  |
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Posted: 4/26/2024 10:33:59 PM EDT
[#38]
Quote HistoryOriginally Posted By pdm: It's a well known fact…. Americans live to work. Euros work to live. We were in Germany last year. Middle of the day, moms and dads taking their kids to the parks, walking along the river, walking to the store. I've been working really hard to only work 4 days a week, and I like it. I think the European model is pretty good. |
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Posted: 4/26/2024 10:46:33 PM EDT
[Last Edit: Texaspyro21]
[#39]
Quote HistoryOriginally Posted By m200maker: Wait till they unionize. I work for a European company and learned that their quitting time was 3:30 local while on a call. Thought the call got dropped but nope, they didn't want to waste time saying anything and just hung up. |
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Posted: 4/26/2024 11:02:35 PM EDT
[#40]
Americans get crap done. Europeans crap on Americans.
After seeing how serious Western Europe takes their national defense, it really looks as if they're planning on the US coming to save them. |
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Posted: 4/26/2024 11:05:13 PM EDT
[#41]
Quote HistoryOriginally Posted By Foxtrot08: We could very easily have a sovereign wealth fund like Norway and SA. But instead we have huge deficits. |
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PA, USA
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Posted: 4/26/2024 11:10:01 PM EDT
[#42]
In a multi-national, the U.S. workers work the hardest and are the most productive...and are the first to be laid off during a down-turn.
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Posted: 4/26/2024 11:19:03 PM EDT
[#43]
Quote HistoryOriginally Posted By BobP: I spent a week in England on company business. It was a software company and office work. The people trickled in starting about 8AM and everyone was there by 8:30. At 5:00PM, it was like someone rang a fire alarm. At 5:05 PM, the place was empty. I've worked in a lot of US companies, I've never seen anything like it in the US. Quote HistoryOriginally Posted By BobP: Originally Posted By -Ascent-: I spent a couple years in Germany. I been to Poland and Hungary a bunch. I’ve made a lot of friends from cops to engineers. I would agree. Americans work longer hours and more days than what I saw. I spent a week in England on company business. It was a software company and office work. The people trickled in starting about 8AM and everyone was there by 8:30. At 5:00PM, it was like someone rang a fire alarm. At 5:05 PM, the place was empty. I've worked in a lot of US companies, I've never seen anything like it in the US. That's almost exactly what I say about my experience working in the UK. At 5pm every single person is rushing to their car and by 5:05 the entire parking lot is empty. I'm surprised they don't have daily accidents with the rush of people trying to get out of the parking lot. We were there helping our UK team on a project and the US workers were working 60 hours a week to make sure we'd meet the deadline... one of the UK girls got pissed and complained in a meeting that she was usually off every Wednesday and the project was going to affect her schedule. Also told the main guy at the factory that 2 of us were staying late to finish setting up some equipment. He told us he's leaving at 530pm. We got tied up and weren't paying attention to time and the guy actually shut the lights off right at 5:28pm and we had to rush to find him. It was a secure facility and we didn't have a keycard to get out of the building! The guy could have at least warned us. |
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Posted: 4/26/2024 11:25:59 PM EDT
[#44]
I don’t know about that.
My wife worked 3 jobs for the last 6 months. Contract nursing for 100 an hour. Regular nursing job. Second side nursing job. It’s over now and she’s happy it’s done
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NC, USA
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Posted: 4/26/2024 11:31:42 PM EDT
[Last Edit: vampgrrl]
[#45]
Its both good but its also a trap.
A lot of Americans would take more risks such as try to work independently as a consultant or start their own business. Problem is a lot of people are overleverged on their bills, plus they are reliant on the health insurance provided by their employer. It's not a good thing. It have weakened an independent American spirit which makes people less likely to strike out on their own, or even speak freely about what is happening in the country. Most of our ancestors, esp those of us who have deep roots in this country worked hard, but they worked hard at home, on their property. Families were closer to each other. People didn't move all over the country, moving for jobs yet living in cities they didn't want to live in and around total strangers. There is a sense of anxiety that is rife throughout American society. It is done on purpose to keep us in line by our betters. |
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Posted: 4/26/2024 11:37:19 PM EDT
[#46]
Comes down to the individual. My ex is German and back to living in Germany. She works 60+ hours a week, walks fast, impatient with anyone not keeping her pace.
Her dad runs his own fabrication business and works 7 days a week basically non stop. I also meet Americans that are lazy as fuck. goes both ways. |
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Posted: 4/26/2024 11:45:24 PM EDT
[#47]
In a way I’d like to see us move more toward the middle.
We do work too much I think. I put in at least 20 hours a week. |
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UT, USA
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Posted: 4/26/2024 11:57:03 PM EDT
[#48]
And that’s changing here….
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TX, USA
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Posted: 4/26/2024 11:59:25 PM EDT
[#49]
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Posted: 4/27/2024 12:15:58 AM EDT
[#50]
Originally Posted By Waldo: Norway's 'trillion-dollar-man' believes America's attitude towards failure is helping propel the nation ahead of its European counterparts—where workers may have a better work-life balance but aren't as ambitious. Nicolai Tangen leads Nordic behemoth Norges Bank Investment Management, which governs the revenue earned by Norway’s oil and gas resources, with the aim of ensuring its benefits are distributed fairly between current and future Norwegian generations. Under Tangen's management since 2020, and over the past decade, the $1.6 trillion fund has invested more and more heavily in the U.S. instead of its closer neighbors in Europe—and it's no coincidence. America's performance, particularly in innovation and performance, is "worrisome" in contrast to Europe, Tangen told the Financial Times. Part of comes down to mindset, Tangen added, and how accepting each continent is of mistakes and risk: "You go bust in America, you get another chance. In Europe, you’re dead,” he said. https://finance.yahoo.com/news/americans-just-harder-europeans-says-104346801.html Naturally, they don't see that it's their socialism holding them back. 
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