Norway is one of the richest petro states in the world, and was very poor until the discovery of oil. They seem to have "escaped" any terrible fate.
Something to watch and distribute further: http://video.google.com/videoplay?docid=5232639329002339531&ei=ea_QSfS-EJLQ2wKw_5yBCQ&q=fed
Watch this: http://video.google.com/videoplay?docid=-515319560256183936 And then go to this thread: http://www.elitetrader.com/vb/showthread.php?threadid=151612 I still haven't figured out which of the 12 regional federal reserve banks prints money though Noone knows but I guess it's NY FED, because it is the only regional fed that has gold. Gold inventory of consolidated 12 regional feds equals gold inventory of NY fed (I checked consolidated statements of feds and NY fed financial statements), this means the remaining 11 regional feds do not have gold. I suspect therefore that only NY fed prints the money and earn interest on fiat money (55% of this regional fed is owned by a few banks)