3min chapter

The Macro Trading Floor cover image

Why Is Powell Ignoring "Animal Spirits"

The Macro Trading Floor

CHAPTER

The Norwegian Corona - The Kramer Hates Again

The Norwegian state gets a lot of taxes from natural gas and petroleum, oil, etc. And what happened during a period of time in between 2015 and 2020 roughly was that they partly funded the Norwegian budget with these taxes. Over the course of 2022 due to these extreme spike in oil prices, but not least in natural gas prices, they are the most important here since the move was so big. They've reversed the course and started reversing the FX policy, selling the Norwegian Corona's every day, buying US dollars to match the flows from these tax payments. Now we've seen a complete meltdown in the price of natural gas, and they haven't adjusted the pace to the extent needed to match that

00:00

Get the Snipd
podcast app

Unlock the knowledge in podcasts with the podcast player of the future.
App store bannerPlay store banner

AI-powered
podcast player

Listen to all your favourite podcasts with AI-powered features

Discover
highlights

Listen to the best highlights from the podcasts you love and dive into the full episode

Save any
moment

Hear something you like? Tap your headphones to save it with AI-generated key takeaways

Share
& Export

Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more

AI-powered
podcast player

Listen to all your favourite podcasts with AI-powered features

Discover
highlights

Listen to the best highlights from the podcasts you love and dive into the full episode