- Financial bubbles are notoriously difficult to detect before they actually burst.
- I do suffer somewhat from a "pessimism bias" when it comes to the current world economy. This is mainly due to the high levels of public and private indebtedness, especially in the developed world.
- I currently live in Oslo and have lived here for three years. I do not have a Norwegian passport.
I actually first thought of naming this blog "The Norwegian Gamble". This because I think in the end the whole thing comes to the price of oil which is not decided by Norwegians. If oil price goes down enough, new oil extraction and exploration projects will be postponed / cancelled, the windfall profits of oil industry will disappear and Norwegians will find out that they had been living in a (housing and living standard) bubble which is now deflating.