Denmark Was Like Greece, Now It’s Really Happy

[OddTrader]

Denmark Was Like Greece, Now It’s Really Happy

by Christian Wienberg and Frances Schwartzkopff
March 20, 2017

https://www.bloomberg.com/news/arti...devaluation-denmark-ends-183-years-of-fx-debt

Denmark is free of non-krone debt for first time since 1834
High foreign reserves make dollar bonds unneeded, Danske says

One of the world’s happiest nations just repaid all its foreign-currency debt. But just four decades ago, devaluation and economic sclerosis were the hallmarks of a much more miserable Denmark.

“In the early 1980s, Denmark was where Greece is now with an economy in crisis,” Jens Naervig Pedersen, a senior analyst at Danske Bank A/S, said by phone. “Now, the country is among the absolute strongest with a record-high current account surplus and strong public finances.”

 

[zdreg]

“Now, the country is among the absolute strongest with a record-high current account surplus and strong public finances.
Denmark is unlike the US, which was lead down the primrose road of deficits by Bush and Obama. when it comes to the economic health of the US, Trump seems as clueless as the two prior presidents.

plus the US is not as happy as it was in the past.

 

[felixbocharov]

Denmark's government is doing such an amazing job.

 

[JSOP]

https://www.bloomberg.com/news/arti...devaluation-denmark-ends-183-years-of-fx-debt

That's an incomplete report. You can't just choke off borrowing to reach prosperity. I mean yes, prudent fiscal and monetary policy is a sound way to manage money but to obtain prosperity, you must be able to EARN money otherwise you would still have to resort to borrowing to make ends meet (especially if you are accepting large migrants which is the next thing that Denmark needs to control IF it doesn't want to see itself borrowing again).

The problem with Greece isn't just with its borrowing; it's because it REALLY cannot do anything to earn positive revenue. Right off the bat, Greece doesn't have high-revenue luxury products/services like Rolex watches that can amass thousands of $$'s a sale. All it sells are low-cost, cheap everyday items which it can't sell right now because of the expensive Euro that it's been forced to adopt.

Denmark is able to have strong economy not simply because it restricted borrowing; it's mainly because it's making money, lots of it doing something right which this article didn't mention at all. And whatever it's doing right, maybe it can share with Greece right now to help Greece out a little?

 

[OddTrader]

Denmark's government is doing such an amazing job.

True indeed!

https://en.wikipedia.org/wiki/Economy_of_Denmark

Economy

https://en.wikipedia.org/wiki/Denmark

Denmark has a developed mixed economy that is classed as a high-income economy by the World Bank.[103] It ranks 18th in the world in terms of GDP (PPP) per capita and 6th in nominal GDP per capita.[104][105] Denmark's economy stands out as one of the most free in the Index of Economic Freedom and the Economic Freedom of the World.[106][107] It is the 13th most competitive economy in the world, and 8th in Europe, according to the World Economic Forum in its Global Competitiveness Report 2014–2015.[108]

Denmark has the fourth highest ratio of tertiary degree holders in the world.[109] The country ranks highest in the world for workers' rights.[110] GDP per hour worked was the 13th highest in 2009. The country has a market income inequality close to the OECD average,[111][112] but after public cash transfers the income inequality is very low. According to the International Monetary Fund, Denmark has the world's highest minimum wage.[113] As Denmark has no minimum wage legislation, the high wage floor has been attributed to the power of trade unions. For example, as the result of a collective bargaining agreement between the 3F trade union and the employers group Horesta, workers at McDonald's and other fast food chains make the equivalent of US$20 an hour, which is more than double what their counterparts earn in the United States, and have access to five weeks' paid vacation, parental leave and a pension plan.[114] Union density in 2015 was 68%.[115]

 

[OddTrader]

That's an incomplete report. You can't just choke off borrowing to reach prosperity. I mean yes, prudent fiscal and monetary policy is a sound way to manage money but to obtain prosperity, you must be able to EARN money otherwise you would still have to resort to borrowing to make ends meet (especially if you are accepting large migrants which is the next thing that Denmark needs to control IF it doesn't want to see itself borrowing again).

The problem with Greece isn't just with its borrowing; it's because it REALLY cannot do anything to earn positive revenue. Right off the bat, Greece doesn't have high-revenue luxury products/services like Rolex watches that can amass thousands of $$'s a sale. All it sells are low-cost, cheap everyday items which it can't sell right now because of the expensive Euro that it's been forced to adopt.

Denmark is able to have strong economy not simply because it restricted borrowing; it's mainly because it's making money, lots of it doing something right which this article didn't mention at all. And whatever it's doing right, maybe it can share with Greece right now to help Greece out a little?

Just like South Korea. Having long-time invested in science and technology could be the main key, especially including heavy research based STEM education, imo!

Science and technology

https://en.wikipedia.org/wiki/Denmark

Denmark has a long tradition of scientific and technological invention and engagement, and has been involved internationally from the very start of the scientific revolution. In current times, Denmark is participating in many high-profile international science and technology projects, including CERN, ITER, ESA, ISS and E-ELT.

In the 20th century, Danes have also been innovative in several fields of the technology sector. Danish companies have been influential in the shipping industry with the design of the largest and most energy efficient container ships in the world, the Maersk Triple E class, and Danish engineers have contributed to the design of MAN Diesel engines. In the software and electronic field, Denmark contributed to design and manufacturing of Nordic Mobile Telephones, and the now-defunct Danish company DanCall was among the first to develop GSM mobile phones.

Life science is a key sector with extensive research and development activities. Danish engineers are world-leading in providing diabetes care equipment and medication products from Novo Nordisk and, since 2000, the Danish biotech company Novozymes, the world market leader in enzymes for first generation starch based bioethanol, has pioneered development of enzymes for converting waste to cellulosic ethanol.[126] Medicon Valley, spanning the Øresund Region between Zealand and Sweden, is one of Europe's largest life science clusters, containing a large number of life science companies and research institutions located within a very small geographical area.

Danish-born computer scientists and software engineers have taken leading roles in some of the world's programming languages: Anders Hejlsberg (Turbo Pascal, Delphi, C#); Rasmus Lerdorf (PHP); Bjarne Stroustrup (C++); David Heinemeier Hansson (Ruby on Rails); Lars Bak, a pioneer in virtual machines (V8, Java VM, Dart). Physicist Lene Vestergaard Hau is the first person to stop light, leading to advances in quantum computing, nanoscale engineering and linear optics.

With an investment of 8.5 million euros over the ten-year construction period, Denmark confirms participation in E-ELT.[125]

 

[OddTrader]

Both the Crown Prince Frederik and Prince Joachim were married with immigrants, one from Australia and another from Hong Kong!

Something Greece is hard to learn, perhaps!

https://en.wikipedia.org/wiki/Mary,_Crown_Princess_of_Denmark

Crown Princess Mary in 2011
Born 5 February 1972 (age 45)
Hobart, Tasmania, Australia
Spouse Frederik, Crown Prince of Denmark (m. 2004)

https://en.wikipedia.org/wiki/Alexandra,_Countess_of_Frederiksborg

Alexandra visiting Aalborg, Denmark in 2004.
Born 30 June 1964 (age 52)
Hong Kong
Spouse Prince Joachim of Denmark
(m. 1995; div. 2005)
Martin Jørgensen
(m. 2007; div. 2015)

 

[JSOP]

Both the Crown Prince Frederik and Prince Joachim were married with immigrants, one from Australia and another from Hong Kong!

Something Greece is hard to learn, perhaps!

https://en.wikipedia.org/wiki/Mary,_Crown_Princess_of_Denmark

Crown Princess Mary in 2011
Born 5 February 1972 (age 45)
Hobart, Tasmania, Australia
Spouse Frederik, Crown Prince of Denmark (m. 2004)

https://en.wikipedia.org/wiki/Alexandra,_Countess_of_Frederiksborg

Alexandra visiting Aalborg, Denmark in 2004.
Born 30 June 1964 (age 52)
Hong Kong
Spouse Prince Joachim of Denmark
(m. 1995; div. 2005)
Martin Jørgensen
(m. 2007; div. 2015)

NOT all immigrants and migrants are built the same. Not to be discriminatory but just being realistic and objective. And with the above two, very sadly, the Prince Joachim and his Hong Kongese immigrant wife Alexandra is now divorced, nothing related to the quality of immigrant herself of course.

 

[OddTrader]

Besides, building international connections and bones, especially with 2 resourceful countries Australia and China which is also an emerging huge consumption market, would be their proven success. imo

 

[felixbocharov]

Just like South Korea. Having long-time invested in science and technology could be the main key, especially including heavy research based STEM education, imo!

With an investment of 8.5 million euros over the ten-year construction period, Denmark confirms participation in E-ELT.[125]

and Trump wants to bring back low-paying manufacturing jobs ...