It’s all gone

Which two of the world’s oil producing countries, are the only ones without a savings fund – money put aside for a rainy day – as of today?

According to this Herald report, the two short sighted states are:

  • Iraq
  • The UK.

Doesn’t look good, does it? If you read the article, you’ll get some context.

Note the following extract from the Herald piece:

“In 1974, McCrone [former government economist Professor Gavin McCrone] wrote a now-famous report for ministers predicting Scotland would become “as rich as Switzerland” if it controlled North Sea oil – a prediction that was kept from voters.”

But Scotland doesn’t (and didn’t) control North Sea oil. No wonder politicians have a poor reputation.