Norway, Which Proved Last Week That Socialism Beats Recessions, Is Now In a Recession

A lot can happen in six days. Last Wednesday, the New York Times rhapsodized about the strength of the Norwegian economy. Today, the paper reports that Norway is in a recession.

Last week: "The global financial crisis has brought low the economies of just about every country on earth. But not Norway.... And in the midst of the worst global downturn since the Depression, Norway's economy grew last year by just under 3 percent. The government enjoys a budget surplus of 11 percent and its ledger is entirely free of debt."

Today: "The slowdown in global economic activity has tipped Norway into recession, despite the country's deep oil reserves and strong budget position."