USA

"Whereas we have seen the carbon tax ‘stick’ in Europe, which has emphatically failed to work, we now have a ‘carrot’ in the USA called the Inflation Reduction Act. Almost half a trillion dollars of government grants and assistance are now in place to attract the world’s best green energies and technology to the USA. If you wish to invest in hydrogen, carbon capture, solar or wind, head west, young man."

"Remember, nuclear energy is not only green, it emits no carbon emissions, it also has virtually no variable costs and hence once built is extremely competitive. The major growth spurts in the world economy in the last two centuries can be clearly correlated with step changes in energy cost. Europe today finds itself unable to be competitive in steel, cement, plastics and ammonia (fertilizer) – the bedrock of a strong economy. The USA is the reverse."

"What he primarily saw was that Taylorism could be used not only to organize production but also to create rational goods distribution systems to the benefit of all stakeholders—manufacturers, customers, and stores; thoughts that he would continuously revisit. This was also something he had observed during his trip to the USA, how stores increasingly began to switch to selling pre-packaged goods instead of bulk products. In this way, the goods became cheaper; they took up less space and handling in the stores did not require as much staff. Even the transports were significantly simplified."

"In the USA, Ruben had seen that more and more goods were being pre-packaged and that both commerce and industry could save a lot of money in this way. Both realized that this also meant there was a lot of money to be made for those who quickly introduced similar packaging systems back in Sweden. The country was still virgin territory for the packaging industry."

"When Van Meter received Ruben’s letter, he became furious. Here was a completely unknown Swede in the USA informing him, more or less in plain text, that he did not understand the American market. Moreover, he once again brought up the demand to meet Clay. Van Meter could only perceive the letter as a complete vote of no confidence against him."

"Before he left for the USA on the negotiation tour, he sat down and carefully analyzed how it should be set up. His deliberations led to Tetra Pak’s entire USA strategy being changed. Instead of acquiring someone who could sell the machines under license, they would instead try to sell them to the dairies themselves. Additionally, they would acquire a number of companies that would manufacture the paper under license. Due to the stringent American antitrust laws, having just one paper supplier for the dairies was not enough, Holger assessed."

"HBO was a premium service, around $10 a month, but most others were free to consumers, and ad-supported, like TBS and USA. I had always expected nominal fees from networks, but, until hearing about MTV’s plans, I never had imagined that cable networks would have the market power to create a dual revenue stream: fees from the distributors carrying their network, on top of the money that advertisers paid to air commercials on it. All this time, I had valued the *distribution* part of the company, and now more of the future value might well lie in *content*."

"As an example, we at USA had come up with an innovative idea to buy $2 billion of Amazon’s debt. The stock market tech bubble of 2000 had burst, and people were worried that Amazon wouldn’t be able to meet its obligations. The bonds had sold off for twenty-five cents on the dollar."

"JS van der Lingen, who had worked under Albert Einstein in Europe. To Rupert’s amazement he declared categorically that Germany would lose the war. He argued that for all its technological expertise, Germany did not understand mass production. When the USA entered the war Germany would be flattened by bombardment from the air. Besides, said Van Lingen, the Germans always wanted to improve a product instead of mass-producing the armaments required in a war situation."

"I understand the outrage people can feel when the CEO's salary skyrockets far beyond worker and employee wages and what shareholders get from their investment, not to mention what happens in the overly rewarded financial sector. These excesses, which we unfortunately see examples of now and then, are a nuisance imported from the USA, where CEOs and management have hijacked power from shareholders in a corporate governance system that differs significantly from the Swedish one. In an increasingly globalized world with an international leadership market, the risk of unreasonable compensation rises here at home, especially since Swedish business leaders often maintain a high international standard."

"With Northern Shipping, the first building blocks were put in place in an international shipping empire. Liberia was the cornerstone. The West African country rightly bore its name. In terms of shipping, it was clearly about freedom. There was no Brønnøysund Register where one had to submit accounts, and no owners were mentioned in the papers of Liberia’s trade register. But Liberia is not a banana republic in all areas. The USA's most skilled lawyers have designed the country’s maritime laws, which are almost identical to the American ones. Shipowners risked no legal surprises by sailing under the Liberian flag."

"Yet, it was luxury compared to two months later. Then, a pressured Fredriksen had to sell the plane "Northern Falcon," a Canadair Challenger 600, the symbol of his billionaire status. It found a new owner in the USA, and the sale for nearly 9 million dollars helped with liquidity. But Fredriksen had to start taking scheduled flights, a dreadful experience. It was so burdensome that he rarely flew without a carousing companion to shorten the journey. To Marbella, he flew via London, and at least he could rejoice that Heathrow was central. With his private jet, Fredriksen insisted on landing at the airstrip Biggin Hill, which had its heyday during the Battle of Britain in 1940. There, landing fees were minimal, but it was two hours outside London. Such peculiar fits of stinginess are a characteristic part of Fredriksen's personality."

"In Golar, one could fine-tune operations and be creative with financing, but the main figures were set when tied up in contracts over two decades. It's almost like a banking business. Neither Fredriksen nor Trøim are suited for that. Something needs to happen all the time, and Golar is after all in a market that is expected to grow significantly for a long time. World gas production is increasing strongly, we know this not least in Norway, and with high oil prices, gas is very competitive. Everyone expects the USA to cover a larger part of its energy needs with natural gas, Japan will replace nuclear power with natural gas, and in Asia generally, the energy need seems insatiable. Someone has to transport all the gas from the production fields to the market. The conclusion was clear for Fredriksen: ordering more ships."

"It was the legend John Fredriksen the market was buying. They sensed that things would move fast, Fredriksen had aimed to consolidate the industry, nothing less. And one would not be slowed down by formalities, the board of SeaDrill was fully recognizable. Moreover, one could expect that the money would go to the shareholders as soon as there was something to distribute, everyone had learned that lesson. Such things are particularly liked in the homeland of dividends, the USA. When Frontline announces a large dividend, it is a topic on the major TV channels across the country. In the USA, John Fredriksen is big, he is the only Norwegian who matters in international business. – Are you a friend of John? is the control question you get in finance. Then it’s important to know Big John. Even though the information in SeaDrill was sparse and the figures airy, it was absolutely rational to shift focus from oil tankers to rigs. A supertanker and a drilling rig cost almost the same to build, but the rig commands much higher daily rates, even adjusted for significantly higher costs. Therefore, Fredriksen ordered new rigs and drilling vessels at a furious pace in the summer and fall of 2005, and with each order came the option for more. In a short period, contracts worth 10 billion kroner were signed."

"Meanwhile, Nicolas Berggruen is occupied with entirely different matters. At the University of California (UCLA), he is completing a crash course in politics. With Brian Walker, he deepens his knowledge in political comparative theory. Walker's area of expertise is the analysis of the American and Chinese systems; he also examines the relationship between the USA and Germany. Furthermore, Berggruen takes private lessons with Brian Copenhaver. The philosopher and historian heads the UCLA department of Medieval and Renaissance. In his seminars, the students learn how to write readable texts, and they are also introduced to Hegelianism. Professor Copenhaver praises Berggruen as "an excellent analyst who asks challenging questions." At this point, Karstadt plays no role in Nicolas Berggruen's thoughts."

"Benko, the dropout from Innsbruck, accumulates wealth like a Silicon Valley magnate. Or like one of those hedge fund owners from the USA who earn billions of dollars in good years – and whom Benko styles his life after. Why not? Benko's business ideas promised him and his investors very decent returns for the coming years as well."