Ahead of the September election, the Swedish Left is in a full-blown competition over who can raise taxes the most.

They love talking about “taxing the rich” and making sure “the wealthy pay their fair share”. What they rarely mention is the growing risk that Sweden follows Norway and France — driving away the very entrepreneurs and high earners who actually fund the welfare state.

Successful business owners are not optional. They are a prerequisite for the generous system the Left wants to expand. Without them, there is nothing to redistribute.

On top of that, the left has created another massive problem they prefer to ignore:
They have gambled away large parts of future pensions on politically driven “green” investments.

Northvolt is the textbook example — billions of pension money lost. Now comes the sequel: Stegra (formerly H2 Green Steel), another high-risk, politically hyped green project with significant exposure from the AP funds. Many already call it “Northvolt 2.0”.

So here’s my direct question to the Left:
When you force ordinary people’s pension savings into risky green adventures that go bankrupt — will you compensate us?

Because if the answer is yes, then you should immediately stop taxing entrepreneurs beyond all reason — the very people still willing to stay in Sweden and generate the tax revenue you depend on.

If you drive them away, there will be no money left for welfare, benefits, or compensating the future pensioners whose savings you have speculated away.

Startups and green experiments should not be financed with ordinary people’s retirement money.

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As a European, it actually pains me to say this.

We love talking about innovation, green transition, and “strategic autonomy”. Our politicians fly to Davos, deliver virtuous speeches, and compete to be best in class on climate targets.

Yet when it actually matters, we consistently choose the safe, comfortable, and heavily regulated path over real competition.

Take nuclear power as an example. Several European countries were so eager to phase out fossil fuels that they not only shut down functioning nuclear plants — they demolished them. The result? Large parts of Europe now suffer from insufficient, expensive energy.

The same pattern repeats itself with the EU AI Act. Instead of racing to build the best artificial intelligence, Europe chose to regulate it heavily before it was even properly born.

Just like we did with American ETFs — superior products with lower fees and better liquidity that we simply banned or heavily restricted for European investors.

This is classic modern Europe:
We want the moral praise for being green and responsible.
But we also want the tax revenue and economic growth that comes from the old, “dirty” economy that actually funds it all.

It’s a perfect Catch-22.

We’re not losing because we’re less intelligent.
We’re losing because we’ve become too comfortable to compete — and too hypocritical to admit it.

I’m European. I want Europe to succeed.

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In 1964, Democrat President Lyndon B. Johnson launched America’s ambitious “War on Poverty.”

More than six decades later, two economists — Kevin Corinth from the Heritage Foundation and Richard Burkhauser from Cornell University — have published a study suggesting that the war may have helped create a permanent underclass.

According to journalist Kevin Stocklin’s article in The Daily Signal (March 13, 2026), the massive expansion of welfare programs has largely replaced market incomes for many Americans, trapping generations in dependency on government transfers rather than work.

This isn’t just an American story. The same pattern is visible across much of the Western world.

The study doesn’t claim the original intentions were evil. But the results speak for themselves.

As the old proverb goes:
Give a man a fish and you feed him for a day. Teach a man to fish and you feed him for a lifetime.

We’ve spent trillions on fish.
Maybe it’s time to teach people how to fish again.

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I’m so damn tired of hearing people lecture about “inflation” as if they understand what they’re talking about.

There are two completely different things hiding behind that word. Most commentators and politicians either don’t know the difference — or conveniently pretend it doesn’t exist.

Javier Milei does know. And that’s exactly why he stands out.

He correctly identified that Argentina’s economic hell was driven by monetary inflation — decades of politicians printing money to buy votes and cling to power. So he did what almost no modern leader has the balls to do: he turned off the printing press, slashed public spending, and took the brutal short-term pain.

The result?
Poverty has dropped from a catastrophic ~53% peak to ~28% in roughly 18 months. Real wages are recovering. The economy is slowly clawing its way back.

Of course it hurt. Of course people suffered. But Milei chose reality over popularity — something extremely rare in politics.

And yet… the international media and chattering class barely give him credit. Why? Because admitting that this “far-right libertarian madman” was right would force them to question everything they’ve been preaching for generations.

In a world drowning in loud, half-informed voices, that kind of intellectual honesty and backbone isn’t just impressive.

It’s damn near revolutionary.

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Fredrik Hjelm, founder of Voi, dared to say in a podcast that the Sweden Democrats had been right about immigration early on. The reaction was immediate, brutal, and ongoing: headlines, moral condemnation, and “tech bro gone rogue” narratives. How dare he say something positive about the wrong party?

Meanwhile, Peter Carlsson of Northvolt has been given a remarkably soft landing after his company’s spectacular collapse. He’s been allowed to criticize the current government extensively in SVT, DN, Aftonbladet and elsewhere — with sympathetic framing as the “disappointed entrepreneur who speaks out”.
No character assassination, no “tech bro” smears, and no difficult questions about Swedish taxpayers’ pension money.

Keep in mind that the first company pays huge amounts of tax — while the second received massive subsidies from those same taxpayers.

One entrepreneur praises the “wrong” side and gets punished.
The other criticizes the government from the “right” green angle and gets platform after platform.

This isn’t journalism. It’s narrative enforcement.

Legacy media is clearly in full campaign mode for the opposition.

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Two EU countries have taken bold steps to tax savings and investments harder. Here’s the short version.

Netherlands – Tax on unrealized gains from 2028
From 1 January 2028, the Netherlands introduces the “Actual Return in Box 3 Act” (Wet werkelijk rendement box 3). 

• It taxes actual returns on savings, shares, bonds, crypto and similar assets in Box 3. 
• Both realised and unrealised gains are included — you pay even if you haven’t sold anything. 
• Rate: 36%. 
• Exemptions: property and startup shares (taxed only on sale). 
• Small tax-free allowance: around €1,800 per year.

This followed Supreme Court rulings that the old fictional yield system was unlawful. Instead of scaling back, the government moved to a more aggressive model to protect revenue. Source

Spain – Permanent solidarity tax on large fortunes
Spain introduced a “temporary” solidarity tax on high net worth in 2022. It is now permanent. 

• Applies to net wealth above €3 million (after a €700k deduction). 
• Progressive rates: 1.7% (3–5M), 2.1% (5–10M), 3.5% (above 10M). 
• National tax that overrides low-tax regions like Madrid. 
• Regional wealth taxes still apply from lower thresholds in many areas.

Classic pattern: “temporary” becomes forever. Source

Both cases reveal the same pressure: ageing populations, high debt, and the need for revenue without raising ordinary income taxes further. The Netherlands goes furthest by taxing paper gains. Spain shows how quickly new levies stick.

For private savers the message is clear — governments are increasingly eyeing accumulated capital. Diversify, stay informed, and consider your options.

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Statistics Sweden released the flash CPI figures today, and the numbers are surprisingly good.

The CPIF (which excludes mortgage rates) fell to just 0.8 % in April — half of the previous month’s level and well below the market’s expectation of 1.2 %.

The temporary VAT cut on food appears to have had a clear effect, helping to offset the impact of higher fuel prices caused by the Iran/US tensions.

Remember that CPIF already subtracts the effect of interest rates. The full CPI data will be released next week.

The Riksbank’s target is 2 % inflation with a tolerance band of ±1 %.

In a normal world, the Riksbank would be expected to cut the policy rate at tomorrow’s press conference. But with Erik Thedéen as governor — a well-known interest rate hawk — I expect the rate to remain unchanged.

This is exactly what I predicted last month.However, he might still refrain from his usual warning that “we may need to raise the policy rate further…” Link to my prediction from last month

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Last night during the party leaders’ debate, Magdalena Andersson (Social Democrats) said that not many teachers have 3 million SEK in their ISK accounts. Nicklas Andersson from Montrose gave a clear and mathematically correct answer: it’s not about the snapshot — it’s about direction and time.

A regular Swede who saves a reasonable portion of their after-tax salary every month can very well end up with one or several million SEK in their ISK after 10–15 years. It’s not about being rich from the start. It’s about consistent saving over time.

The exact same logic applies to companies.

Every large company once started with an ordinary person who had an idea and a regular job. No one thought that was wrong. On the contrary — it was often celebrated.

But somewhere along the way, when the company grew and became successful, the attitude changed. Suddenly the same person was no longer a hardworking entrepreneur, but a “capitalist” who the Left believes should be heavily taxed and viewed with suspicion.

So when exactly does the turning point occur?

When does the ordinary saver or entrepreneur stop being “one of us” and become “one of them”?
Is it when they reach one million in their ISK?
When the company has ten employees?
When they hit a certain profit margin?

Or is it simply the moment they succeed?

It’s an interesting question. Because it doesn’t seem to be about how they got there — but about the fact that they got there at all.

This reflection was sparked by Nicklas Andersson’s excellent post on X

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Every four years Swedish politicians beg us for our votes, our respect, and our trust.

They lecture us about “civic duty”, “saving democracy”, and how important it is that we show up at the ballot box.

Meanwhile, being a Swedish MP is an extremely well-paid job with generous benefits, long summer and winter recesses, and – until the end of 2014 – one of the most generous pension systems in the world.

Back then, just 12 years in parliament was enough to secure a full, lifelong pension. A 32-year-old could literally retire for life on a very comfortable income paid by the taxpayers.

Since the 2014 reform they now have to work a full 30 years to earn the maximum pension.

But what still infuriates me the most is the three voting buttons in the Riksdag: FOR, AGAINST, and ABSTAIN.

We pay these people enormous salaries and give them real power in exchange for doing a job. The least they can do is take a clear stand.

If you’re not prepared to vote either for or against something, you shouldn’t be a politician.

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If you still haven’t realized that traditional Swedish media leans heavily to the left, it’s time to wake up.

One of the cornerstones of the Left Party’s program is a “comprehensive tax reform” that will tax capital and wealth much harder than today.

Yet on April 19, 2026, at their congress in Örebro, the party leadership actually proposed lowering their own party tax — the internal fee that MPs and full-time politicians pay to the party.

The mere fact that this proposal even made it to a vote is staggering.

The congress voted it down (122 to 92). The party tax remains unchanged.

Had it not been an election year, the outcome would almost certainly have been different. This time they clearly took the optics into consideration.

So while the Left Party demands higher taxes on savings, capital gains, and wealth for ordinary Swedes, they quietly tried to protect their own privileged internal tax.

Legacy media has barely mentioned the vote.This is hypocrisy at its finest.

Related reading:
If the left wins the election this fall, our savings strategy will change dramatically

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