It is a continent in turmoil, teetering on the precipice of chaos.
這是一片動盪的大陸，正站在混亂的懸崖邊緣。
00:15
The French Revolution shatters the Old World Order, and in its wake rises a man, a small alien takes the reins of a fractured France.
法國大革命粉碎了舊世界秩序，而一個人、一位外來的小個子，掌握了分裂的法國。
00:33
His vision is clear, end the bloody revolution, and lift France to imperial glory.
他的願景清晰：結束血腥的革命，將法國提升至帝國榮耀。
00:40
Napoleon was skilled and talented, but beyond that he had great ambition and a sense of his own destiny.
拿破崙技藝高超且才華橫溢，但更超越的是，他擁有遠大的抱負和對自身命運的感知。
00:51
By 1801, he crushes the Austrian armies in Italy and forces a reluctant peace upon the Holy Roman Emperor.
到1801年，他在義大利擊潰奧地利軍隊，並迫使神聖羅馬帝國皇帝接受不情願的和平。
00:59
Across the English Channel, Britain knows that Napoleon's France cannot match the powerful Royal Navy at sea.
在英吉利海峽的另一端，英國知道拿破崙的法國無法在海上與強大的皇家海軍匹敵。
01:06
This sets the stage for a tense stalemate, a fragile balance between Europe's most powerful forces, one destined to break.
這為緊張的僵局奠定了基礎，歐洲最強大的力量之間形成脆弱的平衡，註定會被打破。
01:20
In the early years of the 19th century, Denmark-Norway finds itself in an increasingly precarious position.
在19世紀初，丹麥-挪威發現自己處境日益危險。
01:27
Under King Christian VII, with a brilliant but ailing Crown Prince Frederick governing as regent, the kingdom's stance seems clear, avoid conflict at all costs by staying neutral.
Initially, Denmark-Norway's neutrality was a strategic choice aimed at preserving its trade routes and avoiding the devastation of war.
最初，丹麥-挪威的中立是一種戰略選擇，旨在保護其貿易路線並避免戰爭的破壞。
01:50
The kingdom had a significant commercial interest, especially with his merchant fleet being one of the largest in Europe.
該王國擁有重大的商業利益，特別是其商船隊是歐洲最大的之一。
02:00
But neutrality becomes increasingly difficult to maintain as the conflict between Britain and France escalates.
但隨著英國和法國之間的衝突升級，保持中立變得越來越困難。
02:08
For the British, whose naval power reigns unchallenged, the possibility of the Danish fleet falling into French hands is a threat they cannot ignore.
對於海軍力量無人能敵的英國來說，丹麥艦隊落入法國之手的可能性是一個無法忽視的威脅。
02:19
And the only option is strike first.
而唯一的選擇就是先發制人。
02:24
In 1801, Britain launches a preemptive naval assault known as the Battle of Copenhagen.
1801年，英國發動了一場先發制人的海軍攻擊，即哥本哈根戰役。
02:31
The British fleet, under Admiral Nelson, bombardes Copenhagen, inflicting significant losses on the Danes.
英國艦隊在納爾遜海軍上將的指揮下，炮轟哥本哈根，對丹麥人造成重大損失。
02:38
The ruthless attack of the British forces Denmark-Norway into a more defensive posture.
英國無情的攻擊迫使丹麥-挪威採取更防禦的姿態。
02:45
In early 1801, the country joins an alliance of northern powers, Russia, Prussia, and Sweden, determined to defend their neutral shipping from British interference.
1801年初，該國加入了俄羅斯、普魯士和瑞典組成的北方強國聯盟，決心保護其中立的航運免受英國干預。
03:05
But for Britain, such a pact cannot be tolerated.
但對英國來說，這樣的協定無法容忍。
03:09
The threat must be neutralized before it grows out of control.
威脅必須在失控前被消除。
03:14
In August 1807, Britain launches the second Battle of Copenhagen.
1807年8月，英國發動第二次哥本哈根戰役。
03:19
This time, the assault is swift and merciless.
這次攻擊迅速且無情。
03:23
British forces, under Admiral James Gambier and General Lord Cathcart, lay siege to Copenhagen, bombarding the city relentlessly for four days.
Fires rage across Copenhagen as civilians perish and centuries-old buildings crumble.
大火在哥本哈根肆虐，平民喪生，數百年歷史的建築物倒塌。
03:39
Denmark-Norway, completely unprepared for such overwhelming force, is compelled to surrender its fleet to the British.
丹麥-挪威完全沒有準備好應對如此壓倒性的武力，被迫向英國投降並交出艦隊。
03:50
Enraged and humiliated, Crown Prince Frederick has no choice but to align with Napoleon.
怒火中燒且蒙羞的王儲腓特烈別無選擇，只能與拿破崙結盟。
03:55
In 1808, Denmark-Norway formally joins the Napoleonic Wars on the French side.
1808年，丹麥-挪威正式加入拿破崙戰爭，站在法國一方。
04:04
But this alliance brings little benefit.
但這個聯盟幾乎沒有帶來任何好處。
04:07
As a French ally, Denmark-Norway becomes embroiled in brutal conflicts.
作為法國的盟友，丹麥-挪威卷入了殘酷的衝突中。
04:12
Troops are deployed in northern Germany, facing relentless pressure from Swedish and Russian forces.
部隊被派往德國北部，面對瑞典和俄羅斯軍隊的無情壓力。
04:19
The kingdom's economy is strangled by the British blockade, leading to widespread hunger and poverty.
王國的經濟因英國的封鎖而陷入困境，導致飢餓和貧困蔓延。
04:26
It was an incredibly difficult situation to be in.
這是一個極其艱難的處境。
04:29
For any country that joined forces with France, the immediate consequence was typically a stringent British naval blockade.
對於任何與法國結盟的國家來說，立即的後果通常是英國嚴格的海軍封鎖。
04:37
The blockade effectively cut off trade routes, severely impacting economies that were dependent on maritime commerce, and this will often lead to social instability.
封鎖有效地切斷了貿易路線，嚴重影響了依賴海上貿易的經濟，並經常導致社會動盪。
05:00
Napoleon's defeat in the Battle of Leipzig in October 1813 sends shockwaves across Europe.
拿破崙在1813年10月的萊比錫戰役中戰敗，震撼了整個歐洲。
05:08
His dominance is ending.
他的統治即將結束。
05:10
Denmark-Norway, still allied with the collapsing French Empire, finds itself cornered and vulnerable.
丹麥-挪威仍然與崩潰的法蘭西帝國結盟，發現自己陷入孤立和脆弱的境地。
05:18
It is a vulnerability that its neighbor is eager to exploit.
這種脆弱性正是其鄰國急於利用的。
05:22
Swedish forces, led by Crown Prince Charles John, invade Norway, aiming to fulfill Sweden's long-standing ambition of uniting Scandinavia.
瑞典軍隊在王儲查爾斯·約翰的率領下入侵挪威，旨在實現瑞典長期以來統一斯堪的納維亞的野心。
05:35
Desperation grips Crown Prince Frederick of Denmark-Norway.
丹麥-挪威的王儲腓特烈陷入絕望。
05:39
Their depleted army cannot hope to resist the overwhelming forces of the coalition.
他們的軍隊已經損耗殆盡，無法抵抗聯軍的壓倒性力量。
05:45
On January 14, 1814, the Treaty of Kiel is signed, marking the bitter end of Denmark-Norway's long struggle in the Napoleonic Wars.
1814年1月14日，《基爾條約》簽署，標誌著丹麥-挪威在拿破崙戰爭中長期鬥爭的苦澀結束。
05:58
The treaty forces Denmark to cede Norway to Sweden, severing a union that has lasted nearly 450 years.
該條約迫使丹麥將挪威割讓給瑞典，結束了長達近450年的聯盟。
06:11
But after centuries of subjugation, the spirit of independence in Norway is reignited.
但在經歷了數世紀的統治後，挪威的獨立精神再次被點燃。
06:17
A central figure emerges.
一位核心人物浮現。
06:19
A man who shapes this era of upheaval.
一位塑造這個動盪時代的人。
06:22
His name is Prince Christian Frederick, the former viceroy of Norway, and nephew of the Danish king.
他的名字是克里斯蒂安·弗雷德里克王子，前挪威總督，也是丹麥國王的侄子。
06:29
Prince Christian Frederick was part of the Danish royal family, and as the viceroy of Norway, he formed a close relationship with the people of Norway.
克里斯蒂安·弗雷德里克王子是丹麥王室的一員，作為挪威的總督，他與挪威人民建立了密切的關係。
06:43
Christian Frederick refuses to quietly accept subjugation.
克里斯蒂安·弗雷德里克拒絕默默接受統治。
06:47
Determined to resist Sweden's annexation and declare Norway's independence, he calls for a national assembly in the spring of 1814.
他決心抵制瑞典的吞併並宣佈挪威獨立，於1814年春天召開國民大會。
06:57
112 representatives gather at Idesvall in a historic meeting where they draft a constitution.
112名代表在艾茲瓦爾舉行歷史性會議，起草憲法。
07:07
On May 17, 1814, the constitution of Norway is signed, and a new national institution, the Storting, is established, a parliament meant to give voice to a people hungry for self-governance.
But dreams and paper decrees do not keep Swedish armies at bay.
但夢想和紙面法令無法阻止瑞典軍隊的入侵。
07:28
For Christian Frederick, he faces a cunning adversary.
對克里斯蒂安·弗雷德里克來說，他面對的是一個狡猾的對手。
07:34
Jean Bernadotte, he had a wild rise to power.
讓·貝納多特，他的權力之路充滿傳奇。
07:38
He was originally a French Marshal under Napoleon and was then somehow chosen as the next heir to the Swedish throne in 1810 after the end of the previous royal family.
他原本是拿破崙手下的法國元帥，後來在1810年瑞典王室絕嗣後，竟被選為瑞典王位的繼承人。
07:51
As Crown Prince of Sweden, Bernadotte has big plans to grow Sweden's power, seeing the takeover of Norway as a key step to strengthening Sweden's standing in Northern Europe.
作為瑞典王儲，貝納多特有宏大的計劃來擴大瑞典的勢力，將吞併挪威視為增強瑞典在北歐地位的關鍵一步。
08:03
But he also realizes he must play his cards right to avoid a bloody conflict.
但他也意識到，必須謹慎行事，以避免一場血腥衝突。
08:09
He prepared the Swedish military for potential action, but also sought to win over the Norwegian Elise and a general populace by promising to respect the newly drafted Norwegian constitution.
他準備瑞典軍隊採取可能的行動，但也試圖通過承諾尊重新起草的挪威憲法來贏得挪威精英和民眾的支持。
08:27
By November 1814, Christian Frederick steps aside, and Norway reluctantly enters into a union with Sweden, retaining its Storting but acknowledging the Swedish monarch.
Norway, despite its newfound autonomy, is burdened with a staggering debt from its former union with Denmark.
挪威雖然獲得了新的自治權，卻背負著與丹麥聯盟時期遺留下來的巨額債務。
08:52
The financial stress was suffocating.
財政壓力令人窒息。
08:55
The economy was already damaged by years of blockades and isolation, and now it faced deaths that seemed impossible to pay off.
多年封鎖和孤立已經損害了經濟，現在又面臨著似乎無法償還的債務。
09:03
The young nation needed financial stability, and for that, it needed a central bank.
這個年輕的國家需要財政穩定，而這需要一個中央銀行。
09:09
At the time, every other country in Europe had a central bank to manage their debt and currency.
當時，歐洲其他國家都有中央銀行來管理債務和貨幣。
09:15
It made sense for Norway to establish one too, because they believed that it would be crucial for Norway's economic recovery.
挪威建立中央銀行也是合理的，因為他們相信這對挪威的經濟復甦至關重要。
09:23
The Storting, recognizing the need for a stable financial institution, establishes Norway's bank.
斯托廷（挪威議會）認識到需要一個穩定的金融機構，於是建立了挪威銀行。
09:29
The first central bank of Norway.
挪威的第一家中央銀行。
09:34
But to lead the nation's first central bank, there must be a banker capable of reversing the financial crisis Norway faces.
但要領導國家的第一家中央銀行，必須有一位能夠扭轉挪威面臨的財政危機的銀行家。
09:46
The man entrusted to lead Norway's first central bank comes from an unlikely origin.
這位被委以重任領導挪威第一家中央銀行的人，出身卻出人意料。
09:52
Jacob Frederick Oxholm, born in 1782 in Trondheim, grows up amidst the bustling trade of the city's ports and markets.
雅各布·弗雷德里克·奧克斯霍爾姆，1782年出生於特隆赫姆，在這座城市繁忙的港口和市場中成長。
10:01
A merchant by training, he builds his reputation not through political ambition, but through the business of manufacturing and trading.
他以商人的身份接受訓練，靠製造和貿易生意建立了自己的聲譽，而不是通過政治野心。
10:10
In 1816, as Norway stands at the crossroads of independence and uncertainty, Oxholm is called upon to chair the board of the newly established Norje's Bank.
1816年，當挪威站在獨立與不確定的十字路口時，奧克斯霍爾姆被召喚擔任新成立的挪威銀行董事會主席。
10:26
As the nation's first central banker, Oxholm's task is Herculean.
作為國家的第一位中央銀行家，奧克斯霍爾姆的任務艱巨無比。
10:31
The cost of rebuilding the nation's infrastructure and stabilizing its currency bleeds the economy dry.
重建國家基礎設施和穩定貨幣的成本耗盡了經濟。
10:39
Timber exports, though promising, cannot immediately fill the void.
木材出口雖然前景看好，但無法立即填補空缺。
10:44
He knows that without an infusion of cash, the entire financial system might collapse.
他知道，如果沒有現金注入，整個金融體系可能會崩潰。
10:51
And it turns out, their salvation would arrive from an unexpected source, hundreds of miles away in Germany.
而救贖竟
11:07
In Berlin, the Benica brothers make their name as shrewd financiers.
翻譯中...
11:12
Their banking house, one of many modern financial institutions emerging in the power centers of Europe, holds influence far beyond its humble exterior.
他們的銀行機構，作為歐洲權力中心眾多現代金融機構之一，其影響力遠超其樸實的外表。
11:23
For the struggling government of Norway, they represent a last and costly resort.
對於挣扎中的挪威政府來說，他們代表著最後也是代價高昂的選擇。
11:32
In hushed meetings and tense negotiations, a deal is struck.
在低聲的會議和緊張的談判中，一項協議達成。
11:36
Norje's Bank borrows a substantial sum of money to keep its financial heart beating.
挪威銀行借入一大筆錢來維持其金融命脈。
11:42
The loan comes with punishing interest payments, but there is no alternative.
貸款附帶著嚴苛的利息支付，但別無選擇。
11:48
What many people don't know is that banks at a time loved situations like war and financial distress of governments, because they were able to charge high interest rates.
許多人不知道的是，當時的銀行喜歡戰爭和政府財政困難等情況，因為他們能夠收取高額利息。
12:01
For Norway, this agreement becomes a financial lifeline, giving the young nation enough breathing room to recover.
對挪威來說，這項協議成為一條金融生命線，給予這個年輕的國家足夠的喘息空間來復甦。
12:12
By the mid-19th century, the economy begins to transform.
到19世紀中葉，經濟開始轉型。
12:17
Timber exports fuel the nation's recovery, with lumber yards bustling and sawmills humming.
木材出口推動國家復甦，木材場繁忙，鋸木廠機聲隆隆。
12:23
Shipping grows into a formidable industry, as Norwegian merchants gain recognition across Europe's ports.
航運業發展成為一個強大的產業，挪威商人在歐洲各港口獲得認可。
12:30
Fishing thrives as well, with cod and herring becoming staples of an international market.
漁業也蓬勃發展，鱈魚和鯡魚成為國際市場的主食。
12:38
By the 1890s, Norway is no longer an isolated outpost, but a player on the European stage, brimming with ambition and growing pride.
到19世紀90年代，挪威不再是一個孤立的前哨，而是一個在歐洲舞台上充滿雄心和日益自豪的參與者。
12:48
Geopolitically, Norway still shares a fragile union with Sweden.
在地緣政治上，挪威仍然與瑞典維持著脆弱的聯盟。
12:53
But nationalist fervor simmers beneath the surface, as the starting gradually gained more power.
但民族主義熱情在表面下醞釀，因為議會逐漸獲得更多權力。
13:00
But all of that stability and comfort comes to a crashing halt, when the biggest financial collapse in Norway's history unfolds.
但所有的穩定和舒適都在挪威歷史上最大的金融崩潰中戛然而止。
13:11
In the 1890s, Norway's capital, Christianity, buzzes with the energy of a booming economy and modern dreams.
Speculation sores, fueled by a belief that Norway is destined for greatness.
投機盛行，受到挪威註定偉大的信念推動。
13:27
Grand avenues rise, new enterprises emerge, and real estate values climb ever higher.
宏偉的大道拔地而起，新企業涌現，房地產價值不斷攀升。
13:34
And then, in 1899, the bubble bursts.
然後，在1899年，泡沫破裂。
13:39
The Christiania crash devastates the financial world, toppling banks and bankrupting businesses.
克里斯蒂安尼亞崩盤摧毀了金融世界，銀行倒閉，企業破產。
13:46
Time and time again, societies across different eras and geographies have witnessed the similar cycles of boom and bust.
不同時代和地區的社會一次又一次地見證了相似的繁榮與蕭條循環。
13:55
From the Dutch tulip mania of the 17th century, to the more recent global financial crisis in 2008, the pattern repeats itself.
從17世紀的荷蘭鬱金香狂熱，到2008年最近的全球金融危機，這種模式不斷重演。
14:05
Investors who once reveled in risky ventures now face ruin.
曾經沉迷於高風險投資的投資者，如今面臨破產。
14:09
And the streets of Christianity, once alive with commerce, fall silent with fear.
基督教的街道曾經充滿商業活力，如今卻因恐懼而沉寂。
14:16
While the economic collapse devastates tens of thousands, it also becomes a catalyst for major political change, transformations that will shape Norway for centuries to come.
By the early 1900s, economic turmoil coincides with rising demands for Norwegian sovereignty.
到20世紀初，經濟動盪與挪威主權要求的高漲不謀而合。
14:42
The economic collapse made the people of Norway begin to question their place in the union with Sweden.
經濟崩潰使挪威人民開始質疑他們在瑞典聯盟中的地位。
14:50
Christian Mickelson, a ship owner and politician with unshakable resolve, emerges as a leading figure in this national awakening.
克里斯蒂安·米克爾森，一位船主和政治家，以堅定不移的決心，成為這場民族覺醒的領軍人物。
15:00
By the early 1900s, he becomes a driving force, rallying Norwegians with a call for independence.
到20世紀初，他成為推動挪威獨立的主要力量。
15:08
His vision is clear, Norway must no longer be subjugated under the Swedish crown.
他的願景明確：挪威不應再受瑞典王權的統治。
15:13
It is time for a new era, one of self-governance and full sovereignty.
是時候開啟一個新時代，一個自治和完全主權的時代。
15:20
Mickelson was known for his strong will and determination, traits that became the hallmark of his political life.
米克爾森以其堅強的意志和決心著稱，這些特質成為他政治生涯的標誌。
15:27
He was a key player in the Norwegian Parliament.
他是挪威議會的關鍵人物。
15:33
By 1905, Mickelson decides the time has come for a shocking decision.
到1905年，米克爾森決定是時候做出一個驚人的決定。
15:39
On June 7, Norway unilaterally declares the dissolution of the union, a bold and unprecedented move.
6月7日，挪威單方面宣布解散聯盟，這是一個大膽而前所未有的舉動。
15:48
Christian Mickelson, now Prime Minister, leads the charge.
克里斯蒂安·米克爾森，現任首相，領導了這場行動。
15:54
Such a resolve could lead to bloody consequences.
這樣的決心可能會導致血腥的後果。
15:58
He has no idea how the Swedish government will respond.
他不知道瑞典政府會如何回應。
16:05
King Oscar II of Sweden faces a dilemma.
瑞典國王奧斯卡二世面臨一個兩難境地。
16:09
He knows Norway's resolve cannot be easily quelled.
他知道挪威的決心不容易被平息。
16:13
And the specter of civil war looms over Scandinavia.
內戰的陰影籠罩著斯堪的納維亞。
16:18
As the summer went on, it became clear that the Norwegian people were ready to fight for their independence.
隨著夏季的推移，顯然挪威人民已準備好為獨立而戰。
16:24
And the Swedish government also realized that continuing the conflict will only mean more suffering for both countries.
而瑞典政府也意識到，繼續衝突只會給兩國帶來更多苦難。
16:32
And so, in the autumn of 1905, Sweden and Norway come to terms, peacefully dissolving the union.
因此，在1905年的秋天，瑞典和挪威達成協議，和平解散聯盟。
16:39
A nation that rises from the ashes of financial ruin is now reborn, fully independent and ready to embrace the future.
一個從金融廢墟中崛起的國家，現在重生，完全獨立，準備擁抱未來。
16:49
King Hakun VII, originally Prince Carl of Denmark, becomes the first king of independent Norway.
哈康七世國王，原本是丹麥的卡爾王子，成為獨立挪威的第一位國王。
16:55
He is now the symbol of a new country.
他現在是新國家的象徵。
17:02
A country that is about to face one of its darkest hours.
一個即將面臨最黑暗時刻的國家。
17:13
The assassination of Archduke Franz Ferdinand in Sarajevo on June 28, 1914, becomes the spark that ignites a powder keg built over decades.
1914年6月28日，薩拉熱窩的斐迪南大公遇刺成為引爆數十年累積火藥桶的導火線。
17:26
Within weeks, the world plunges into the Great War, a conflict like no other, one that consumes millions of lives and reshapes the map of Europe.
數週內，世界陷入大戰，一場前所未有的衝突，吞噬數百萬生命，重塑歐洲地圖。
17:42
Norway, a vulnerable new country, is determined to remain neutral.
挪威，一個脆弱的新國家，決心保持中立。
17:46
In 1914, as war erupts across Europe, Norway declares its neutrality.
1914年，隨著戰爭在歐洲爆發，挪威宣佈中立。
17:54
Yet, neutrality does not mean peace.
然而，中立並不意味著和平。
17:58
The war's reach extends even to the rocky coasts of Norway, whose waters become a theater of conflict, as German U-boats and British warships fight to control vital shipping lanes.
German submarines patrol the seas with ruthless efficiency, sinking any vessel they suspect of carrying supplies to the Allies.
德國潛艇以殘酷的效率巡邏海域，擊沉任何懷疑運送物資給協約國的船隻。
18:18
British forces, too, impose blockades, seizing cargoes and demanding loyalty.
英國軍隊也實施封鎖，扣押貨物並要求忠誠。
18:26
Norway's merchant fleet was one of the largest in the world at the time, and during the early stages of war, it became a double-edged sword.
挪威的商船隊在當時是世界上最大的之一，在戰爭初期成為一把雙刃劍。
18:36
Prime Minister Gunnar Knudsen, a man known for his careful financial management and political acumen, faces immense challenges.
總理古納爾·克努森，一位以謹慎的財務管理和政治敏銳著稱的人，面臨巨大挑戰。
18:46
He must navigate an impossible balancing act, keeping Norway neutral while safeguarding its economic survival.
他必須在不可能的平衡中航行，保持挪威中立，同時保障其經濟生存。
18:53
Imagine Norway at a time with Britain and Germany as their neighbors, who were essentially warmongers.
想像一下挪威在當時與英國和德國為鄰，這兩個國家基本上都是好戰者。
19:00
Norway was just trying to mine its own business.
挪威只想專注於自己的事務。
19:05
Despite its neutrality, Norway suffers greatly. Food shortages become common as trade routes are disrupted, and prices for everyday items skyrocket.
盡管保持中立，挪威仍深受其害。貿易路線中斷導致食物短缺，日常用品價格飛漲。
19:18
The government struggles to keep the population fed, leading to widespread discontent.
政府努力確保民眾溫飽，但民怨四起。
19:24
Protests erupt, and the nation's social fabric grows increasingly strained.
抗議活動此起彼伏，國家的社會結構日益緊張。
19:38
King Hakon VII, who has become a beloved figure in Norway, plays a crucial role during these dark years.
成為挪威人民愛戴的國王哈康七世，在這些黑暗歲月中扮演著關鍵角色。
19:47
Throughout the war, Hakon worked to maintain Norway's neutrality, which was a challenging diplomatic act given the pressures from warring neighboring powers.
戰爭期間，哈康致力維護挪威的中立，這在鄰國戰火壓力下是一項艱鉅的外交任務。
19:57
His efforts helped to mitigate the impacts of the war on Norway, even though the toll was heavy.
他的努力幫助減輕了戰爭對挪威的衝擊，儘管代價沉重。
20:05
But the war drags on, and Norway's toll grows heavier.
但戰爭持續，挪威的損失愈發慘重。
20:10
Over 2,000 Norwegian sailors lose their lives, victims of torpedoes and mines.
超過2,000名挪威水手喪生，成為魚雷和水雷的犧牲品。
20:18
Merchantships sink with alarming frequency, and the economy continues to strain under the immense pressure.
商船頻頻沉沒，經濟在巨大壓力下持續承壓。
20:32
Yet, as the war's relentless grip tightens, a new dawn appears on the horizon.
然而，當戰爭的無情掌控愈發緊縮之際，地平線上出現了新的曙光。
20:39
The prolonged stalemate that exhaust nations and decimates fleets is about to be shattered.
這場耗盡國家並摧毀艦隊的長期僵局即將被打破。
20:46
Across the Atlantic, the United States prepares to enter the conflict.
大西洋彼岸，美國準備加入這場衝突。
20:51
Prior to the outbreak of World War I, America was recognized as a strong young nation.
在第一次世界大戰爆發前，美國被視為一個強大的年輕國家。
20:57
By joining with the Allies, and really helping to bring about the end of the war, we positioned ourselves as one of the world's powers for the rest of the century.
通過加入協約國並真正幫助結束戰爭，我們將自己定位為本世紀的世界強國之一。
21:08
After World War I, Norway, like many other countries, believed that the horrors of the Great War would never be repeated, and that the lasting peace had been achieved.
第一次世界大戰後，挪威與許多其他國家一樣，相信大戰的恐怖不會重演，持久的和平已經實現。
21:20
This shift, combined with severe economic constraints, and a growing desire to distance itself from military entanglements, leads to significant downsizing and a weakening of Norway's military capabilities.
這種轉變，加上嚴重的經濟限制，以及日益增長的遠離軍事糾紛的願望，導致挪威的軍事能力大幅縮減和削弱。
21:46
World War I leaves Europe battered, and while Norway narrowly escapes the ravages of trench warfare, the post-war years bring even worse economic turbulence.
第一次世界大戰讓歐洲遍體鱗傷，雖然挪威勉強逃過壕溝戰的蹂躪，但戰後歲月帶來了更嚴重的經濟動盪。
21:58
Inflation surges and the cost of living skyrockets, leading to widespread hardship and a restless population.
通貨膨脹激增，生活成本飆升，導致普遍的困苦和民眾的不安。
22:08
Amid the instability, the Norwegian people look to their central bank for solutions, and the man leading the bank is Nikolai Rig.
在動盪之中，挪威人民將目光投向央行尋求解決方案，而領導該銀行的人是尼古拉·里格。
22:21
Nikolai Rig, born in 1872 in Hammar, becomes a towering figure in Norway's economic history.
尼古拉·里格於1872年出生於哈馬爾，成為挪威經濟史上的重要人物。
22:31
Educated as an economist and fiercely disciplined, he is selected as the governor of Noorje Bank in 1920.
作為一名受過經濟學教育且紀律嚴明的專家，他於1920年被選為諾爾傑銀行的總裁。
22:39
Rig believes deeply in financial stability and sound monetary policy, and he takes the helm of the central bank at a time when Norway's economy stands at a crossroads.
里格深信財政穩定和健全的貨幣政策，他在挪威經濟處於十字路口時接管了央行。
22:52
As post-war inflation threatens to erode the economy, Rig takes decisive action.
戰後通脹威脅要侵蝕經濟，里格採取了果斷行動。
22:58
Under Rig's leadership, Noorje Bank pegs the Norwegian crone to gold in 1928, an effort to restore monetary order and international confidence.
在里格的領導下，諾爾傑銀行於1928年將挪威克朗與黃金掛鉤，以恢復貨幣秩序和國際信心。
23:08
Hegging crone to gold meant that the value of Norway's currency was linked to a fixed quantity of gold, and this gold standard was a common practice among many other countries at a time.
But the return to the gold standard comes with a price.
但回歸金本位制度也帶來了代價。
23:25
Deflation grips the economy and unemployment sores.
通貨緊縮席捲經濟，失業率飆升。
23:29
Factories close and workers take to the streets, protesting policies they believe deepen the economic crisis.
工廠關閉，工人走上街頭，抗議他們認為加深經濟危機的政策。
23:43
In the United States, the United States is the most important part of the world.
在美國，美國是世界上最重要的部分。
23:43
While Rig struggles to keep Norway's currency intact, 3,500 miles away, in New York, a storm is about to erupt, poised to undo all his efforts.
當里格努力維持挪威貨幣的完整時，3500英里外的紐約，一場風暴即將爆發，準備推翻他所有的努力。
23:56
The Secretary of the Treasury declared, I see nothing in the present situation that warrants pessimism.
財政部長宣稱：「我認為當前的局勢沒有理由悲觀。」
24:03
That was black thirst, but it was not the worst.
那是黑色星期四，但還不是最壞的時候。
24:09
In 1929, the global financial crisis strikes, sending shockwaves across Europe.
1929年，全球金融危機爆發，震撼整個歐洲。
24:16
Norway, heavily dependent on international trade, is hit hard.
挪威嚴重依賴國際貿易，受到沉重打擊。
24:22
The export markets for fish and timber collapse, and unemployment reaches devastating levels.
魚類和木材的出口市場崩潰，失業率達到毀滅性的水平。
24:28
Rig, still at the helm of Norje's bank, faces mounting pressure to adapt.
里格仍然掌管諾爾傑銀行，面臨著越來越大的壓力，要求他適應變化。
24:33
The Great Depression hit Norway hard, just as it did most of the world.
大蕭條重創挪威，就像它重創世界上大多數地區一樣。
24:38
Unemployment soared in the price of fish and other exports plummeted.
失業率飆升，魚類和其他出口產品的價格暴跌。
24:42
Small towns depended on fishing and shipping faced ruin, while urban centers became hotbeds of social unrest.
依賴漁業和航運的小鎮面臨毀滅，而城市中心則成為社會動盪的溫床。
24:52
Out of this turmoil, a new political force emerges.
在這場動盪中，一股新的政治力量崛起。
24:57
The Norwegian Labor Party, once a radical socialist movement, gradually evolves into a pragmatic force for progress.
挪威工黨，曾經是一個激進的社會主義運動，逐漸演變成一股務實的進步力量。
25:05
Johan Nygaard's vault, a farmer's son, turned statesman, becomes a leading figure.
約翰·尼高斯，一位農夫之子，轉型為政治家，成為一位領導人物。
25:11
By the mid-1930s, he leads a coalition government focused on social welfare and economic stabilization.
到1930年代中期，他領導一個專注於社會福利和經濟穩定的聯合政府。
25:19
Norway adopted reforms to protect the workers' rights, build infrastructure, and create a safety net for the working class.
挪威採取改革，保護工人權利、建設基礎設施，並為勞工階級建立安全網。
25:30
While Norway feels the harsh sting of the global economic crisis, another nation suffers even worse.
雖然挪威感受到全球經濟危機的劇烈打擊，但另一個國家的情況更糟。
25:38
Germany, battered by defeat in the First World War, plunges into unprecedented economic despair.
德國在第一次世界大戰中戰敗，陷入前所未有的經濟絕望。
25:44
Millions are mired in poverty, grappling with a loss of national pride that cuts deep into the German soul.
數百萬人深陷貧困，並與失去的民族自豪感搏鬥，這深深傷害了德國人的靈魂。
25:54
As the 1930s dawn, a storm bruise, millions of desperate Germans rally behind a charismatic leader, who vows to restore their nation to its former greatness.
Adolf Hitler, his ascent will forever change the world, and this time, Norway will again be caught right in the middle.
阿道夫·希特勒，他的崛起將永遠改變世界，而這次，挪威再次被捲入其中。
26:18
By the mid-1930s, Adolf Hitler rises to power in Germany, and his ambition for the nation is unlimited.
到1930年代中期，阿道夫·希特勒在德國掌權，他對國家的野心無限。
26:27
Norway, nestled on the northern fringe of Europe, watches as the Nazi war machine rearms, and militarism sweeps across the major powers of the world.
挪威位於歐洲北部邊緣，眼看著納粹戰爭機器重新武裝，軍國主義席捲世界主要強國。
26:39
In the years leading to the brink of war, even as Norway maintains its policy of neutrality and non-alignment, its ports and naval stations become points of intense interest for both sides, and one man quickly realizes the strategic potential of Norway's ports.
Winston Churchill, then the first lord of the Admiralty, sees the writing on the wall.
溫斯頓·丘吉爾，當時的海軍大臣，看到了形勢的發展。
27:03
He argues vigorously for action, urging Britain to mind the waters of Norway to disrupt Germany's access to vital iron ore supplies.
他強烈主張採取行動，敦促英國關注挪威水域，以破壞德國獲取重要鐵礦石供應的渠道。
27:13
But the British government, paralyzed by indecision and diplomatic caution under Neville Chamberlain, hesitates, even as Hitler watches and waits for his moment to strike.
但英國政府在內維爾·張伯倫的優柔寡斷和外交謹慎下猶豫不決，即使希特勒在等待時機。
27:25
That moment comes in an incident that breaches Norwegian neutrality.
這個時機來自一起違反挪威中立的事件。
27:29
In February 1940, the altmark affair unfolds when a German tanker, the altmark, carrying British prisoners, seeks refuge in a Norwegian fjord.
1940年2月，阿爾特馬克事件發生，一艘載有英國俘虜的德國油輪阿爾特馬克號在挪威峽灣尋求庇護。
27:42
The British navy storms the ship, rescuing their men in a daring but illegal raid.
英國海軍襲擊了這艘船，在一場大膽但非法的突襲中救出了他們的士兵。
27:51
The incident infuriates Hitler, who interprets Norway's inability to defend its waters as a vulnerability begging to be exploited.
這起事件激怒了希特勒，他將挪威無法保衛其水域視為一個等待被利用的弱點。
28:02
Swiftly, the Nazi leader orders Operation Wesarubung, a meticulously planned invasion of Norway and Denmark, designed to secure critical ports and dominate the North Atlantic.
And so, on April 9, 1940, Norway's world changes forever.
因此，1940年4月9日，挪威的世界永遠改變了。
28:21
As dawn breaks over Oslo fjord, the old fortress at Oskarsborg launches a desperate defense, sinking the German cruiser Blüker and delaying the enemy's approach to Oslo.
This delay gives the royal family and the Norwegian government just enough time to escape.
這一延遲給了皇室和挪威政府足夠的時間逃脫。
28:38
German forces move with terrifying precision, capturing major ports from Oslo to Narvik with a ferocity that leaves the under-prepared Norwegian military, reeling.
As news of Germany's aggressive expansion spreads, an Operation Wesarubung takes shape.
隨著德國侵略擴張的消息傳開，威瑟演習行動逐漸成形。
29:00
Governor Rig and the Norwegian authorities devise a plan to keep the country's wealth out of Nazi hands.
總督里格和挪威當局制定了一項計劃，以防止國家財富落入納粹之手。
29:08
The new that if the gold were captured, it would not only strengthen Germany economically, but also serve as a devastating blow to Norway's ability to finance its own resistance and the eventual reconstruction.
On the morning of April 9, 1940, the day German forces launched their invasion of Norway, the race to move the gold begins.
1940年4月9日清晨，德國軍隊發動入侵挪威的當天，搬運黃金的競賽開始了。
29:31
In a desperate and heroic effort, Rig and his team orchestrate a clandestine evacuation of the nation's treasure.
在絕望而英勇的努力下，里格和他的團隊策劃了國家財富的秘密撤離。
29:39
The gold, totaling nearly 50 tons and consisting of thousands of gold bars and coins, must be moved from Oslo and kept out of reach of the rapidly advancing German forces.
這批黃金總重近50噸，由數千根金條和金幣組成，必須從奧斯陸運出，並遠離迅速推進的德國軍隊。
29:52
Time is not on their side.
時間不站在他們這邊。
29:54
The Luftwaffe begins bombing raids, and German troops close in on the capital.
德國空軍開始轟炸，德軍逼近首都。
30:00
Under the cover of darkness and amid the chaos of invasion, Rig coordinates with bank officials and military personnel.
在黑暗的掩護下和入侵的混亂中，里格與銀行官員和軍事人員協調。
30:07
The gold is packed into wooden crates and loaded onto trucks in the dead of night.
黃金被裝入木箱，在深夜裝上卡車。
30:16
It had to be moved in stages each more treacherous than the last.
黃金必須分階段運輸，每個階段都比前一個更危險。
30:19
First, the gold was transported to Lillehammer, a journey filled with close calls and narrow escapes as German forces drew ever nearer.
首先，黃金被運往利勒哈默爾，這段旅程充滿了驚險和死裡逃生，因為德軍越來越近。
30:29
At Lillehammer, the crates were transferred onto a train that made its way further north, but even this was not the end of the ordeal.
在利勒哈默爾，這些木箱被轉移到一列火車上，繼續向北行駛，但即使如此，考驗還沒有結束。
30:37
The gold was then loaded onto a convoy of fishing boats and civilian vessels, which were commandeered to carry it deeper into Norway's rugged terrain and further from German reach.
The gold is then transferred onto a fleet of fishing boats and civilian vessels, braving the treacherous North Sea under constant threat from German warships and bombers.
黃金隨後被轉移到一支漁船和民用船隻的船隊上，在德國軍艦和轟炸機的持續威脅下，勇敢地穿越危險的北海。
31:00
Local fishermen, relying on their intimate knowledge of the coastline, guide the gold to Molda and through Norway's mountainous wilderness, pushing further inland to keep it safe.
Then, British warships arrived to carry the gold across the North Atlantic, escaping German detection. The fleet successfully reaches London, where Norway's financial lifeline is secured for the duration of the war.
Thanks to Rig's courage and ingenuity, Nazi Germany is denied this vital resource.
多虧里格的勇氣和創新，納粹德國被剝奪了這一重要資源。
31:42
But even with the gold securely relocated, Norway is about to face a level of suffering unlike any in its history.
但即使黃金安全轉移，挪威即將面臨前所未有的苦難。
31:51
The German military defeats Norwegian resistance within just 62 days. The German occupation of Norway begins with a betrayal that forever stains the nation's history.
德國軍隊在62天內擊敗了挪威的抵抗。德國對挪威的佔領始於一場永遠污染國家歷史的背叛。
32:04
As Nazi forces surge into the country, Vidkun Quisling, leader of the National Unity Party, proclaims himself head of a puppet government, aligning with Hitler in an act of infamy.
By June, King Hakan VII and the government flee to Britain, as the country braces for five brutal years under Nazi rule.
到六月，哈康七世國王和政府流亡英國，該國準備在納粹統治下度過艱難的五年。
32:35
Norway's economy and financial system are commandeered to serve the Third Reich, plunging the nation into a state of economic exploitation and forced adaptation.
挪威的經濟和金融體系被徵用，為第三帝國服務，使國家陷入經濟剝削和被迫適應的狀態。
32:47
The Germans drain every available resource to sustain their war effort. Factories, farms, and shipping routes are swiftly seized or redirected to fuel the demands of the Nazi war machine.
Thanks with force to finance the Nazi regime and millions of dollars were siphoned to fund Germany's military operations.
在武力脅迫下為納粹政權提供資金，數百萬美元被轉移以資助德國的軍事行動。
33:12
The crone Norway's currency is now pegged to the German Reichsmark, devaluing it and causing economic hardship for the average Norwegian citizen.
挪威的貨幣現在與德國帝國馬克掛鉤，導致貨幣貶值，並給普通挪威公民帶來經濟困難。
33:23
Inflation begins to take hold, and the population struggles as basic goods became increasingly scarce.
通貨膨脹開始蔓延，人民在基本物資日益短缺的情況下苦苦掙扎。
33:33
But ultimately, Germany's reign won't last forever. As the war nears its end, its forces weaken under pressure from the Soviet advance and the Allied liberation of Western Europe.
The day of victory in Europe was the day of freedom for Norway, isolated from the Allies since 1940.
欧洲勝利日是挪威的自由日，自1940年以來，挪威一直與盟軍隔絕。
33:53
On May 8, 1945, liberation comes at last. Norway rejoices as five years of German occupation finally come to an end.
1945年5月8日，解放終於到來。挪威歡慶五年德國佔領的結束。
34:24
The return of the king was a fresh beginning. Everyone was ready to help rebuild the country.
國王的歸來是一個新的開始。每個人都準備好幫助重建國家。
34:30
But rebuilding from such devastation requires more than just determination. Norway, like much of post-war Europe, finds itself in dire need of resources and support.
The whole situation is critical in the extreme. We happen to be very fortunate for ourselves. The strongest nation in the world today, certainly economically.
整個局勢極其嚴峻。我們非常幸運，因為今天世界上最強大的國家，當然是在經濟上。
35:00
The Marshall Plan becomes a lifeline, thrown by the United States, to help shattered nations stand on their feet.
馬歇爾計劃成為一條生命線，由美國拋出，幫助破碎的國家重新站起來。
35:08
Norway receives approximately $400 million through this economic recovery program, which pours funds into infrastructure, industrial revival, and the modernization of the economy.
挪威透過這項經濟復甦計畫獲得約4億美元的資金，這些資金被投入基礎建設、工業復興和經濟現代化。
35:21
The funds give Norway the momentum to industrialize rapidly, transitioning from a struggling war-torn country into a burgeoning economic force.
這些資金為挪威帶來了快速工業化的動力，使其從一個戰後困難的國家轉變為一個新興的經濟強國。
35:31
By the early 1950s, Norway enters a new era of growth. Shipbuilding accelerates, and the vital fishing industry modernizes and expands.
到1950年代初，挪威進入了一個新的成長時代。造船業加速發展，重要的漁業也現代化並擴大。
35:43
The country invests heavily in social welfare, ensuring healthcare, education, and housing for its citizens, setting the stage for a strong welfare state.
該國大力投資於社會福利，確保公民享有醫療保健、教育和住房，為強大的福利國家奠定了基礎。
35:56
But none of this economic development compares to what is about to happen next.
但所有這些經濟發展與即將發生的事情相比，都顯得微不足道。
36:08
The 1960s are a time of significant change worldwide, and in Norway, a major shift is underway.
1960年代是全球變革的重要時期，而在挪威，一場重大的轉變正在進行。
36:16
For centuries, the country had relied on the sea for its livelihood, with fishermen and sailors braving the Atlantic, but beneath those same cold waters, a hidden treasure, a way to discovery, a vast oil reserve under the North Sea that would transform Norway forever.
On December 23, 1969, American oil giant Phillips Petroleum, drilling at a site known as Echofisk, located roughly 200 miles southwest of Stavanger, strikes oil.
This is not just a small discovery. It is a giant field, one of the largest ever found at that time.
這不僅僅是一個小發現。這是一個巨大的油田，是當時發現的最大油田之一。
36:56
The Echofisk field, with its estimated reserves of billions of barrels, sends shockwaves through the global oil industry.
Echofisk油田的估計儲量達數十億桶，在全球石油工業中引起了震動。
37:04
Phillips Petroleum, along with other American and European energy giants like Esso, Shell, and British Petroleum, invests heavily in exploration, hungry to state claims in the region.
But the Norwegian government has a different plan.
但挪威政府有不同的計劃。
37:23
At the time, Norway's Minister of Industry is Svera Walter Rostovt, a businessman turned politician.
當時，挪威的工業部長是斯維拉·沃爾特·羅斯托夫特，一位從商人轉行的政治家。
37:32
He understands the magnitude of what has been discovered and moves swiftly to assert control and protect national interests.
他理解所發現的東西的重要性，並迅速採取行動以確保控制權並保護國家利益。
37:41
He knows that Norway must tread carefully. The potential for wealth is enormous, but so are the risks of exploitation by major oil companies.
他知道挪威必須謹慎行事。財富的潛力巨大，但被主要石油公司剝削的風險也同樣巨大。
37:51
Throughout recent history, we saw so many countries who discovered enormous amounts of oil, but then later got exploited by these giant oil companies and also by their own governments.
在最近的歷史上，我們看到許多國家發現了大量石油，但後來卻被這些石油巨頭和他們自己的政府剝削。
38:04
The Norwegian government acts decisively, establishing policies to ensure the nation directly benefits from its oil wealth.
挪威政府果斷行動，制定政策以確保國家直接從石油財富中受益。
38:12
Regulations require foreign companies to partner with the state, guaranteeing Norway a significant share of profits.
法規要求外國公司與國家合作，保證挪威獲得可觀的利潤份額。
38:19
In 1972, the Norwegian Petroleum Directorate and state-owned State Oil, now equinor, are created to manage these resources wisely.
1972年，挪威石油局和國有的國家石油公司（現為Equinor）成立，以明智地管理這些資源。
38:30
This state enterprise will go on to bring unprecedented wealth to Norway, transforming the nation's economic future.
這家國有企業將為挪威帶來前所未有的財富，改變國家的經濟未來。
38:40
By 1990, with the influx of massive wealth from oil, Norway needed to invest in ways that not only generate safe growth, but also sustainable returns.
Last year, Cambria Investments surprised the investment world with their innovative approach to launching new funds.
去年，Cambria Investments以其創新的方式推出新基金，令投資界感到驚訝。
39:40
They created a simple solution for investors to shift holdings into lower-cost, tax-friendly ETFs without triggering tax liabilities, NSMA to ETF 351 conversion.
In the years that follow, the Norwegian government plays its hand with remarkable strategic foresight.
在接下來的幾年裡，挪威政府以非凡的戰略遠見展開行動。
40:46
Instead of falling prey to the resource curse that plagued so many oil-rich nations, Norway chooses a path of prudence and control.
挪威沒有像許多石油富裕國家那樣陷入資源詛咒，而是選擇了謹慎和控制的道路。
40:56
Statoil, the state-owned oil company and the Norwegian Petroleum Directorate ensure that oil profits are managed wisely, while strict regulations govern production.
國有石油公司Statoil和挪威石油局確保石油利潤得到明智管理，同時嚴格的法規管理著生產。
41:08
By 1990, the government pension fund Global, commonly known as the Oil Fund, is established to secure oil revenues for future generations, creating a fiscal safety net that grows into one of the world's largest sovereign wealth funds.
Throughout the 1970s and 1980s, oil money flows into the economy, transforming cities like Stavanger from sleepy coastal towns into bustling hubs of industry.
The welfare state expands, providing citizens with some of the best healthcare, education and social benefits in the world.
福利國家擴大，為公民提供世界上最好的醫療保健、教育和社會福利之一。
41:49
Norway really was a great exception, who managed to share its vast amount of oil wealth among its own people.
挪威確實是一個偉大的例外，成功地將其豐富的石油財富分配給了自己的人民。
41:58
By 2007, Norway's GDP sores bolstered by strong oil exports, which make up a substantial portion of the country's income.
到2007年，挪威的GDP因強勁的石油出口而大幅增長，這些出口佔該國收入的相當大一部分。
42:08
Average income per capita surges, placing Norwegians among the wealthiest people in the world.
人均收入激增，使挪威人成為世界上最富有的人之一。
42:15
But all of this faces a test with the biggest global financial crisis in recent history.
但所有這一切都面臨著近代史上最大的全球金融危機的考驗。
42:27
Thirty-four subprime mortgage companies have gone bust in just the last few months.
在過去的幾個月裡，已有三十四家次級抵押貸款公司倒閉。
42:32
In a shocking deal reached on Sunday to save Bear Stearns, JP Morgan Chase agreed to pay less than one-tenth the firm's market price on Friday.
在週日達成的一項驚人協議中，為了拯救貝爾斯登，摩根大通同意以低於該公司週五市價十分之一的價格收購。
42:43
The 2008 housing crisis unfolds from a series of reckless financial practices, banks and mortgage lenders, including giants like Lehman Brothers, Bear Stearns and Countrywide, issues subprime loans to borrowers with poor credit, betting on ever-rising home prices.
These risky mortgages are bundled into mortgage-backed securities and sold to investors worldwide, with credit rating agencies like Moody's assigning them misleadingly high ratings.
Wall Street firms create even riskier derivatives like collateralized debt obligations, further intensifying the market's instability.
華爾街公司創造了更高風險的衍生品，如擔保債務憑證，進一步加劇了市場的不穩定。
43:24
When home prices begin to decline in 2006, homeowners default in droves, causing the value of MBS and CDOs to plummet.
當房價在2006年開始下跌時，大量房主違約，導致MBS和CDO的價值暴跌。
43:34
Major financial institutions, over-leveraged and heavily exposed face catastrophic losses.
主要金融機構過度杠桿化且高度暴露，面臨災難性的損失。
43:41
Lehman Brothers collapses, triggering a global financial crisis.
雷曼兄弟倒閉，引發全球金融危機。
43:48
The interconnected failures lead to widespread bank bailouts and a deep recession as credit markets freeze and the housing market implodes.
相互關聯的失敗導致廣泛的銀行救助和嚴重的經濟衰退，因為信貸市場凍結和房地產市場崩潰。
44:00
There will be ample opportunity to debate the origins of this problem. Now is the time to solve it.
將有充分的機會來討論這個問題的起源。現在是解決它的時候了。
44:05
In our nation's history, there have been moments that require us to come together across party lines to address major challenges.
在我們國家的歷史上，有過一些時刻，要求我們跨越黨派界限，共同應對重大挑戰。
44:12
This is such a moment.
這就是這樣的時刻。
44:16
Norway enjoys years of prosperity, buoyed by its vast North Sea oil reserves and careful economic planning.
挪威享受了多年的繁榮，得益於其豐富的北海石油儲備和謹慎的經濟規劃。
44:25
By the time the crisis erupts, the country's sovereign wealth fund, the government pension fund global, has ballooned into one of the largest in the world, serving as a financial fortress.
While stock markets around the globe nosedive, Norway's oil fund, though hit by market losses, remains a cushion against economic disaster.
當全球股市暴跌時，挪威的石油基金雖然受到市場損失的影響，但仍然是抵禦經濟災難的緩衝。
44:50
Banks, well-capitalized and more conservatively managed than those in the U.S., avoid the kind of reckless subprime lending that wreaks havoc elsewhere.
銀行資本充足且管理比美國更為保守，避免了在其他地方造成嚴重破壞的魯莽次級貸款行為。
45:01
The Norwegian government, proactive and pragmatic, quickly enacts stimulus measures, lowering interest rates and investing in infrastructure to keep the economy afloat.
挪威政府積極務實，迅速推出刺激措施，降低利率並投資基礎建設，以維持經濟運作。
45:14
By 2010, Norway rebounds with impressive resilience.
到2010年，挪威展現令人印象深刻的韌性，經濟迅速反彈。
45:19
Norway's economy has returned to growth after a comparatively short and mild recession.
挪威經濟在相對短暫且溫和的衰退後重返成長軌道。
45:34
The government pension fund global, Norway's oil fund, continues to swell, surpassing a trillion dollars, a bulwark against economic shocks and a guarantee for future generations.
Norway prides itself on being an inclusive and prosperous society, but as waves of migration from conflict regions in the Middle East and North Africa reach Europe, questions about integration and social stability grow louder.
One factor that continued to shield Norway was its decision to not join the European Union.
挪威未加入歐盟的決定，持續為其提供保護。
46:19
The country maintained its own economic sovereignty, free from some of the most destabilizing crises that has shaken the EU.
該國保持自身經濟主權，免受歐盟最具破壞性危機的影響。
46:29
Norway stands as a beacon of economic success and social stability, admired worldwide for its wealth, equality and prudent governance.
挪威作為經濟成功與社會穩定的典範，其財富、平等與審慎治理備受全球讚譽。
46:39
Yet, beneath this remarkable achievement lies an undeniable element of luck, the fortuitous discovery of vast oil reserves beneath the North Sea and a landscape rich in natural resources.
然而，在這顯著成就背後，不容否認的是運氣的成分——在北海發現豐富石油儲量，以及擁有豐富的自然資源。
46:53
Its homogeneous culture also contributes to strong social cohesion and trust, enabling effective welfare policies and economic planning.
其同質性文化也促進了強大的社會凝聚力與信任，使福利政策和經濟規劃得以有效實施。
47:22
Thanks for watching!
感謝收看！
Norway – How a Tiny Nation Got Insanely Rich | 2025 Documentary
