When The UN Destroyed Iraq For Oil
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- Опубліковано 15 тра 2024
- Welcome to a brand new episode on Epic Economics, where we unravel the intricacies of global economics. Today we delve into the tumultuous waters of the infamous Oil-for-Food Scandal, shedding light on the economic concepts that underpinned it.
Venture with us through the intricate lanes of market manipulation, the principal-agent problem, and the economic sanctions that played significant roles in this shocking UN scandal. Journey back to the era of the Gulf War, discover the intricate roles of notable figures such as Bill Clinton, Saddam Hussein, and Kofi Annan, and explore the undisclosed layers of Russian espionage.
Above all, we empathize with the victims in Iraq who were caught in this unfortunate series of events, dependent on humanitarian aid. This episode promises to offer a unique blend of economics, history, and politics that will leave you with a new understanding of global interplay.
Join us on this journey of exploration, because here at Epic Economics, we believe that understanding the past is key to shaping the future. Remember to like, share, and subscribe for more epic content!
#EpicEconomics #OilForFoodScandal #EconomicConcepts #GulfWar #BillClinton #SaddamHussein #KofiAnnan #RussianSpies #EconomicSanctions #PrincipalAgentProblem #MarketManipulation #IraqHumanitarianCrisis #EconomicsExplainedThis
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As a veteran of the Iraq war who deals with PTSD not just from personal experiences but the guilt from how badly we fucked the country up and ruined the lives of so many because of just pure hubris, it's amazing to know that there was a systemic effort to just purely siphon money and therefore the welfare and life away from the innocent people of Iraq.
Your sins will catch up with you, American.
Yet you never said a word about Saddam murdering the Kurds and Shia. You got what you deserved. The problem was Capitalism.
@@john-lenin that was the one good thing we did was getting rid of him, nothing else good came of it.
Keep ya chin up mate✌🏻👍🏻 educate others
@@douglasboyle6544how is it good if getting rid of him fked up the country mr. soldier 😛
Not surprising considering the 10-80-10 rule. Essentially, 10% of people will NEVER commit fraud. 80% of people might commit fraud with the right combination of opportunity, pressure, and rationalization. Finally, 10% of people are actively looking at systems and trying to find a way to commit fraud.
I know most people are corrupt but where do you get those numbers from? 😂
I remember back in early 2000s pointing out to my friends that Australia was exporting large amounts of sheep and wheat to Iraq they didn't believe me.
This is because Australia manipulated the oil/food system to benefit Australian agriculture.
This is definitely what happens when a bunch of corrupt politicians work together to do corruption stuff
But not only corrupt politicians. Private companies in this video also acted unethically.
Likewise, it wasn’t only bad actions of dictators, democracies also contributed (which means voting citizens of these democracies also contributed).
@@JamielDeAbrewoh yes clearly grandma wanted suddam to get kickbacks.
@@JamielDeAbrewalso if you actually watched it the countries who profited the most are dictatorships.
@@AL-lh2ht I wasn’t saying that. Just saying that in a democracy, it’s important that voters invest enough time to be informed prior to voting.
hate to break it to u but its the international private contractors who profited most off of the program, way more than saddam hussein even
Very interesting story. Please make more of such videos.
Great video. Sharing this.
Great video. Super informative
Learned a lot!
Best video on this channel to date. A lot of international institutions have this moral hazard issue. An Iraqi parent would simply buy food for their children (if they could) instead of stealing the money. This is why I lean libertarian. National and local governments are somewhat better simply because you can vote out those bastards every few years (if you live in a democracy), but international institutions don't have this to them. Thank you so much for making this video.
A lot of institutions in general have moral hazard issues.
"This is why I lean libertarian. National and local governments are somewhat better "
Not even applicable to this. You literally bring up international institutions and then try to compare them to local and national governments that have different responsibilities.
through a video Epic Economics shifted the Neocon's misadventure from US to UN. this is a US funded channel.
12:08 The top three countries were all permanent members of the UN Security Council.
Very good video. I hope we learn from what happened.
Learnt so much!
Dude your channel is awesome
everyone is blaming government but this would literally have been easily stopped if the UN handled the program itself with central and open accounting instead of handing it off to private contractors
this only happened because the global powers deemed it necessary to have someone profit off of even humanitarian aid in the name of capitalism
Neoliberalism
Amazing video
Interesting channel change name. I was wondering why it said I was subscribed to this channel and hadn't heard of it. Is there a particular criteria used to decide what goes to the main channel (Economics Explained) and what goes to this channel, Epic Economics?
Epic Economics is a new kind of show from the team at Economics Explained! We'll be telling the craziest true stories you didn't know existed and unpacking a whole lot of economic concepts along the way! It's about to be pretty Epic
@@EconomicsIsEpic Great to hear! So EE will be mostly standard economic stories (current events discussed with typical economic stories) and EisE will be crazy true stories that may or may not be tied to current events? I like this idea. This $50 UN scandal story probably wouldn't be a good fit with the main channel so it makes sense.
Sources in description would be great
Absolutely brilliant work, thank you for the effort and keep up the good work! Would it be possible to ask you to do one search video about the corruption scheme that was going on during the occupation of Afghanistan?
Interesting stuff
why name changed
“Without strong watchdog institutions, impunity becomes the very foundation upon which systems of corruption are built. And if impunity is not demolished, all efforts to bring an end to corruption are in vain. “
Thank you for making this video...i didn't know anything about this scandal...
It's really sad to see the reality behind these international humanitarian organisations, which i always thought acted with pure humanitarian concerns... i hope things changed in UN drastically since then, and strict policies were formed to prevent further criminal activities like this...
Well, it is the forgotten history between the Gulf wars and the American invasion
Nice
Why did u change name
The narrative is well told and informative. I would, however, ease up on the sarcasm. It got old after the second or third instance. There are other ways to get across that no one believes the cover story without saying "riiiiiiiight" every time
I know riiiught
Yeah, one time it works. Second time it's repetitive and old. But still a great video overall.
Now I wonder if it actually helped. Despite the corruption, it would be possible that it reduced malnutrition and allowed medicine into the country. This doesn't mean that bad actors shouldn't be prosecuted, nor that the original sanctions weren't inhumane.
"The World has never seen such sanctions"
Yugoslavia in 1992: "Hold my Rakija"
Great video. The only part I disagree with at face value is that the program was ever conceived with noble intentions in thr first place.
Did he say "outrage persued" at 17:08?
Pursued. Outrage pursued
Grim stuff, it was eye opening.
The way the sanctions were applied on Iraq. Remind me a bit of how they are being applied on Russia at the moment.
19:15 sole beneficiaries, not benefactors
This also happened in afghanistan, which explains why afghans sided with the taliban against the government. No matter how much media influence you have in the end Reality dictated outcome.
I think that people should take an ethics class to explain "moral hazard" and all of its implications.
All economic transactions should be public and participation should only be possible under real names. "privacy" here only helps the most corrupt. A privacy they don't have to care about as bankers and politicians can gain any level of insight on transactions made anyways.
This just leads to communism or mor government power to the corrupt. You need freedom to get new ideas in. The biggest issue is lack of accountability.
The day Americans are sent to prison for war crime is when we will see some change.
What you left out of this video is that as far as the U.S. was concerned, the Oil-for-Food program was a success.
America had three goals at the time:
1. Keep the sanctions in place as a way to punish Saddam and encourage his overthrow.
2. Reduce public outrage over the humanitarian consequences of those sanctions.
3. Reduce the price of oil on the free market by reintroducing Iraqi oil.
The program achieved all three of those objectives.
I imagine the U.S. government quickly realized there was corruption in the program and decided to look the other way since they couldn't think of a better way to achieve their three main goals.
I am the 800th Like 👍 to this video.
So you never said what happened to the $10 billion held by the Coalition Provisional Government despite implying it was shady twice. So what happened to it?
Why so much hate of the UN recently?
This video is mostly padding the time around,it could be shortened to 8 mins of actual content
If there is a God, he doesn't play on earth.
Evil empire
Too many think government can solve societies problems. History teaches us that though man needs governance, no man is fit to govern. Rather than be a corrupting influence, power/authority, when concentrated, merely magnifies the character of the wielder. What follows are some truths about all humans:
All people are aimed at doing what is best for their constituents, often and mostly prominently, themselves. This isn't inherently selfish, would you harm yourself to help another?
What we find as valuable, isn't equally held by all. Even good things are not all equally weighted. Its hubris to regard your personal values as worth forcing onto others.
No one can know the future, nor can you foresee detailed consequences of actions: too many are deluded into thinking that intent determines consequence.
The power to do good, is the same needed to do evil. Thus to mitigate evil, one must limit the ability to do good. And the greater the good, the greater the ability to do evil.
Power is not given to people of upstanding character, it is given to political office and the authority/power is wielded by the one who occupies the position.
Those who are willing to harm others for personal gain, seek positions to enact their desired outcome. Thus power is a vacuum, drawing in such people. The more concentrated the power, the stronger the vacuum. Why should we be surprised that those who are fine with lying and manipulation end up in positions of power?
As such, the naïve think that those who intend good are able to realize it. That evil is what is preventing you from achieving it (it may just be others who value something else). And that what was aimed at the good can't be used for evil purposes. This is why a limited government is the only means by which the good of all can be achieved. Don't let the perfect be the enemy of the good. There is no such thing as a utopia. Those who think that a utopia can exist, are the perpetrators of genocide: for your death is a small price to pay to realize societal perfection. Utopians are thus always authoritarian mass murderers, and all they will ever get is hell.
bro never grew up from the john locke chapter in 9th grade
A much needed revamp: much better content to previous videos.
I am still not sure about the vibes, i'm not sure about the casual and jokey attitude of the presenter. (Way too much sarcasm)
Additionally (and i know that it is an extreme topic) the content did seem a little bit sensationalised and borderline tin foil hat-ish.
It was an interesting story, but i'm not overly sure the economics was tied in smoothly, it felt like a documentary style video, with the economics tacked on as an afterthought.
Overall, a great improvement on previous videos, but still a long eay to go.
W. T. F.
Ignores the agency of the Iraqi people, Saddam Hussein, the rest of the M.E. dictators, and offers little in the way of suggesting how the UN could do things better. Back seat driver, hindsight mastermind.
You forget to mention Iraq and Iran war the US cause that
Human sc*ms
Never happen in AFRICA
Well, the entire fault of that thing, it's Saddam's.
The UNinterested in Peace Keeping Forces living up to their name
m
Bush🦆 ko scor VVo, ,ko bien noises tone Frap, , shoe 🔁shoo 🔁shoot
it's all just illusions
Oil for food is a well-known, official agreement, not just rumors
pooteen Saddam H looting' grafting' eating' Kuwaiti wailing usa usa usa 👪👪 COMmunity 🧍🚶🚶🏃 Ostro Ostra 🦩 Ostrich
god bless "democraty" , , dog forgiven tha deaths ( infant deaths ) , hwo do this , tha purgatory wasn"t enaugh
McDonald's 🥁 dRUM 🦌 🏝️ 🦌 eating,, dinner time /+ wrong time "wrong place" wrong person,
log live to usa
This is a ridiculous "documentary." The narrator can't even speak English correctly. It's flawed in so many ways, that it's impractical to analyze it.
Turns out the problem was not killing a genocidal dictator.
Greed sucks man. Lust is much more fun.