What Happened When a Tiny Nation Got Filthy Rich Overnight
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- Опубліковано 28 чер 2024
- Nauru - An Island Country in South Pacific is in news for the bad living conditions in its Refugee Detention centers. The Island is also known for its high rate of poverty and unemployment. Only a few decades ago, the island was listed among world's richest countries while it was a major phosphate exporter but as the resources exhausted, the national systems started to fail. At some point in its history, the country became a hub of money laundering in order to generate income.
The transition of this country from rags to riches and back to rags again is something you might never have heard before.
This video is narrated by Clundor. Check out his channel here - / @clundor
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Hello.
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With only 21 square kilometers of land area - somewhat the size of LA international airport, Nauru is the smallest state in South Pacific and third smallest state in the world after Vatican City and Monaco. It's a home to some 11,000 people but long before humans discovered the island, local bird species used this island as their restroom and excreted their poop here for millions of years.
Nauru was sitting on top of excrement gold and Germans were the first to find out. They started mining in this resource in 1906 under the name of "Pacific Phosphate Company". Following the world war 1, mining continued under the "British Phosphate Commission" when Nauru fell in the hands of Britain, Australia, and New Zealand. Things remained more or less the same until world war 2 and this is where the things started to change.
Nauru got independence in 1968, bought the "British Phosphate Commission" and instead of fixing the damage done, it went on a full-on crazy mining streak under the locally owned "Nauru Phosphate Corporation". The people of Nauru mined A LOT, so much so that Nauru became one of the richest countries in mere a decade
In 1975, the country earned the equivalent of $2.5 billion for a population of mere 7000 - more than enough to keep them satisfied for generations to come. Per capita income of Nauru reached second highest in the world, only after the oil-heaven Kuwait.
Time took a turn, Island's phosphate resources depleted but countries expenditure remained the same, Nauru started borrowing money from other countries. One of the advisers convinced the president to invest in a London based musical pop band named Unit 4+2. The show closed only a few weeks after its debut costing Nauruans more than 7 million dollars in today's money.
With no source of income to pay off its debts, international creditors seized Nauru's entire real estate portfolio together with its sole aircraft of Air Nauru. Nauru trust went bankrupt, virtually bankrupting entire nation.
As a desperate attempt to generate income, Nauru published ads on the internet offering anyone with $20,000 the opportunity to open a bank on the island. Russian mafia saw an opportunity to seize and used Nauru’s liberal banking policies to launder over $70 billion from the former Soviet Union.
At one point, Nauru used its position as a member of the United Nations to recognize independent countries like Kosovo and Abkhazia allegedly for money. Russia was reported to give Nauru US$50 million in humanitarian aid for this act. Nauru Government, however, claimed that these two things were not linked.
In 2001, Nauru became a refugee detention center when the Australian government agreed to pay Nauru for temporarily housing refugees that were reaching Australia for Asylum.
The Nauru camp shut down in 2008 and reopened again in 2012 with minor additions but the conditions did not improve. This time the Australian and Nauruan governments tried to keep things secret by limiting access to the Island and punishing those who would speak about the conditions inside the camps. An Iranian refugee, in 2016, lit himself on fire after he learned that he would be expected to live on the island for the next ten years.
okay, people, this video is somewhat crappy with a few pronunciation/typo mistakes because this is one of my first videos. I had made it a LONG time ago. So, watch at your own risk. There's no factual inaccuracy in the video, though. I can guarantee you that. I take the research part of my job very seriously.
Watch my newer videos for a better experience. Thank you.
Over-weigth versus overweight.
A
K
4
the factual inaccuracy in your video is the following, u claim 7000 people earned 3.5 billion and that they invested wrongly in hotels in other countrys. its just the 1% who got that money who did that ;p
This country exemplifies the money management skills of lottery winners.
That island is the same thing we are doing to our planet and the Galaxy is the ocean.
Wow !?! The money got stolen , who did that? Photos please , fast money , we're the rich all from one nation ? Did they speak Dutch? German ? Spanish ? Or inglish? ...coporations have officers , prez ,vice prez , and an atty. / Accountant . On public record , sue!!!
@@mikestevens8012 Take your meds
Whoever is without sin(GREED), can cast the first stone!
Anyone?
Did not think so!
We all eat, we all crap, we all die...such is the world.
You can, however, choose to live within your means, and free yourself from constant consumerism!
You do not need to live in a cave, but you do not need a mansion either!
BALANCE!!!!!!!!!!
Yea and those peeps are enjoying life rn and be like fk the natives lol
Looks like Nauru got an email from a Nigerian Prince and decided to give him everything...
WTF mann!!😂😂😂😂
🙊
Scammed?
Sashank Gaikwad yes. That is the joke
Nah, they had a warning on their computer and called Steve from Microsoft Tech Support in India.
To be fair, building a hotel and an airfield on a tropical island was not the most stupid idea.
on google maps it looks like the airfield is still active and working, on images you can see chinese and american airline planes
Its not the wjsest investments and not a priority if you want a self sustaining nation
@@lorenzoluizdesouza1215 The only reason it's a bad investment is because that islands location. Not many people will get there.
How ofted do you fly on your vacation to phosphate quarries?
@@fidelxxx this cracked me up 🤣🤣
I feel nobody knew how to handle all that money and they probably got scammed by external "advisors"
And the crooks within helped to make it happen
Yea lots of advisers 😂😂😂, western ones I am sure 🤪🤪🤪
Happens all the time. Young sports figures, too lol
Yes ....blame the west as usual...
@@James-st9uu well the from the history all the one who found it mine it advised and exploit it sound western. It's same old same old. In South East Asia they exploit the rubber and spices plus west also wanted to monopolize. This happened for hundreds of years. Before that Asian from the north middle eastern from the west just trade come and gone do they try to manipulate the locals? NOPE.
The Birds who pooped there: Wait, You guys are getting paid??
When he said “excreted their poop here”...
*I FELT THAT.*
😂😂😂😂🤣
Birds thought process from birds eye view: we only poo bc were trying to be considerate of our water friends 👊🤗
Mysterious voice from the universe: my dear children, everything you will ever need in life comes from natural resources. Use it wisely.
Humans: 🤔💡get greedy & build off bird poo? Okey dokey 🤗
future of moroccoa
@@guerillachan20 there are no natural resources in Monaco. None at all to be harvested. The only thing thats comparable to Nauru is its size and that they both are next to water
Nauru will have a splendid future as a Chinese naval base.
Made me laugh more than it should have
@@matthewz8777 I'm perfectly serious. The rent Nauruans (or however you say it) collect from the base would allow them to live quite comfortable lives.
@@duyataksis5210 or take it for free
Even the Chinese wouldn’t touch it. It has no strategic value.
David Lang having a military base in the west is all the value it needs
and then we have norway who only uses like 2% of their yearly oil earnings and invests the rest
Nauru also invested its, however, their investments were bad picks. Not every investment pays off.
Im so proud to live next to such a great nation. If you are from Norway its great to see you. - a fellow nade
@@eliaslynggaard9888 that’s wholesome
@@eliaslynggaard9888 25% tax so they don't need to use the money.
@@maythesciencebewithyou If you have a diversified portfolio it is pretty hard to lose money.
My dad knew a guy who worked here as an engineer and was billed with fixing up their mining equipment. The guy noticed that there were huge amounts of outboard motors stacked up around the island and asked them what they were for. The company who hired him didn't have any maintenance people for their marine equipment, so when an outboard motor broke down, they would just dump it and purchase a new one.
He asked if he could have them and send them home to new zealand and they said that was fine. They were stoked because he was cleaning up all this waste for free. The dude filled a shipping container and sent them all home, then when his contract finished he went home to this little nest egg of outboard motors that just needed stuff like new spark plugs or small replacement parts. Ended up making a mint re-selling them in New Zealand.
That's fraud actually.
@@unOrigiNik No it definitely isn't.
@@unOrigiNik How would it be? He asked him for the motors. The dude didn't say you can't resell them. It's not fraud to ask for something instead of offering to fix it.
@@ktm125sxbeast its the equivalent of asking a mcdonald's employee if you can take all the free ketchup and paper cups to take back to your house to use yourself or sell to friends. Even though the counter staff say its ok doesn't mean its against the wishes of the entity who actually own the item. Because he hasn't explained to the rep he spoke to the ease of fixing the motors, and he has gained money by doing so makes it fraud.
@@unOrigiNik No it isn't. Engines are perfectly legal to resell. You're just in your feelings about it. By the way if you ever end up with a bunch of engines please for the love of God don't expect the buyer or person asking you for them to have to explain to you how to fix them. That's on you bud. He was no longer the owner of the engines after giving them away. Seller's remorse does not equal fraud. Had the dude hired him to look at the engines and see if he could fix them first then you would be on to something. That wasn't the case though.
So Nauru is basically planet Earth on a very tiny scale.
Parth Mistry people can sometimes say the most truest things in the most darkest ways
That was what I thought too.
Yeah, and in this microcosm phosphate is analogous to fossil fuels
😨
Damn thats sad and deep
5:31 That moment when Nauru became Australia's Australia.
like father like son
U wot m8
@@darkchoco7407 Australia was a colony for prisoners is what I assume he was referring to:
en.wikipedia.org/wiki/Convicts_in_Australia
@@darkchoco7407 Australia was a colony for prisoners is what I assume he was referring to:
en.wikipedia.org/wiki/Convicts_in_Australia
wazzobazzo in that case they're an idiot because Australia is much more than that, now it has a very high European influence due to all the migrants going there post world war 2, yes it once was a penal colony but this has very little if any influence on the nation now. But nice try at the dig, btw what country are you from?
They really killed the golden goose which laid the egg
You mean the goose that laid the golden eggs?
Actually it's like if the golden goose died of old age and you didn't do anything useful with the money.
Felipe Muñoz what? It’s a goose that laid golden eggs. And the owners killed it thinking there’s infinite amounts of golden eggs inside the goose and there were none.
@@TheStrayy it was a finite resource, as the life of a goose, they exploited it until it ran out.
Felipe Muñoz idk my local version says otherwise
Russian mafia:
-It's free real state.
You tried
.”Russian “and “Mafia “together is redundant. Russia is a kleptocracy, we are trying to catch up in the USA. We are only at the cashocracy stage.
I use to work at a Pinball parlour in Melbourne in the 90's. Groups of Nauru-an families would come into the place. The kids would be throwing down $20's and $50's and treating the cash like it was nothing.
Heard some used them as toilet papers
@@kaizenomnibiz5383 from where
@mike brink This is why we turn away immigrants, and why immigrants (for up to 5 generations) shouldn't be allowed to apply for welfare.
@@phantomaviator1318 i bet you call yourself a christian
@@biggunbender2705 what's your option for poors?
Put them in Gulags
Poor Nauru. I just feel sorry for new born kids who will only grow to learn from mistakes of their grand parents.
to learn from mistakes you'd have to aknowledge them first. And reading from this comment section the people still living on the island seemingly have learned nothing from the past. I'm more concerned about the idea that they will have the worst parents possible than them being fat and uneducated.
hypocrite
Luckily my grand father was smart enough to get out of there early haha. He used his money to purchase vast farmlands in Australia, he sometimes send free food back.
The government there exiled him for leaving and invest abroad during the boom, so he is reluctant to help them.
I have many relatives who are still on the island living in poverty, when I went back for holiday I got harassed none stop by my grand fathers sisters side of the family to reinvest back once my family inherit his assets. No way on earth I am going back to them, they did it to themselves.
Txx for telling ur story.
@@lifeisshortdontwasteitread2830 you could easily build or buy something there but who will visit it? Its difficult to reach the island and most of it is inhevitable. So i dont rhink u would make profit
Edit: i read ur comment again and i forgot that people who live there also buy things. I think you would make profit through there
@@snaul. Trust your initial thoughts. ;)
As the people there have nothing to do and the state hasn't anything to export anymore, no value gets created there. In consequence they don't have enough money to buy anything expensive.
Only way to make money there is to utilize the conditions there (cheap labor, lax regulations) to produce something or (like the banks) to formally establish something for international usage without much work or costs AND THEN sell/use that in other countries.
Wow what a lie!
@@snaul. what investor is scared of is the trust of the government, who knows what stupid shit they are going to do after you invest in their island
Imagine if they just brought in one bag of soil for every bag of guano going out.
Indeed! Set a guano reserve and then use part of the money to buy soil to fill up all those craters. After the rest of the guano ran out, the saved portion would be used for their own agriculture.
Brilliant idea, but it's too late for them to fix it now.
Sounds like a lottery winners life story: Country version
A family of 7,000 wins the multi-billionaire lottery and loses it all in a generation. Sounds about right.
When u win a lottery overnight
Then spent entire money Partying, buying expensive things
Then taking loans
Then being broke
Naru explained
shyurdaretut ur mom
Tea {1} ^Edgelord over here
Naru to
They didn't get lottery, they worked for a decade to earn it. They lacked good leader
@@killerthoughts6150 you missed both the joke and the term used for the fact.
The way you pronounced Monaco gave me a stroke
😂😂😂
Glad I wasn't the only one who was flabbergasted by his pronunciation of Monaco.
Lmao my friends last name is Monaco and a lot of us call each other by our last names. So when he said Monaco I was like “that’s not how we say it but ok lol “
The nation is essentially the same example of if an extremely poor man won a very large lottery
Poor and stupid
Adam the socialist you mean?
Stolen comment
LMAO the way you pronounced Monaco 😭😂
Riley Jackson mo-naa-co
Riley Jackson Americans always pronounce things weirdly for some reason. 😂😂
@@Luke_05 That's not how Americans say it. That's how some guy who'd apparently never heard it said before said it.
@@Luke_05 Iran and Iraq proves your claim. I run and I rack
Actually he is very cloae 😤
How ironic: a country that produced something needed for agriculture, wound up not having enough food to survive; natures payback, I guess...
The story of idiotic nation. 😏
Ironic. He could save others from death, but not himself.
Nature doesnt exist.
It just made up concept.
@Samantha1234 it is a concept by human being. There is no such thing as "Nature" in universe. All happend because of law of physics.
Or farm
They should've invested in bird feed, attract more birds
i dont think its tht simple .......phosphate deposits r like fossil fuels .......production takes hundreds or maybe thousands of years
@@rahulverma8774 keep that poop, after thousand of years, then sell it :v
@@maman1414 yeah n till tht time ........ either humanity will destroy itself or phosphate will be an outdated resource .....just like coal ....who is not as precious as it was before
Wooosh. Right over their heads.
@@maman1414 HODL poop!
The lesson is simple, easy money goes easily also.
nope you can hold on to it if you use it wisely just like UAE
Venezuela be like
Fear not folks! You just have to wait a couple of millions years for birds to refund your wealth 😃
LoL 😂
Best comment
Yeah, it's gonna be shit loads of money again 🐦💩
Bless your soul. No wonder coronavirus didn’t reach Nauru. The people of Nauru are humble and kind. So much kind in their hearts, that no natural disaster or deadly virus ever reached their island or the people. The Nauruans are so blessed by The Almighty God coz of the other countries evil thoughts, and bullies towards them
@Unknown Reader Savage 🤣
6:34 "70% of the island is now inhabitable?' I feel like he means "uninhabitable."
john robinson damn it this guy needs a dictionary
Bro what
Habitable = you can live there
Inhabitable = you can live there
Uninhabitable = double negative improper grammar go to school
just like inflammable and flammable. they both mean flammable.
English is weird.
@@salami6721 , you will be surprised it is you who needs to go to school!!
You are correct about habitable and inhabitable. They literally means the same thing.
But you are wrong on uninhabitable which mean not suitable for living. It is not improper grammar as you think but just
English being English. A lot of irregularity in English.
Me who knows a spot where birds poop all the time
Me after the video:*STONKS*
I think fertilizer(just like with rubber) is made using fossil fuels.
To the moon!
Your comment makes no sense
@@turtleneckferret it's just for meme purposes man calm down 😂
2:44 Ahh what a wonderful Opel Rekord.
There is enough for everybody's need, not at all for everybody's greed.
-Mahatma Gandhi
So true 💯
Says a racist guy that invaded south africa as a solder for its resources.
C Noevil he was never in the military, please get your history from valid sources
C Noevil Wut??
A great qoute indeed. I didn't come across this until now. Thanks for this. Very appropriate.
I remember someone telling me that the Nauruans used to fly over here (Fiji) for groceries on a daily basis
I've heard similar. Not only did they fly to Fiji but also to NZ and Australia for a simple weekend getaway.
Lol, no wonder they fucked up bigly.
Lol ...it's too funny to hear these kinda stories now....poor nauru
Lets not laugh at the bad fortune of others, but let it be a reminder of what can happen
@@sisamusudroka3000 bad fortune?? They had almost best fortune ever. But then managed that "luck" poorly.
That’s the saddest place I’d never heard of. My only experience of city planning is from a strategy sim but even I could’ve done a better job
I don’t think this is city planning anymore. More like resource and financial management.
Thats the story of most corrupt countries. Except that the president steals the money and uses it for personal use.
This channel keep pumping out interesting, unknown to most, videos.
I am from the UK. One of the richest men in the UK was made rich selling bird poop to Ireland after the famine. No joke.
@@Jack-qv7tm salt
Bye I am going to catch some bird's!
Fuck you
Isaac wasn’t even born at that time so you don’t know shit
Plus, England supplied some food to them but the Irish didn’t like it
@@0Moh That second part right there is possibly the most misguided, ignorant and plain retarded comment anybody has ever made about the famine arguably ever.
@@Jack-qv7tm W
My father worked here for 2 years, people there have become savage and will eat anything, he had to quit his job there as the people are not interested in alternative agriculture practices, people are too lazy
Its like a rich family where the kids is lazy and doesnt want to learn anything but its a whole damn country
@@endylim4946 and they aren't rich anymore
@@abaraviciusdominykas4584 yeah basically
@@endylim4946 hahaah that 1 lazy kid
Sounds to me like they got themselves in a crap load of trouble.
lmao
This reminds me of when i bought a playstation 1 with 2 bitcoins before it when up to 20k a pop
Edit: went up to 76k
F
@@aghostofthepast i bought weed
At least you got something, I just lost mine to the electronic abyss
Ask for refund
F
Mistake in 6:33. It’s UNinhabitable.
Thanks for the catch.
side note:
inhabitable in English translates to French word: habitable
uninhabitable translates to inhabitable
I've seen translations where the translator was unaware of that, and it didn't make sense.
It's also pronounced MON-a-co, not mon-AH-co. Love the vid but small mispronunciations like this really stand out in a bad way.
Yep. I was looking for this comment. I thought maybe I was wrong. You think more then 1 person would edit a video but welcome to UA-cam!
Also 4:13, they misspelled million.
Make a video about the mafia laundering 70Billion :)
Nauru was another Laundromat for the Russian Mafia!
As a guy who lived in Nauru for 2 years and 3 months living like a local I just want to point out the fishing is amazing. The fish is clean and not pouted at all. There is some amazing fishing I have never seen anywhere else on earth too. Nauru is like a giant pillar in the ocean you can walk out to waist deep water then you come across this massive drop that is said to be 2.5 miles straight down, I don't know if its this deep but its totally black and I can not see the bottom even with a snorkel and mask. Anyhow what this means is you can stand in waste deep water cast your line and pull up fish only found in the deepest oceans that require a boat to catch. I have landed a 70kg Wahoo and I am not big on fishing, I actually gave it away as I had no idea how to clean and scale a fish. If I can do that imagine what someone with a decent rod n reel that actually knows what they are doing can do.
PS. I actually know the guy in the pic at 6:55 I wonder if he knows you called him obese?
@@cypherpunk12 even if he did, what can he do about it?
@@tengkualiff he can't do much about it, but what would you do if someone had you on a video and insulted you?
@@cypherpunk12 It is a fact that he is obese. If he doesn't want that label he could change himself amongst other options. You are assuming he is mad at anyone calling him that.
@@cypherpunk12 what’s his name?
This is the reason why "sustainable development" was taught in the Class 7.
I'm having social science flashbacks
I’m an architect and in 1975 I was working at the Australian government’s Overseas Works Branch which did the architecture for Australian diplomatic missions around the world. We designed a residence for the Australian representative on Nauru out of a prefab kit of parts. Because of limited construction material, equipment and skilled labor available on the island it was designed to be easily assembled using basic tools. The parts were designed to fit on pallets loaded onto an Australian Air Force C130. The central idea was prefab composite panels of aluminum exterior sheathing, a styrofoam core and a plywood panel for the interior sheathing. The prefab parts included curved roof panels with the same composite construction. These were designed to capture breezes to help cool the house. It was a very advanced idea for its time.
I left the OWB (and Australia) before the project was completed. So I don’t know if it was ever constructed.
David Lang 🤪
Oh wow. Fascinating. 👌🏻Nauru really did mess up so bad. 👎🏻
abdul malik shezan 👽🛸😈
Nauru was first conquered by Germany in 1888. The Germans began phosphate mining in Nauru. Then after World War 1, Australia took it and owned it from 1920 to 1968. Then in World War 2, the Japanese invaded and took like a 1/10 of the island away as slaves before the Australians took it back. Australia then sold Nauru back its phosphate mine in 1970 and by the mid 1990s they ran out.
Look at this export map.
en.wikipedia.org/wiki/File:Exportations_de_phosphate_Nauru.png
Phosphate mining was already in full swing when Nauru bought back its phosphate rights. How much of the phosphate was gone when it was returned to Nauru? No mention of that. Just implications of how irresponsible Nauru citizens are.
History is actually complicated and is more than "Nauru people stupid" and "Westerners smart" but that's really what the video here implies when they little context.
Whoever writes these articles for SideNote should actually cover some history when they make these pieces. Look at all the racist remarks SideNote is getting here. Non-stop remarks insulting Polynesian cultures and even one calling them subhuman. This is most likely because of SideNote's biased (or misinformed) coverage.
@@BrunoAnton p e t r o l d r i n k i n g
Just a little fact.
Nauru, means laughter in Finnish languange.
When they found out how much money they can make, they laughed and spent it all. Special kind of people.
No wonder they were named like that, their money management is a joke
Perkele
Great video, thanks 👌🏼
Hi side note , I was born and live in Africa , thanks for making this video it is a really eye opener and a good learning experience. GOD bless you sir . Keep up the good work 💪👍
Many years ago, Dad and I walked past Nauru House, the high rise building in Australia. He told me how it was built by one of the richest countries in the world, made wealthy by exporting bird poo fertilizer. I had no idea that their economy collapsed until right now, 2019.
Lol sure
Probably has more space than the whole country of Nauru inside 🤣
This content is way too good for the recognition you are getting, you tall about interesting subjects no one else has, stick in with the channel- it will pay off Wishing you all the best!
I worked at Nauru house in Melbourne for many years, heard so many stories from there.
Heard all about when their phones were disconnected, when there was only 2 hotels with running water, one that had hot water.
The planes being grounded as they couldn't afford spare parts.
Subscribed! For life.
What a great video man.
Premium Content.
You could have made the title more attractive, that way your channel gets the attention it deserves
Who else got triggered when he said mon aco and not Monaco
Oh yeah
dont forget the ku wait
not me cause i dont get triggered over mundane details
Cringe
Who tf cares about monaco anyways did they invent taco?
Had no idea, seen nauru on travel shows, in news about disasters, but had no idea of that history..good content .
Great video and information😎
The way he pronounces Nauru will always keep me happy.
England learned a long time ago. The best thing to do with your slaves is to set them free. Then loan them some money.
Randy Ralls true and tax the hack out of them! Do not bank w central banking
@@itsnotatoober l u r k m o a r
@@itsnotatoober gfy glow in the dark
@@rhodesianwojak2095 idk what any of these internet loser things mean but if you have any actual manhood come face me I'll beat you into the ground you internet loser.
@itsnotatoober oy vey! You’ll smell him a mile away I bet!
Yoo how he pronounced Monaco had me in stitches!! 😂
Very very educational, thankyou
Sounds like they invested their money as wisely as an NFL player
Yeah basically
You will succeed one day Bro. Keep the quality up.
@@SidenoteChannel And having decent subtitles is a good idea too! Might attract some English learners like myself 😉
Great content🥂
Wow thanks for the eye opening info ..🤓👍
My Dad currently works for Nauru airlines, it still operates, the company isn't owned by the government its now privately owned and I recon it has the nicest looking jets out there with a beautiful blue tail.
Sure he does. Also, Nauru Airlines is owned by the government.
The fate of Saudi, Kuwait and all other oil rich countries, when the oil runs out!
Saudi still can get money from muslim who do hajj and umrah ritual. They get alot from it.
Iq there is 85 i think nauru is 60+ in holland considered mentally retarded. In almost no western country fit for service
Watch PolyMatter's video, Kuwait's attempt to outlive oil.
@@lost4356 Your statement is completely wrong.
The Saudi government spending on Hajj and Umrah is way more than its revenue. Some estimates say Saudi spends more than ten times what it gets from these rituals.
@@abdullahalrasheed394 yeah but most of it they spend it for infrastructure and better system so is long term invesment.
The entire world is a giant Nauru. The timeline is just scaled up, but it eventually reaches it's end.
by the time earth resource is gone,WE ARE ALEARDY LIVING ON MARS.
@@randomstormtrooper210 Isn't mars basically just a wasteland?
@@fora1924 who knows what type of resources we could find there
“Get your ahhhsss to Maaahhhss!”
@@randomstormtrooper210 So, basically, your idea is that it'sn okay to destroy our heaven on Earth then move to the wasteland of Mars ? You actually think Mars is an escape to all of your, our greed ?
Damn. Imagine if they'd invested even half of what they had in money market funds, or Index funds. They would have been set for decades.
*Look, I bet if you check even during their boom period, those $2+ billion GDP were ending up in the hands of a few people. As a Nigerian, since oil was discovered in 1958, the regions where oil is is gotten from are the most underdeveloped parts of Nigeria. Don't worry, the politicians, CEOs etc from there are all very rich. It's the locals that are suffering. Their lands destroyed.*
The sad story of bribing the local elites to allow stealing the local resources.
@@garygralton7570 *Yup. Very true. The local chiefs are benefiting from it so they allow it.*
The locals, all 7000 of them were also incredibly rich. The problem is, they thought it will last forever, like any person that suddenly ends up with bucketloads of money. Humans are very bad at long distance planning.
that's capitalism in action
@@Defenestrationflight *Not the Chinese.*
Greece: (Its weak,It rose,It fell)
Nauru: Hey I like that middle part
Learn from other small countries like Macau or Singapore. Open casino and life will flourish.
Macau isn't a country tho...
@jattatheart111 Wth, what are you on? Macau and Hong Kong aren't even independent, and hasn't been for a long time now. If it was already independent, all those protest done by the pro-independent Hong Kong residents won't be happening. In just 2 decades and a few years from now (2047), Hong Kong will fully be integrated into China, the pro-independent Hong Kong residents are protesting to resist that.
The people don't have a service mentality, they would hate being chiefs, check in staff or croupier.
Although an old story, this exemplifies what could easily have happened (and still might) on many other Pacific Island nations for many different reasons. The example given of the "lottery winner" syndrome is extremely relevant.
e.g. American Samoa relies heavily on US government subsidies and welfare, income from tuna caneries (as long as stocks last) as well as reliance on US military recruiting.
The Pacific is full of nations living in a fools paradise.
Squeaky clean editing as always my friend. Great topic on this one
This is pretty quality you gained a new subscriber bro.
Crazy! I’ve worked in Nauru tower in Hawaii. I never knew that was owned by the Nauru islands. Interesting fact......
6:33 did you mean uninhabitable? Inhabitable means that you can inhabit (live in) the place.
Rexluna1 ye
Overall really well made! I look forward to your future content!
amazing channel dude, keep it up, loved every part of the visuals and narrations
Interesting thank you
Wow this story is too good, there should definitely be a full length doc on this. Most people on these comments keep talking about how "stupid the people are" but I guarantee you there's probably more to this story despite the good overview the video gave
Google about the country of Singapore if you want to see what a small nation with zero natural resources managed well can do. Essentially the opposite of Nauru.
Apples and Oranges.
Singapore were very strategically placed. It's been centre of trading and commerce since at least 14th century, and perhaps way longer before that. Various documents mention that Singapore in the 14th century, then known as Temasek, was already a trading port under the influence of both the Majapahit Empire and the Siamese kingdom.
European (Portuguese, Spanish, Dutch), Various Asians race, Malay, Sumatrans, Javanese (which is Sriwijaya and Majapahit during those periode) long acknowledge Singapore as a transit and port island. It's became more prominent since the European starting to expand and made it's way to try colonize Asia during 16th century onwards.
It's very strategic since it's sitting beetween the mainland Asia continent and the South East Asia region and archipelago (Indonesia/Sumatra, Malaysian, Brunei, Philliphine, Borneo, etc).
If you meet Singaporeans, their day to day (casual) languange form of communication is kinda telling of how cultural assimilation played integral part and root of their history since it's a port island for a long time.
It's a bloody mangled and mixture of English, Mandarin (Chinese), Indonesian (Melayu/Malay), Tamil, and others... Often dubbed as Singlish (Singaporean English).
While Nauru had large phosphate deposit as natural resources, Singapore had it's strategic location of trade.
@@ikmalhafiz2865 Exactly. No one is stopping over in Nauru for a business meeting.
It could have been the perfect holiday destination. Something sort of Dubai
Zero natural resources except control of a vital trade route.
The next will be Brunei when they ran out of oil.
@Nazreen Horizon oil and gas export made up nearly 95% of brunei's economy, when oil runs out one day, you guys will be the next. This can be proved by Brunei's poor gdp growth these few years.
@Nazreen Horizon well you guys have been finding for years yet nothing has been found LOL.
Nazreen Horizon my initial comment was just a statement to compare Brunei with Nauru, are you dumb or what ? Is there any problem stating a fact ? I never encountered such an idiot like you.
Atleast Brunei is trying to invest in infostructure for the future when they don't have oil money anymore.
@@ysho969 who ever you did argue with, you just fucking killed him lol. He deleted all of his replies
That where I lived
THANKS FOR MAKING THIS VIDEOS 💞😊
Ya know, this is kind of similar to what happens when poor people get a large amount of money in a short time, such as a lottery win. They don't know how to manage money as rich people do, so they continue their poor habits and overspend. When the money runs out, they're back where they started, but typically much worse off.
this is why the annuity payment option is the smart pick. you not only get more money over the long term but you get rid of the impulse buying in two years and still have lots of money left over. you learn to manage the money and set up budgets. something that lump sum takers don't learn, hence why the lump summers make up the overwhelming majority of those that go broke in two to three years. any financial advisor that tells a lottery winner to take the lump sum should be avoided as that financial advisor is going to steal the lottery winnings.
lol how ironic that poop was the reason they were rich. In my language nauru means pooping, so I guess it isn't wrong.
@@deepakrathore4932 It's called *"Waray"* which is also ironic itself cuz in this language, the word *"waray"* means "nothing" so basically my language is "nothing"
@@deepakrathore4932 uhhh why?
@@deepakrathore4932 it is the fifth most speaken language in phillipines
Waray here. Hahaha
Waray salapi
Some rich people made out with most of the money in other ways.
where could i get the audio used in this vid?? i really like it, also heard it in the video u did on the persian party by the then king of kings; would appreciate your help. thanks
"How unsustainable exploitation of resources out of greed can put us in situations we may never come out of"
While that is true, in this case it was overwhelmingly incredibly poor money management that sunk this island.
If they had played their cards right Naurans would never have to work another day until the collapse of humanity.
Amazing channel bro ✨
0:46 Monaco “muh-nocko” Lol
The way he says “Nauru” makes me cringe 🙃
Another example of indisciplined money management.
This time, not individual, not company... Its a whole country in itself.
Proves the fact once more: Almost all Lottery winners go broke in few years.
Never make a video about Monaco, just don't.
The way he pronounced Monaco was brutal.
MONARCO
A powerful story with a great life lesson
With that introduction, i thought it would be a meme of sort, nic3
Holy macro. 20+ years ago I had read about how wonderful Nauru was and even dreamed of moving there. I'm glad I never made it.
Lol it’s literally a shit hole
wow that's an eye opener there. Just as their greed kept growing so did their precious island of wealth fall apart from years of mining. That is just terrible.
3:00 it's crazy how much Phosphate was on the rocks in that shot compared to now
Lovely, humanity at its finest ☺️
They actually did invest in long term things
Its just happen that all of it failed bcs of lack of diversification
Principal Agency problems?
Unsystematic risks?
Lacking Financial literacy?
At that point they are to blame for everything it’s their fault for digging the islands grave deeper and deeper
I live in a part of México where we use "guano" (bat shit) that we get from a cave.
Ace Ventura 2 was all about guano
This is batshit crazy
...sorry.
Millions of years of poop....
My brain: wait a mi... what?! 🤯🤯🤯