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Norway is, in real terms, the richest western nation on earth?

Discussion in 'Anything goes' started by Mr7134, Feb 27, 2010.

  1. Buck

    Buck Well-Known Member

    I lived in the Pacific in the 1990s, and the Nauruans still had money then. I can't say I've kept up with the island's economic fortunes since then.
    The Australians were in the process of bilking them out of a lot money back then.
     
  2. Stoney

    Stoney Well-Known Member

    Recently read an interesting article about Nauru's fate. The place went from the richest per capita country on earth to dirt poor and buried in debt in the blink of an eye.

    The phosphate mines that were the source of the wealth went dry and the tales of how they mishandled the money were just ridiculous. It's like the whole island attended attended the Antoine Walker/Mike Tyson school of money management.
     
  3. Buck

    Buck Well-Known Member

    In the 1990s, they were bank-rolling a powerlfiting program. The idea was that it was a sport in which indigenous athletes would be able to compete on a world stage.
    Also, during the '90s, some Australian business men talked them into launching an attempt at an international satellite sports network.
     
  4. Buck

    Buck Well-Known Member

    More bad Nauruan investments from the 1990s, according to Wikipedia:
    1993's Leonardo the Musical
    Purchase of the vacant Carlton and United Breweries site on Swanston Street in 1994 which was sold undeveloped in 1998
    A loan to the Fitzroy Football Club which went into liquidation in 1996
    The Queen Victoria Village site which was repossessed in 1999
     
  5. BTExpress

    BTExpress Well-Known Member

    Well, the percentage of their money that they do send (0.89% of GNP) is much, much higher than ours (0.18%).

    But a nation of 4.7 million only has so much to send, ya know.
     
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