- Nauru once has a higher income for all the Arab -rich Arab countries during the phosphate mining boom.
- The island, which has an area of 21 square kilometers, imported Lamborghinis and Ferraris, although only one road.
- Today, luxury luxury cars act as stability of mismanagement of financial management with a decrease in GDP from $ 50,000 to $ 12,000 per person.
We all heard the warning tales of the millionaires that were shattered thanks to an unhealthy obsession with luxury cars. But an entire country? Now this is a Flex error. This is exactly a story NauruA small island in micronesia, located in the southwest of the Pacific Ocean.
Noro has moved from being one of the richest countries on Earth to the story of the economic epic, all thanks to a toxic mix of resource mismanagement, financial recklessness, and yes, a strange obsession with super cars such as Lamborghinis and Ferraris.
Nauru: A nation based on the wealth of phosphate
Noro is barely 21 square kilometers of Earth, with a population of more than 10,000 – smaller than the crowd of the Mediterranean NFL. The island is famous for coral reefs, virgin beaches, and scenic views, but it has a dark history of foreign exploitation that many people do not realize.
Throughout most of the twentieth century, phosphate mining was the golden Noro ticket. It was discovered in the early twentieth century and was extracted and exported by British, Australian and New Zealand companies, which achieved a fortune while the local population got the end of the stick.
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But after independence in 1968, Noro took control of its own resources. As a result, the individual’s income from Noro has become higher than the income of oil -rich Gulf states. He even called it “the smallest and archeology of independent democracy in the world.” Al-Jazeera has become a tax-exempt as the government has presented the bill for everything-from health care to education abroad. It was like winning the lottery and immediately proud of a fleet of super cars.
Which, as it turned out, is exactly what they did.
Luxury cars in a country with one major road
If one thing is really determined by the economic fall of Nuro, it is their inaccurate obsession with luxury cars. Here is Kicker: The island has only one major road, and the national limit for speed is 25 km/h (15 mph). However, Nauruans imported Ferraris, Lamborghinis and Range Rovers as if they were storing the underground street race.
It improves (or worse, depending on how you look at it). The local police chief bought himself Lamborghini, just to realize that he could not physically fit the driver’s seat. You cannot make these things.
Ultimately, with the drying of money, these machines were once abandoned, left for rust in the sunlight in the Pacific Ocean. Today, they are working as strange symbols for a time when the Lawarians believe that they were living in Fast and angry: Island edition.
Repeated spending decisions
The madness of the luxury car was just a tip of the ice mountain in its race towards bankruptcy. The government, which tops its newly discovered wealth, has begun to make a doubtful financial decision after another. One of the most prominent events was to buy a fleet from Boeing 737S, although there are no justifications for an airline from this domain.
Another problem is to make all public services completely free. No taxes. No bills. Do you need a medical treatment? The government was flying 2,500 miles for Australia, all paid expenses. The costs of higher education for students studying in Australia were fully covered by the state. While these initiatives were goodwill, they were not sustainable in the long run.
Then there were investments between the ages of milk. Noro poured its wealth into external real estate, luxury resorts, and highly dangerous investments, most of which are amazingly fluctuating. By the beginning of the first decade of the twentieth century, phosphate reserves had almost exhausted, and the reality collapsed. By 2022, the GDP in Noro decreased to about $ 12,000, compared to more than $ 50,000 in its golden years.
With the absence of a financial backup plan, the government was forced to rely on foreign aid, especially from Australia, in exchange for asylum seekers in the controversial regional treatment center in Nauuu, which was the Australian government detention facility. Today, the island’s economy still depends mainly on external aid and fishing.
Lost opportunity
If the story of Noro is not already strange, here is a conspiracy. In 2022, the reputable “king of encryption” Sam Bancan offered Apparent plans to buy the island. His vision was to make Noro in millions of exclusive, where he and his internal circle could ride the possible resurrection scenarios in luxury.
According to the Bankman-Fred, more than $ 130 million (about $ 204 million Australian) was invested in a “humanitarian” project on the island. If his plan was implemented, the Noro streets may be full of luxury cars, although this time, it might have been Sellas.
It is possible that Bankman-PRID will have an American history in his mind-such as when America bought Alaska from Russia in 1867. If America can buy a region, then why can America not buy a country? It is interesting that the idea of buying lands from a foreign nation is still ongoing, as US President Donald Trump expressed his interest in buying Greenland From Denmark. Cheers for that.
Today, with a reduction in Bankman behind bars, the dream of “Crypto island” is still just a dream. As for Noro, where Lamborghinis had crawled one day (well, crawled at a speed of 15 miles per hour), all the remaining rust and continuous economic regrets.
