TIL that the small Pacific island nation of Nauru was once the richest country in the world thanks to phosphate mines, but as the phosphate was depleted it descended into poverty, reaching 90% unemployment.

submitted by Jashfior from (telegraph.co.uk)

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[–]aThievingStableboy 9 insightful - 1 fun9 insightful - 0 fun10 insightful - 1 fun -  (5 children)

asdgfasf

[–]EVERYBODYPANIC 4 insightful - 5 fun4 insightful - 4 fun5 insightful - 5 fun -  (2 children)

No shit. I mean, no guano. Sorry. No guano is their problem now. But being so obese, I have a suggested corrective measure: laxatives. Laxatives and surface septic. In no time, they'll be wallowing in putrid wealth.

[–]aThievingStableboy 2 insightful - 4 fun2 insightful - 3 fun3 insightful - 4 fun -  (0 children)

abvsete

[–]iraelmossadreddit 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

I think they were mining rock phospate...not guano. The island probably still has plenty of guano from bats.

edit: maybe not bats..there are some caves...but they should have seabird guano...oh wait says they ate the birds during hard times hmm lol oh and (the impact of phosphate mining, however, has wiped out much of the marine life). sweet! there fucked and then the ship that stuff over to other countries and it fucks up their marine life and water too. wooo!

[–]Wrang1er 4 insightful - 1 fun4 insightful - 0 fun5 insightful - 1 fun -  (1 child)

America is the richest country. The wealth of all Americans is about 61 trillion dollars. Second is China with 24 trillion.

[–]aThievingStableboy 1 insightful - 5 fun1 insightful - 4 fun2 insightful - 5 fun -  (0 children)

asetste

[–]DrStrangelove 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (0 children)

Nauru also has a fascinating history as a hub for shady international banking.

Nauru is a tiny island, population 12,000, a third of the size of Manhattan and far from anywhere: Yet at the center of several of the decade's biggest global events. Contributing editor Jack Hitt tells the untold story of this dot in the middle of the Pacific and its involvement in the bankrupting of the Russian economy, global terrorism, North Korean defectors, the end of the world, and the late 1980s theatrical flop of a London musical based on the life of Leonardo da Vinci called Leonardo, A Portrait of Love. (30 minutes)

Here's a great piece about Nauru from This American Life (NPR)

[–]theFriendlyDoomer 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

The resource curse aka the paradox of plenty, aka Dutch disease.

[–]philosopher 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

And this is why you're supposed to buy investments with the money you make from your temporary rich resource.