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The Something Awful Forums > Archives > General Bullshit > Let's Learn About Nauru!
 
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zakharov
Nov 30, 2002

:kimchi: Tater Love :kimchi:
The Nauruan economy was based on bird poo poo and now that all the phosphates are gone the economy is Totally hosed.

quote:

The Nauruan economy peaked in the early 1980s, as it was dependent almost entirely on the phosphate deposits that originate from the droppings of sea birds. There are few other resources, and most necessities are imported. Small-scale mining is still conducted by RONPhos, formerly known as the Nauru Phosphate Corporation. The government places a percentage of RONPhos's earnings into the Nauru Phosphate Royalties Trust. The Trust manages long-term investments, which were intended to support the citizens once the phosphate reserves were exhausted.

Because of mismanagement the Trust's fixed and current assets were reduced considerably and may never fully recover. The failed investments included financing Leonardo the Musical in 1993. The Mercure Hotel in Sydney] and Nauru House in Melbourne were sold in 2004 to finance debts and Air Nauru's only Boeing 737 was repossessed in December 2005. Normal air service resumed after the aircraft was replaced with a Boeing 737–300 airliner in June 2006. In 2005, the corporation sold its property asset in Melbourne, the vacant Savoy Tavern site, for $7.5 million.
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zakharov
Nov 30, 2002

:kimchi: Tater Love :kimchi:

Lord of Pie posted:

One of my old college profs did his Peace Corps time between all these tiny Pacific islands and Nauru sounded like one of the more hosed up ones.

Back then the turd mining was still turning out pretty good money, but they blew through that poo poo like a redneck that just won the lottery. He said for some reason, they were obsessed with Twinkies and couldn't import enough of them. Nauru also had their own airline which flew regular routes out of there so empty planes go go back and forth to civilization

A lot of Pacific islands have a worse junk food problem than the US.

* # ¿ May 10, 2016 17:49
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zakharov
Nov 30, 2002

:kimchi: Tater Love :kimchi:
I just don't want it to escape notice that Nauru's solution to save their economy was to invest in a musical about Leonardo da Vinci.

* # ¿ May 10, 2016 19:18
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The Something Awful Forums > Archives > General Bullshit > Let's Learn About Nauru!