In 1982, the US set up the Bikini Claims Trust for Bikini residents affected by nuclear testing & displacement with $75M. The fund distributes monthly cash aid to residents.
In 2017, Bikini leaders lobbied for "autonomy over the fund, saying spending limits were rooted in colonialism and impeded investment", so the Interior Dept. transferred the remaining $59M to Bikini control.
The monthly checks stopped this February as the fund balance dropped to $100k.
@Smersh So.. IMO the stockmarket is the biggest ponzi scheme ever to move money from the little guy to those better off. It's legalizing gambling really.
"With U.S. oversight gone [officials] went on a spending spree.
Among the purchases were a 34-passenger plane for $3.25M they hoped would jump-start scuba diving tourism. But leaders failed to secure a deal with the local airline to operate it and ... it has sat in storage since 2021 at a cost of $7,500 a month.
The KBE government also spent $4.8M on 283 acres of land in Hilo, Hawaii... to subdivide it and build homes that could be sold or used to house Bikinians."
@Smersh So.. we'll file that under people can't handle free money well? SMH
@TrueBloodNet yup. Local gov raided it for "operating expenses" when tourism dollars dried up w/out foresight on future fund payments.
Hopefully this will be a learning lesson moving forward on balancing trusting those who have knowledge operating money moving vessels in this Rube Goldbergian economic system we have with the local autonomy and traditional cultures of people.
Also using this toot to timestamp my prediction that the fund will be refilled in the next omnibus budget.
@Smersh I hope not. It's their own damn fault. At some point, you have to suffer from your delusions of grandeur or you'll just keep being stupid. Free health care, sure.