Mark Steyn asks if you’d trust the U.N. with $64 billion of your own cash:
If I had $64 billion of my own money, I’d look after it carefully. But give someone $64 billion of other people’s money to “process” and it would be surprising if some of it didn’t get peeled off en route. Especially if that $64 billion gives you access to a unique supply of specially low-priced oil you can re-sell at market prices. Hire Third World bureaucrats to supervise the “processing” and you can kiss even more of it goodbye. Grant Saddam Hussein the right of approval over the bank that will run the scheme, and it’s clear to all that nit-picky book-keeping will not be an overburdensome problem.
In other words, the system didn’t fail. This is the transnational system, working as it usually works, just a little more so. One of the reasons I’m in favour of small government is because big government tends to be remote government, and remote government is unaccountable, and, as a wannabe world government, the UN is the remotest and most unaccountable of all. If the sentimental utopian blather ever came true and we wound up with one “world government”, from an accounting department point of view, the model will be Nigeria rather than New Hampshire.
Needless to say, read the whole thing.