Saddam Hussein – On August 2, 1990, Iraqi leader Saddam Hussein invaded oil-rich Kuwait with 100,000 men, hoping to annex it as a 19th province and use its oil fields to replenish debts incurred during the Iraq—Iran War, a war which oddly saw the U.S. supporting Hussein despite his bad reputation. Saddam attacked swiftly, but the U.N. responded just as swiftly, placing economic embargoes on the aggressor and preparing for military punishment.
“Supply side” economics – “Supply side” economics was the nickname given to the type of economy that Ronald Reagan brought before Congress. It involved, among other things, a 25% tax cut that encouraged budgetary discipline and would hopefully spur investments. However, the plan was not a success in closing the rich-poor gap. It was also called “Reaganomics” and “trickle-down economics” as helping the rich was supposed to see money trickle-down to the poor.