Pipe_MunkyYou forgot the point out that countries have been happy to bankrupt themselves over the Olympics. No one holds a gun to someone's head and says "host the Olympics"
You are completely correct - but as we're seeing, less and less countries want to host it, because it doesn't make sense.
By the way, here is the list of some of the demands the IOC has made to the host country of the 2022 olympics:
"1. The IOC hotel must be rated at either four or five stars (a higher rating than any other client group at the Olympics).
2. The IOC hotel must offer: "A full international hot breakfast buffet for up to two occupants for each room (included in the room rate), catering services for IOC events, and 24-hour room service.
3. The hotel must have a members lounge to be used exclusively by IOC members. If there is no members lounge, the hotel has to install one at its own cost.
4. Doves must be released after the parade of athletes but before the head of the Olympic organizing committee speaks at the Opening Ceremony.
5. Signs around the city telling people where to go should be in sans-serif font and "be conceived as part of the Look."
6. "100% security screening of passengers and their baggage is required prior to entry into the IOC Hotel." This is not a requirement at other hotels.
7. The venues must be designed such that IOC members and guests are "segregated from press and broadcast" personnel.
8. Every IOC member gets a plus-one at the Opening Ceremony.
9. IOC members must be greeted by "smiling, positive, and welcoming staff" at the airport.
10. Starting two weeks before the Olympics, no street vendors are allowed.
11. IOC meeting rooms must be air-conditioned to 20 degrees Celsius (68 degrees Fahrenheit).
12. "The IOC Hotel must make available at no extra cost, existing sport facilities such as fitness facilities, swimming pool and sauna facilities to all IOC Hotel guests and IOC staff members."
13. Private cars must be provided to select IOC members at the expense of the Olympic organizing committee.
14. Volunteer drivers for IOC members must speak fluent English or French and be available to work up to 10 hours a day for six days a week."
http://www.businessinsider.com/ioc-demands-perks-from-2022-olympic-hosts-2014-10?IR=T
The fact that the IOC is one of the least transparent organizations on the planet is also a massive joke. I used to love the olympics, but the more I read about the people running it the more pissed off I get /ragequit