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Originally Posted by The Sultan Of Smut
It's not a question of the UN having power. The UN exists for countries to have a forum to discuss issues without conflict. The UN is only effective as long as the member nations believe in it's charter. With that said I think the veto is useless. If you're interested in mainting international order and following a basic set of rules that ensure fundamental human rights then there's no need to veto any resolution that gets the support of 18 or 24 security council members.
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I would argue that the UN Security Council exists largely to preserve the post World War II power structure of the world. Consider that nothing happens in the Security Council without approval of the US, Russia, China, the UK and France. Consider also that Japan and Germany have never been given veto power.
As far as the veto, consider the ability of any member with veto power to block resolutions condemning its own actions. The USSR used this effectively when it occupied Hungary and invaded Afghanistan.