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December 4, 1998: Mars Landing Update - Richard C. Hoagland | Y2k - Gary North
Published 2 years ago
Description
Art Bell opens with a quick update from Richard C. Hoagland on the predicted December 7th event in central Arizona. Hoagland identifies Turret Mountain, located at the geometric center of the state, as the specific location where something may occur. He provides coordinates and warns listeners that the situation could be hazardous, while noting military activity near Payson and a suspicious FAA flight restriction over the area.
The program then shifts to a full Y2K discussion with economist Gary North, whom Art describes as vindicated after 60 Minutes aired a sobering report echoing his warnings. North explains the origins of the two-digit date problem and why it was never corrected despite decades of awareness. He details how Citicorp alone expects to spend nearly $900 million on repairs while Japan''s 19 largest banks have budgeted a fraction of that amount.
North addresses the banking system''s vulnerability, the Federal Reserve''s plan to print $50 billion in extra currency, and a new FDIC profiling program to monitor unusual withdrawals. He warns that nuclear power plants face a July 1999 compliance deadline from the Nuclear Regulatory Commission, and that no major utility or bank on Earth has yet declared full Y2K compliance.
The program then shifts to a full Y2K discussion with economist Gary North, whom Art describes as vindicated after 60 Minutes aired a sobering report echoing his warnings. North explains the origins of the two-digit date problem and why it was never corrected despite decades of awareness. He details how Citicorp alone expects to spend nearly $900 million on repairs while Japan''s 19 largest banks have budgeted a fraction of that amount.
North addresses the banking system''s vulnerability, the Federal Reserve''s plan to print $50 billion in extra currency, and a new FDIC profiling program to monitor unusual withdrawals. He warns that nuclear power plants face a July 1999 compliance deadline from the Nuclear Regulatory Commission, and that no major utility or bank on Earth has yet declared full Y2K compliance.