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May 25, 1998: Y2K - Gary North
Published 2 years ago
Description
Art Bell interviews Gary North, a prolific author and economist who has spent years documenting the Year 2000 computer problem. North lays out a cascading failure scenario rooted in the original programming shortcut of using two-digit dates on 1950s punch cards, a practice that spread throughout decades of mainframe code and embedded systems. He reports that no major bank, airline, public utility, or military system in the United States has achieved full Y2K compliance.
North predicts bank runs beginning in the second half of 1999, triggered first by Japan and Canada rolling into fiscal year 2000 on April 1. He warns that the interconnected nature of modern banking means even compliant institutions will be reinfected by non-compliant data from partner systems. The FAA's outdated routing computers face shutdown, and the electrical power grid, dependent on computerized coal shipments by non-compliant railroads, could experience prolonged blackouts.
Drawing from his own preparations on 60 acres with natural gas wells and generators, North advises listeners to stockpile food, secure water sources independent of electrical pumps, and keep cash in small bills. He argues the collapse of electronic payment systems would bring the modern division of labor to a halt, potentially lasting years if the power grid fails beyond 60 days.
North predicts bank runs beginning in the second half of 1999, triggered first by Japan and Canada rolling into fiscal year 2000 on April 1. He warns that the interconnected nature of modern banking means even compliant institutions will be reinfected by non-compliant data from partner systems. The FAA's outdated routing computers face shutdown, and the electrical power grid, dependent on computerized coal shipments by non-compliant railroads, could experience prolonged blackouts.
Drawing from his own preparations on 60 acres with natural gas wells and generators, North advises listeners to stockpile food, secure water sources independent of electrical pumps, and keep cash in small bills. He argues the collapse of electronic payment systems would bring the modern division of labor to a halt, potentially lasting years if the power grid fails beyond 60 days.