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A Cultural History of Art Bell

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Thumbnail for December 4, 1998: Mars Landing Update - Richard C. Hoagland | Y2k - Gary North

December 4, 1998: Mars Landing Update - Richard C. Hoagland | Y2k - Gary North

Dec 4, 1998
2h 54m
Richard C. HoaglandGary North
0:00 / 0:00
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.

Key Moments

  1. Hoagland names Turret Mountain as the December 7 site: Richard Hoagland tells Bell he is publicly disclosing the coordinates of where his sources said something would occur on December 7th: Turret Mountain, 30 miles due west of Payson, Arizona - sitting at the exact geometric center of the state. He warns observers it could be hazardous.

  2. Japanese banks called extinct in 13 months: Gary North contrasts Citicorp spending nearly $900 million on its own Y2K remediation with all 19 of Japan's largest banks together planning only about $1-1.2 billion, and predicts the Japanese banking system - already in crisis - will not survive Y2K, triggering bank runs.

  3. $50 billion Fed cash printing exposed as PR: Bell and North walk through the Fed's announced $50 billion extra-cash plan reported on 60 Minutes. North does the math: with about 100 million U.S. households, the Fed's full reserve plus the new printing only amounts to roughly $2,500-$3,000 per household, depleting completely if the average citizen withdrew $1,500.

  4. FDIC profile monitoring of bank withdrawals: North reveals that as of December 27, the FDIC will instruct U.S. banks to begin profile monitoring - tracking unusual customer spending and withdrawal habits. Congress has until that date to overturn the rule before it goes into effect on the first of the year.