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Global Financial Crisis

Fifty miles off the coast of Nantucket, 250 feet beneath the Atlantic, lies the RMS Republic and her secret treasure. As soon as Republic sank, rumors spread of a precious cargo, but the ship has kept her secrets intact for over a century, until now. Life-long treasure hunter Martin Bayerle joined Connie Willis (email) for all four hours to discuss how he has devoted the past 35 years of his life researching the shipwreck and proving the existence of her reputed cargo of 150,000 American Eagle gold coins, a bounty worth a billion dollars in today’s economy, and his quest to recover the it on his second attempt at the Republic.

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Global Financial Crisis

Show Archive
Date: Monday - January 12, 2009
Host: George Noory
Guests: David Smick, Dr. Bruce Goldberg

Appearing during the first three hours, financial advisor David Smick offered analysis of the global financial predicament. The current economic crisis goes well beyond the subprime loan/mortgage implosion-- it reveals fundamental problems in our financial architecture, and a serious lack of trust in the institutions themselves, he said. We could be looking at a "perfect storm" of further financial trouble, with the bursting of as many as eight other bubbles, including the commercial real estate market, adding up to a staggering loss of $200 trillion, he warned.

We allowed the leveraging of financial institutions to get out of hand-- government regulators were "asleep at the switch," he declared. European countries and other nations are likely in a worse situation than America since they are largely export dependent, and exports are dropping off, Smick noted, adding that European banks are heavily exposed to Emerging Market debt. The civil unrest and chaos in Greece, fueled by unemployed youth, could spread to Spain, Italy and France, he added.

Innovation and risk taking are drying up because of the lack of capital, Smick pointed out. Obama's stimulus plan could end up creating a "debt bomb" and may not employ many of the laid off white collar workers, he continued. Banks in the U.S. may eventually have to be nationalized to deal with the crisis, he suggested.

Life in the 35th Century

Hypnotherapist Dr. Bruce Goldberg, appearing in the last hour, shared what he sees in store for life in the 35th century. Among the breakthroughs: a food simulator which can prepare any meal as directed by human thought, teleportation devices in homes and offices, to instantly arrive at local destinations, and "information pills" that can pass on the knowledge of books.

Related Articles

Baby Aardvark

The Detroit Zoo recently welcomed a newborn aardvark. The baby, described as "hideously cute," has nearly doubled in size since its birth in December. More at the Detroit Free Press.

Bumper Music

Bumper music from Monday January 12, 2009

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