# One Big Ponzi Scheme > A massive financial fraud rocks Wall Street while global cooling trends and political scandals in Illinois challenge the prevailing media narratives of the new year. - **Show:** [The No Agenda Show](https://search.noagendashow.net/index.md) - **Episode:** 61 - **Published:** 2008-12-13 - **Length:** 1h 45m - **Topics:** Madoff Ponzi, [Carbon Credits](https://search.noagendashow.net/topic/carbon-credits.md), Blagojevich Scandal, [Slingbox](https://search.noagendashow.net/topic/slingbox.md), [Codex Alimentarius](https://search.noagendashow.net/topic/codex-alimentarius.md), Guilford Surrey, [Lisbon Treaty](https://search.noagendashow.net/topic/lisbon-treaty.md) - **Web page:** https://search.noagendashow.net/episode/61-one-big-ponzi-scheme ## About this episode The arrest of former NASDAQ chairman Bernard Madoff for orchestrating a $50 billion Ponzi scheme has sent shockwaves through the global financial community. Speculation suggests Madoff’s own sons may have alerted authorities to protect themselves from legal fallout as a surge in investor redemptions exposed the massive fraud. This collapse is being compared to the downfall of a moral icon, signaling a systemic failure in regulatory oversight by the SEC. In the United Kingdom, record cold temperatures and ice storms are fueling skepticism toward global warming narratives as European ministers attempt to link financial regulations to carbon credit policies. Over 600 scientists are reportedly preparing a lawsuit against Al Gore and the IPCC over disputed climate data. Meanwhile, Illinois Governor Rod Blagojevich faces federal investigation for attempting to sell a vacant Senate seat, and Defense Secretary Robert Gates has issued a stern warning to international adversaries against testing the incoming Obama administration. In the tech sector, EchoStar’s acquisition of Slingbox is providing a workaround for restrictive syndication laws, while Virgin Media’s fiber optic claims are being tested by high-bandwidth remote viewing. Adam Curry details the architectural quirks of his new Guilford terrace house and the aggressive tactics of London traffic wardens who tow moving vehicles mid-delivery. John C. Dvorak mourns the loss of authentic Portuguese linguiça in California due to restrictive health codes, leading to a debate on how the Codex Alimentarius and EU regulations are outlawing traditional food preservation methods. The duo closes with a look at the financial crisis in Formula One and a gentleman’s bet on the future of the Obama presidency. ## Chapters Each chapter's transcript is at its own link. The whole transcript is at https://search.noagendashow.net/episode/61-one-big-ponzi-scheme/transcript.md. ### 1. Bernard Madoff, SEC, NASDAQ, Ponzi Scheme Arrest (0:01–6:27) Bernard Madoff, the former head of NASDAQ, was arrested for orchestrating a $50 billion Ponzi scheme. The discussion compares the shock of his downfall to discovering Mother Teresa was a hooker. Speculation suggests Madoff's sons may have turned him in as a gambit to protect themselves from legal fallout as the economic downturn triggered a surge in investor redemptions. Keywords: [bernard madoff](https://search.noagendashow.net/topic/bernard-madoff.md), [sec](https://search.noagendashow.net/topic/sec.md), [nasdaq](https://search.noagendashow.net/topic/nasdaq.md), [ponzi scheme](https://search.noagendashow.net/topic/ponzi-scheme.md), [wall street](https://search.noagendashow.net/topic/wall-street.md), [financial times](https://search.noagendashow.net/topic/financial-times.md) [Chapter transcript](https://search.noagendashow.net/episode/61-one-big-ponzi-scheme/chapter/1.md) ### 2. Adam Curry, Surrey, Terrace House Architecture (6:27–8:28) Adam Curry describes his new residence in Guilford, Surrey, known as a terrace house. He explains the Victorian architectural style of these row houses, specifically highlighting the benefits of owning an "end of terrace" property. A long-term handyman familiar with the building's history and plumbing is assisting with the transition. Keywords: [surrey](https://search.noagendashow.net/topic/surrey.md), [guilford](https://search.noagendashow.net/topic/guilford.md), terrace house, [victorian architecture](https://search.noagendashow.net/topic/victorian-architecture.md), handyman [Chapter transcript](https://search.noagendashow.net/episode/61-one-big-ponzi-scheme/chapter/2.md) ### 3. Global Cooling, Carbon Credits, European Finance Regulation (8:29–10:16) Record cold temperatures in the United Kingdom and ice storms in the United States prompt a skeptical discussion regarding global warming. European ministers are reportedly linking financial regulations to environmental policy through carbon credits. These credits are characterized as a "guilt-free version of tax" that allows corporations to pay for the right to pollute without necessarily reducing emissions. Keywords: [global warming](https://search.noagendashow.net/topic/global-warming.md), [climate change](https://search.noagendashow.net/topic/climate-change.md), [carbon credits](https://search.noagendashow.net/topic/carbon-credits.md), [european union](https://search.noagendashow.net/topic/european-union.md), [ice storm](https://search.noagendashow.net/topic/ice-storm.md) [Chapter transcript](https://search.noagendashow.net/episode/61-one-big-ponzi-scheme/chapter/3.md) ### 4. Carbon Credit Exchanges, Al Gore, IPCC Lawsuit (10:17–11:49) The emergence of carbon credit exchanges is compared to the bandwidth exchanges of the mid-1990s. Reports indicate that over 600 scientists are preparing to sue Al Gore and the IPCC over allegedly bogus global warming data. Meanwhile, the European Union is considering a 200 billion euro economic stimulus alongside new carbon taxes on corporations. Keywords: [carbon credits](https://search.noagendashow.net/topic/carbon-credits.md), [al gore](https://search.noagendashow.net/topic/al-gore.md), [ipcc](https://search.noagendashow.net/topic/ipcc.md), [climate change](https://search.noagendashow.net/topic/climate-change.md), [lawsuit](https://search.noagendashow.net/topic/lawsuit.md) [Chapter transcript](https://search.noagendashow.net/episode/61-one-big-ponzi-scheme/chapter/4.md) ### 5. Scientific Consensus, Media Bias, Global Warming Hysteria (11:49–15:56) An analysis by the Business and Media Institute suggests that network news stories overwhelmingly promote global warming hysteria while ignoring alternative scientific opinions. The discussion posits that many scientists remain quiet about their skepticism to avoid losing research funding. The media is accused of using "polar bear footage" to drive a narrative of impending doom. Keywords: [scientific consensus](https://search.noagendashow.net/topic/scientific-consensus.md), [media bias](https://search.noagendashow.net/topic/media-bias.md), [cbs](https://search.noagendashow.net/topic/cbs.md), business and media institute, [climate change](https://search.noagendashow.net/topic/climate-change.md) [Chapter transcript](https://search.noagendashow.net/episode/61-one-big-ponzi-scheme/chapter/5.md) ### 6. Gideon Rachman, Financial Times, New World Order (15:56–19:27) Financial Times columnist Gideon Rachman is criticized for his follow-up comments regarding a "New World Order" article. Rachman reportedly mocked readers who believe in global warming conspiracies or the Book of Revelation. The discussion links these themes to a Time Magazine cover featuring Barack Obama and the concept of a global government. Keywords: [gideon rachman](https://search.noagendashow.net/topic/gideon-rachman.md), [financial times](https://search.noagendashow.net/topic/financial-times.md), [new world order](https://search.noagendashow.net/topic/new-world-order.md), [barack obama](https://search.noagendashow.net/topic/barack-obama.md), [bilderberg](https://search.noagendashow.net/topic/bilderberg.md) [Chapter transcript](https://search.noagendashow.net/episode/61-one-big-ponzi-scheme/chapter/6.md) ### 7. Slingbox, EchoStar, Local News Access Issues (19:27–22:26) EchoStar's acquisition of Slingbox is analyzed as a potential solution for satellite subscribers who cannot access out-of-market local news due to copyright and syndication laws. The technology allows users to stream their home television signals to remote locations. One host describes using a Slingbox to watch local Detroit news from a different region. Keywords: [slingbox](https://search.noagendashow.net/topic/slingbox.md), echostar, [dish network](https://search.noagendashow.net/topic/dish-network.md), [local news](https://search.noagendashow.net/topic/local-news.md), [copyright law](https://search.noagendashow.net/topic/copyright-law.md) [Chapter transcript](https://search.noagendashow.net/episode/61-one-big-ponzi-scheme/chapter/7.md) ### 8. UK Broadband, Virgin Media, Unlimited Data Claims (22:26–25:51) Adam Curry details his new high-speed internet setup in the UK, featuring a 20 megabit fiber optic connection from Virgin Media and IPTV services from BT. He expresses skepticism regarding "unlimited" data claims made by providers and mentions recording his sales calls to hold the companies accountable if they later throttle his service. Keywords: [virgin media](https://search.noagendashow.net/topic/virgin-media.md), bt vision, [fiber optic](https://search.noagendashow.net/topic/fiber-optic.md), [broadband](https://search.noagendashow.net/topic/broadband.md), unlimited data [Chapter transcript](https://search.noagendashow.net/episode/61-one-big-ponzi-scheme/chapter/8.md) ### 9. London Parking Enforcement, Traffic Wardens, Vehicle Towing (25:51–29:04) The aggressive nature of London parking enforcement is discussed, including the use of specialized trucks with mechanical arms that lift cars directly onto trailers. One anecdote describes a traffic warden issuing a ticket to a moving truck during a delivery, despite the warden being unable to explain the proper procedure for obtaining a temporary unloading permit. Keywords: [london](https://search.noagendashow.net/topic/london.md), parking ticket, traffic warden, [towing](https://search.noagendashow.net/topic/towing.md), [surveillance](https://search.noagendashow.net/topic/surveillance.md) [Chapter transcript](https://search.noagendashow.net/episode/61-one-big-ponzi-scheme/chapter/9.md) ### 10. Guilford Local Shops, Italian Deli, Wine Stores (29:05–31:43) The hosts discuss the benefits of local, independent shops in Guilford, including an Italian deli and a specialty wine store. These small businesses are praised for offering high-quality, non-industrial food products. Plans are mentioned to use a "QuickCam" to stream video of these local storefronts to the audience. Keywords: [guilford](https://search.noagendashow.net/topic/guilford.md), italian deli, wine store, aga oven, local business [Chapter transcript](https://search.noagendashow.net/episode/61-one-big-ponzi-scheme/chapter/10.md) ### 11. AMEE Startup, Carbon Footprint API, No Agenda T-Shirts (31:44–34:31) AMEE, a London-based startup, has secured Series A financing to build an API for measuring global energy consumption and carbon footprints. The segment transitions into a promotional mention for No Agenda t-shirts available at angryshirts.com, noting the difficulties of shipping merchandise to European listeners. Keywords: amee, o'reilly alpha tech ventures, [carbon footprint](https://search.noagendashow.net/topic/carbon-footprint.md), [api](https://search.noagendashow.net/topic/api.md), angry shirts [Chapter transcript](https://search.noagendashow.net/episode/61-one-big-ponzi-scheme/chapter/11.md) ### 12. Teen Internet Trends, Multimedia Messaging, Nokia E71 (34:32–36:15) Pew Research data indicates that teenage girls are more active in website creation than boys or adults. The discussion touches on the rise of multimedia messaging (MMS) for swapping photos. One host praises the Nokia E71 smartphone for its build quality and integrated FM radio, though he laments the requirement of wired headphones to act as an antenna. Keywords: [pew research](https://search.noagendashow.net/topic/pew-research.md), mms, [nokia e71](https://search.noagendashow.net/topic/nokia-e71.md), [sms](https://search.noagendashow.net/topic/sms.md), teen internet use [Chapter transcript](https://search.noagendashow.net/episode/61-one-big-ponzi-scheme/chapter/12.md) ### 13. Podcast Audio Gear, Countryman Microphones, Studio Timing (36:16–41:13) The technical challenges of recording podcasts over Skype versus in-person studio sessions are explored, focusing on timing and audio delay. The hosts debate the merits of the expensive Countryman omnidirectional microphones, which are popular for stage use and travel due to their light weight, despite concerns about fit and "slushy" sibilance. Keywords: countryman microphone, [leo laporte](https://search.noagendashow.net/topic/leo-laporte.md), [skype delay](https://search.noagendashow.net/topic/skype-delay.md), [audio engineering](https://search.noagendashow.net/topic/audio-engineering.md), portable gear [Chapter transcript](https://search.noagendashow.net/episode/61-one-big-ponzi-scheme/chapter/13.md) ### 14. Lavalier Microphones, Heil PR40, Audio Notch Filters (41:13–45:33) Adam Curry describes a "cockamamie" microphone setup involving a Lectrosonics lavalier clipped to a windscreen in front of a Heil PR40. The hosts discuss the use of notch filters to remove "mud" or unwanted frequencies between 200 and 400 Hertz to improve vocal clarity in recordings. Keywords: lectrosonics, [heil pr40](https://search.noagendashow.net/topic/heil-pr40.md), lavalier, notch filter, audio frequency [Chapter transcript](https://search.noagendashow.net/episode/61-one-big-ponzi-scheme/chapter/14.md) ### 15. Minimalist Studio Design, Andrew Grumman, Podcast History (45:35–48:48) A humorous suggestion is made to use a mannequin and a fishing rod to hold a lavalier microphone in a minimalist studio. The conversation shifts to acknowledge Andrew Grumman, a former team leader at Meveo and a key figure in the development of the "Juice" podcast receiver. Keywords: minimalist design, mannequin, andrew grumman, [meveo](https://search.noagendashow.net/topic/meveo.md), juice receiver [Chapter transcript](https://search.noagendashow.net/episode/61-one-big-ponzi-scheme/chapter/15.md) ### 16. London Flooding, Infrastructure, Car Ownership (48:50–50:48) Massive flooding in London is attributed to the city's inability to handle heavy rainfall. Adam Curry discusses his plan to move away from car ownership in the city, opting for a small Twingo with a resident parking permit while converting his garage into a living space for his daughter. Keywords: london flooding, [global warming](https://search.noagendashow.net/topic/global-warming.md), [public transport](https://search.noagendashow.net/topic/public-transport.md), resident permit, twingo [Chapter transcript](https://search.noagendashow.net/episode/61-one-big-ponzi-scheme/chapter/16.md) ### 17. Robert Gates, Obama Security Team, Financial Bailouts (50:50–54:06) Defense Secretary Robert Gates has warned international foes against testing the incoming Obama administration. The discussion touches on the continuity of leadership between administrations and the pressure placed on Congress by Henry Paulson to pass the Economic Stability Act under the threat of potential martial law. Keywords: [robert gates](https://search.noagendashow.net/topic/robert-gates.md), [barack obama](https://search.noagendashow.net/topic/barack-obama.md), [national security](https://search.noagendashow.net/topic/national-security.md), [martial law](https://search.noagendashow.net/topic/martial-law.md), [henry paulson](https://search.noagendashow.net/topic/henry-paulson.md) [Chapter transcript](https://search.noagendashow.net/episode/61-one-big-ponzi-scheme/chapter/17.md) ### 18. Slingbox Bandwidth, Comcast Data Caps, Remote Viewing (54:07–57:31) The hosts discuss the technical requirements for running a Slingbox, including the impact on monthly data caps. While Comcast has a 250 gigabyte monthly limit, heavy Slingbox usage can consume up to two gigabytes per day. Adam Curry plans to set up a dedicated Slingbox on a Virgin Media connection in the UK for remote access. Keywords: [slingbox](https://search.noagendashow.net/topic/slingbox.md), [comcast](https://search.noagendashow.net/topic/comcast.md), bandwidth cap, upload speed, data usage [Chapter transcript](https://search.noagendashow.net/episode/61-one-big-ponzi-scheme/chapter/18.md) ### 19. Rod Blagojevich, Illinois Corruption, Political Fascism (57:32–59:49) Illinois Governor Rod Blagojevich is under investigation for attempting to sell a vacant Senate seat. The hosts discuss the "machine" politics of Chicago and the potential involvement of other figures like Jesse Jackson Jr. The situation is cited as evidence of corporatism and fascism within the U.S. political system. Keywords: [rod blagojevich](https://search.noagendashow.net/topic/rod-blagojevich.md), [barack obama](https://search.noagendashow.net/topic/barack-obama.md), [jesse jackson jr](https://search.noagendashow.net/topic/jesse-jackson-jr.md), [corruption](https://search.noagendashow.net/topic/corruption.md), [fascism](https://search.noagendashow.net/topic/fascism.md) [Chapter transcript](https://search.noagendashow.net/episode/61-one-big-ponzi-scheme/chapter/19.md) ### 20. Obama Approval Ratings, Afghanistan Surge, Carbon Credit Quagmire (59:50–1:03:01) The hosts place a "gentleman's bet" on Barack Obama's approval rating six months into his presidency. While one predicts high satisfaction, the other anticipates a "quagmire" involving troop surges in Afghanistan and the economic impact of international carbon credit regulations that the U.S. may be forced to join. Keywords: [barack obama](https://search.noagendashow.net/topic/barack-obama.md), [afghanistan](https://search.noagendashow.net/topic/afghanistan.md), [carbon credits](https://search.noagendashow.net/topic/carbon-credits.md), [kyoto protocol](https://search.noagendashow.net/topic/kyoto-protocol.md), [approval rating](https://search.noagendashow.net/topic/approval-rating.md) [Chapter transcript](https://search.noagendashow.net/episode/61-one-big-ponzi-scheme/chapter/20.md) ### 21. Portuguese Linguiça, Santos Sausage Factory, Food Regulation (1:03:02–1:07:11) John C. Dvorak recounts the history of Portuguese linguiça sausage in Newark, California, and the closure of the Santos factory in San Leandro. The factory owner reportedly killed two health inspectors after being harassed over traditional curing processes. Dvorak discusses the difficulty of finding authentic, chunky linguiça that meets modern health standards. Keywords: linguiça, [portuguese sausage](https://search.noagendashow.net/topic/portuguese-sausage.md), newark california, [health department](https://search.noagendashow.net/topic/health-department.md), food preservation [Chapter transcript](https://search.noagendashow.net/episode/61-one-big-ponzi-scheme/chapter/21.md) ### 22. Spices for Preservation, Codex Alimentarius, Traditional Recipes (1:07:12–1:10:27) A discussion on the historical use of spices reveals they were primarily used for food preservation and antibacterial properties rather than flavor. The hosts criticize the Codex Alimentarius and modern health regulations for outlawing traditional recipes and processes that were originally designed to keep people from getting sick before refrigeration. Keywords: [spices](https://search.noagendashow.net/topic/spices.md), food preservation, [codex alimentarius](https://search.noagendashow.net/topic/codex-alimentarius.md), [antioxidants](https://search.noagendashow.net/topic/antioxidants.md), traditional cooking [Chapter transcript](https://search.noagendashow.net/episode/61-one-big-ponzi-scheme/chapter/22.md) ### 23. French Goat Cheese, Wood Curing, Local Food Support (1:10:29–1:13:31) European Union inspectors are reportedly forcing French goat cheese makers to replace traditional wood curing surfaces with plastic. The hosts argue that these regulations often replace safe, time-tested methods with inferior industrial materials like melamine-tainted plastics. They encourage listeners to support local "rustic" stores over big-box retailers. Keywords: goat cheese, [france](https://search.noagendashow.net/topic/france.md), [fda](https://search.noagendashow.net/topic/fda.md), [melamine](https://search.noagendashow.net/topic/melamine.md), local business [Chapter transcript](https://search.noagendashow.net/episode/61-one-big-ponzi-scheme/chapter/23.md) ### 24. Formula One Financial Crisis, Honda Exit, NASCAR (1:13:31–1:16:48) Formula One is facing a financial crisis as major sponsors and teams like Honda withdraw due to high participation costs, which can reach 300 million pounds annually. The hosts compare the technical complexity of "piloting" a Formula One car to the more physical "bumping" style of NASCAR and IndyCar racing. Keywords: [formula one](https://search.noagendashow.net/topic/formula-one.md), [honda](https://search.noagendashow.net/topic/honda.md), [nascar](https://search.noagendashow.net/topic/nascar.md), [indycar](https://search.noagendashow.net/topic/indycar.md), [top gear](https://search.noagendashow.net/topic/top-gear.md) [Chapter transcript](https://search.noagendashow.net/episode/61-one-big-ponzi-scheme/chapter/24.md) ### 25. Auto Industry Bailout, Lobbying, Congressional Funding (1:16:49–1:18:43) The U.S. Treasury is resisting providing "TARP" funds to the struggling Detroit auto industry, prioritizing banking interests instead. Data suggests that banking lobbyists provided significantly more campaign funding to Congress than car companies, leading to a disparity in government support during the economic crisis. Keywords: [detroit](https://search.noagendashow.net/topic/detroit.md), [auto bailout](https://search.noagendashow.net/topic/auto-bailout.md), [treasury](https://search.noagendashow.net/topic/treasury.md), [lobbyists](https://search.noagendashow.net/topic/lobbyists.md), [k street](https://search.noagendashow.net/topic/k-street.md) [Chapter transcript](https://search.noagendashow.net/episode/61-one-big-ponzi-scheme/chapter/25.md) ### 26. Lisbon Treaty, Irish Referendum, EU Presidency (1:18:44–1:22:00) European Union leaders are accused of using "bribes" to convince Irish voters to approve the Lisbon Treaty in a second referendum. The hosts discuss the upcoming EU presidency of a Czech leader who strongly opposes the treaty, leading to predictions of political conflict or personal threats against him. Keywords: [lisbon treaty](https://search.noagendashow.net/topic/lisbon-treaty.md), [ireland](https://search.noagendashow.net/topic/ireland.md), [referendum](https://search.noagendashow.net/topic/referendum.md), [czech republic](https://search.noagendashow.net/topic/czech-republic.md), eu presidency [Chapter transcript](https://search.noagendashow.net/episode/61-one-big-ponzi-scheme/chapter/26.md) ### 27. Georgia-Russia Conflict, Media Narrative, Listener Growth (1:22:01–1:23:29) Reports from the Georgian parliament suggest that Georgia may have initiated the 2008 conflict with Russia, contrary to initial Western media narratives. The hosts use this as an example of why listeners should follow independent media and encourage the audience to "burn a copy" of the show for friends. Keywords: [georgia](https://search.noagendashow.net/topic/georgia.md), [russia](https://search.noagendashow.net/topic/russia.md), [saakashvili](https://search.noagendashow.net/topic/saakashvili.md), [media bias](https://search.noagendashow.net/topic/media-bias.md), [podcasting](https://search.noagendashow.net/topic/podcasting.md) [Chapter transcript](https://search.noagendashow.net/episode/61-one-big-ponzi-scheme/chapter/27.md) ### 28. Canadian Politics, Detroit Slingbox, TMZ Gossip (1:23:29–1:26:45) The hosts address criticism from Canadian listeners regarding their coverage of Canadian politics. To improve their perspective, they are using a listener-provided Slingbox in Detroit to watch Windsor-based stations like the CBC. A humorous aside mentions a host's wife using the device to watch celebrity gossip on TMZ. Keywords: [canada](https://search.noagendashow.net/topic/canada.md), [cbc](https://search.noagendashow.net/topic/cbc.md), [windsor](https://search.noagendashow.net/topic/windsor.md), [slingbox](https://search.noagendashow.net/topic/slingbox.md), [tmz](https://search.noagendashow.net/topic/tmz.md) [Chapter transcript](https://search.noagendashow.net/episode/61-one-big-ponzi-scheme/chapter/28.md) ### 29. Sling Catcher, Remote Viewing Benefits, Upload Speeds (1:26:46–1:29:04) The Sling Catcher is highlighted as a tool for viewing Slingbox streams directly on a television rather than a computer. The hosts discuss the advantages of this setup for those with multiple properties, though they note that low upload speeds at the source location can significantly degrade the experience. Keywords: sling catcher, [remote viewing](https://search.noagendashow.net/topic/remote-viewing.md), [bandwidth](https://search.noagendashow.net/topic/bandwidth.md), upload speed, [satellite tv](https://search.noagendashow.net/topic/satellite-tv.md) [Chapter transcript](https://search.noagendashow.net/episode/61-one-big-ponzi-scheme/chapter/29.md) ### 30. Fiber Optic Networking, Wi-Fi Bridges, Broadband Marketing (1:29:05–1:31:27) John C. Dvorak describes a high-speed networking setup involving a fiber optic connection shared via a long-range Wi-Fi bridge. The hosts criticize the misleading way broadband providers market speeds, such as using the time it takes to download a single MP3 track as a performance metric. Keywords: [fiber optic](https://search.noagendashow.net/topic/fiber-optic.md), wi-fi bridge, [broadband](https://search.noagendashow.net/topic/broadband.md), [marketing](https://search.noagendashow.net/topic/marketing.md), mp3 download [Chapter transcript](https://search.noagendashow.net/episode/61-one-big-ponzi-scheme/chapter/30.md) ### 31. Oil Prices, Goldman Sachs Predictions, Saudi Production Costs (1:31:27–1:33:23) Goldman Sachs has reversed its previous forecast, now predicting oil could drop to $30 a barrel. Conflicting reports regarding production costs are discussed, with a Saudi official claiming costs as low as $2 per barrel on "60 Minutes," while other industry sources suggest $20 per barrel is more realistic. Keywords: [oil prices](https://search.noagendashow.net/topic/oil-prices.md), [goldman sachs](https://search.noagendashow.net/topic/goldman-sachs.md), [saudi arabia](https://search.noagendashow.net/topic/saudi-arabia.md), [halliburton](https://search.noagendashow.net/topic/halliburton.md), [hulu](https://search.noagendashow.net/topic/hulu.md) [Chapter transcript](https://search.noagendashow.net/episode/61-one-big-ponzi-scheme/chapter/31.md) ### 32. Charles Ponzi, Multi-Level Marketing, Pyramid Schemes (1:33:23–1:36:03) The history of the Ponzi scheme is traced back to Charles Ponzi in 1920. The hosts distinguish between legitimate multi-level marketing and illegal pyramid schemes, noting that Bernard Madoff's ability to sustain a $50 billion fraud for 40 years was built entirely on a false reputation of being a "great trader." Keywords: charles ponzi, mlm, pyramid scheme, [bernard madoff](https://search.noagendashow.net/topic/bernard-madoff.md), [reputation](https://search.noagendashow.net/topic/reputation.md) [Chapter transcript](https://search.noagendashow.net/episode/61-one-big-ponzi-scheme/chapter/32.md) ### 33. Real Estate Market, California Exodus, Value-Added Tax (1:36:04–1:39:16) John C. Dvorak expresses his desire to leave California, citing the state's bankruptcy and the likelihood of new taxes. He plans to time his move to Washington State by waiting for the California housing market to stabilize. The discussion also covers the UK's recent reduction in Value-Added Tax (VAT). Keywords: [real estate](https://search.noagendashow.net/topic/real-estate.md), [california](https://search.noagendashow.net/topic/california.md), [washington state](https://search.noagendashow.net/topic/washington-state.md), [vat](https://search.noagendashow.net/topic/vat.md), [capital gains](https://search.noagendashow.net/topic/capital-gains.md) [Chapter transcript](https://search.noagendashow.net/episode/61-one-big-ponzi-scheme/chapter/33.md) ### 34. UK Liquor Tax, Adnans Ale, University of Colorado (1:39:16–1:40:50) While the UK lowered its VAT, it simultaneously increased the tax on alcohol by 8%. Adam Curry mentions looking for a local pub that serves Adnans Ale. The segment transitions to a video from a University of Colorado Boulder professor regarding human population trends. Keywords: liquor tax, adnans ale, [guilford](https://search.noagendashow.net/topic/guilford.md), [university of colorado](https://search.noagendashow.net/topic/university-of-colorado.md), [boulder](https://search.noagendashow.net/topic/boulder.md) [Chapter transcript](https://search.noagendashow.net/episode/61-one-big-ponzi-scheme/chapter/34.md) ### 35. Exponential Growth, Resource Depletion, Nihilism (1:40:51–1:44:10) A University of Colorado professor's lecture on the dangers of exponential growth is discussed, specifically regarding global population and oil consumption. The hosts reflect on Jimmy Carter's past warnings about resource depletion and the "hockey stick curve" that suggests a looming global crisis involving famine or war. Keywords: [exponential growth](https://search.noagendashow.net/topic/exponential-growth.md), [population](https://search.noagendashow.net/topic/population.md), [oil](https://search.noagendashow.net/topic/oil.md), [jimmy carter](https://search.noagendashow.net/topic/jimmy-carter.md), [nihilism](https://search.noagendashow.net/topic/nihilism.md) [Chapter transcript](https://search.noagendashow.net/episode/61-one-big-ponzi-scheme/chapter/35.md) ### 36. Gitmo Nation Sign-off, Weather Report, Outro (1:44:12–1:45:15) The hosts conclude the episode with their traditional sign-off from "Gitmo Nation East" in the UK and "Gitmo Nation West" in California. They provide a final brief weather update, noting the cold temperatures in Europe, and invite listeners to return for the next installment of the No Agenda show. Keywords: [gitmo nation](https://search.noagendashow.net/topic/gitmo-nation.md), [silicon valley](https://search.noagendashow.net/topic/silicon-valley.md), [surrey](https://search.noagendashow.net/topic/surrey.md), [climate change](https://search.noagendashow.net/topic/climate-change.md), [no agenda](https://search.noagendashow.net/topic/no-agenda.md) [Chapter transcript](https://search.noagendashow.net/episode/61-one-big-ponzi-scheme/chapter/36.md) - [Previous episode](https://search.noagendashow.net/episode/60-we-re-celebrities-get-us-out-of-here.md) - [Next episode](https://search.noagendashow.net/episode/62-the-greatest-depression.md) --- This is the markdown version of a page on The No Agenda Show for AI agents. 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