Throughout human history, there have always been scientists whose research and discoveries have rewritten the rules, reshaping the world around us. These pioneers and innovators embody forward-thinking science that evolves with the times and anticipates the future. By introducing fresh ideas, forecasting trends, and developing new technologies, they play a crucial role in shaping both society and everyday life.
Our previous article, Future Institute Archives: “Noah’s Ark 2030” Project, explored the groundbreaking work of scientists and their innovative initiative. In this piece, we continue delving into the archival records of the World Futures Studies Federation, shedding light on the latest developments in the Noah’s Ark 2030 project.
Discussions on the second phase of the project began in 2009. Much like its inception, this phase was a direct response to pressing contemporary challenges, aiming to address growing social issues. The turning point came with the financial market turmoil of 2008, which underscored the urgency for action. Here’s a look back at what unfolded on the world’s financial stage during that period.
The 2008 financial crisis—often referred to as the Global Financial Crisis—stands as one of the most devastating economic shocks since the Great Depression. Its impact on the global economy was profound, triggering widespread repercussions across industries and deeply affecting the lives of people worldwide.
The crisis began in late 2007 when it became evident that the U.S. housing market was overheating, leading to a sharp decline in property prices. This triggered a chain reaction, affecting banks, financial institutions, and markets across multiple countries. A key factor was the widespread issuance of high-risk, poorly secured mortgage loans. As defaults surged and mortgage-backed assets plummeted in value, major financial institutions faced insolvency, resulting in unprecedented bankruptcies.
On September 15, 2008, financial giant Lehman Brothers, burdened with $613 billion in debt, filed for bankruptcy. The collapse led to thousands of job losses and deepened an already severe economic downturn. The collapse was a tipping point, signaling the peak of the global financial crisis. During this period, numerous financial institutions either went bankrupt or teetered on the brink of collapse, triggering widespread panic across global financial markets. Investors rushed to pull their money from banks and investment funds, as no one could predict which institution would be the next to sink in this financial storm. As a result, financial markets stopped functioning normally, with everyone attempting to sell assets at the same time, while many companies in need of new financing were unable to secure it. European banks were no exception. For instance, Northern Rock (UK) faced a liquidity crisis in September 2007, triggered by news of mortgage issues and growing panic among depositors. The bank was nationalized in February 2008.
A study by American researchers in late 2008 concluded that both debtors and banks played pivotal roles in the financial crisis.
“There is a broad public consensus regarding the causes of the current problems with financial institutions and markets: 79% say people taking on too much debt has contributed a lot to the crisis, while 72% say the same about banks making risky loans.”
During the first phase of the Noah’s Ark 2030 project, scientists focused on forecasting potential scenarios related to various global threats that could affect the world. The forecasting model was built around the idea of creating closed-off territories within a country or region. To mitigate the negative impacts on both physical and psychological health, the creation of artificial clusters was proposed, where people could live in more comfortable conditions.
Following the global financial collapse and the realization that banks were no longer safe and reliable places to store financial assets, the need arose to reconsider and design additional conditions within the “closed clusters.” This involved constructing parallel financial systems, designed to be immune to the same kind of destructive “corrosion” caused by risks within the conventional banking system.
During the initial discussions of the future innovative financial system, scientists lacked a definitive blueprint or implementation strategy. However, they identified possible key principles and focused on incorporating the latest innovations in financial technology, with a strong emphasis on the use of artificial intelligence, drawing from the ideas of Marco Somalvico. The new financial system was designed to restore people’s confidence in the safety of their funds. As such, it needed to be a hybrid, combining the simultaneous operation of both a traditional and an electronic financial system.
The discussion also included the innovations surrounding digital currencies and cryptocurrencies. In 2008, the book Bitcoin: A Peer-to-Peer Electronic Cash System was published, outlining the core principles and technical aspects of the new digital currency.
Satoshi Nakamoto developed Bitcoin as an electronic payment system that eliminated the need for centralized institutions like banks or governments to process and verify transactions. Instead, Bitcoin uses blockchain technology to record and verify transactions through a decentralized network of nodes (computers), ensuring security and transparency. The first Bitcoin transaction took place on January 3, 2009, when Nakamoto sent 10 bitcoins (BTC) to another user, Hal Finney.
The development of a new financial system capable of operating sustainably within the confines of “closed clusters” required the creation of predictive models and an assessment of its viability and resilience. The forecasting of various scenarios, testing its security, and evaluating its protection prospects were carried out using artificial intelligence.
To conclude, it is worth highlighting that many crises, including financial ones, have historically been the starting point of new epochs and change. These events push society to reassess familiar practices and find new solutions to the challenges they bring. While crises can be painful and generate uncertainty, they can also serve as catalysts for creativity, innovation, and growth. Understanding and learning from their lessons is vital to building a more resilient future and preparing for future challenges.