Speaker 1: Now here's a highlight from Coast to Coast AM on iHeartRadio.
Speaker 1: It is Coast to Coast AM. Hello there, Connie Willis
Speaker 1: with you. Wow. Valentine's Day, it's coming up. I didn't
Speaker 1: even realize it, honestly, I just was like, what what
Speaker 1: Valentine's And I know that because it's on what is it? Tuesday?
Speaker 1: I think it is that everybody's kind of celebrating it
Speaker 1: this weekend, right, and then also with the super Bowl,
Speaker 1: amazing weekend, lots going on and beautiful weather at least
Speaker 1: where I am, and hey, you can't beat that, right,
Speaker 1: So we've got another great guest coming up. Beforehand, though,
Speaker 1: I want to remind you people are asking me about
Speaker 1: the Robert treat deathbed confession. What's going on? Surgery coming
Speaker 1: up and on the twentieth. You can find out more
Speaker 1: by going to my podcast, my podcast Excuse Me, which
Speaker 1: is Connie Willis the podcast. Go to Connie Willis the podcast,
Speaker 1: And if you haven't heard all of the episodes all
Speaker 1: the drops will get in there now and catch up
Speaker 1: on it. Connie Willis the Podcast. And then Monday you're
Speaker 1: going to hear another set of them, and then you're
Speaker 1: going to hear from Philip Consella joining the show and
Speaker 1: asking some questions to Roberts, and he is part of
Speaker 1: the Consella Twins in the UK. And we've had both
Speaker 1: of these people here as guests on Coast to Coast AM.
Speaker 1: If you need more information, go to Connie Willis dot com.
Speaker 1: Joined my other shows as well. We have a great
Speaker 1: time and from time to hot time we have people
Speaker 1: like our next guests that join us. In fact, he's
Speaker 1: going to be on Blue Rock Talk my show in
Speaker 1: the next Thursday, not this coming Thursday, but the next Thursday,
Speaker 1: so you can see him live. Sometimes he wears the
Speaker 1: patch sometimes. I like when he wears the patch. I
Speaker 1: think it's cool looking. And then he will be showing
Speaker 1: us a bunch of the pictures and stuff that that
Speaker 1: you don't get to see here on radio. But you
Speaker 1: get to hear and you will learn the character very quickly.
Speaker 1: With just a few words. You will already feel as
Speaker 1: if you know that Captain Martin Bareley as your uncle.
Speaker 1: You know what? You know what? I think that's true, Marty.
Speaker 1: I think you are kind of more like everybody's uncle.
Speaker 1: What do you think of that he's the pirate? I
Speaker 1: gotta tell everybody. So we had you on a long
Speaker 1: time ago. You've been on my show several times. You
Speaker 1: and I have become friends along the way. And where
Speaker 1: I had first seen you was, I guess it was
Speaker 1: History Channels Billion Dollar Wreck, and I loved the series.
Speaker 1: I think you picked up for me much earlier than that.
Speaker 1: You were before Billion Dollars Wreck. I believe no, that's
Speaker 1: where I saw you because that was you, Oh, series
Speaker 1: talking to me? Now, hold on, what a series talking
Speaker 1: to She's like, no, it was when she watched the
Speaker 1: Billion Dollars Wreck. No, no, no, I saw that and
Speaker 1: I just I couldn't believe it. I thought it was
Speaker 1: this incredible documentary. I thought they did a great job.
Speaker 1: And that's where I saw you and your son, and
Speaker 1: I think Grant Grant is amazing. I've only seen pictures
Speaker 1: of your daughter. She's beautiful. Um, but you've got a
Speaker 1: whole family thing going on, and dude, man, come on,
Speaker 1: let's let's let's get the money. So tell people, you know,
Speaker 1: it's interesting your your first book. I know you got
Speaker 1: another one coming out, but your your book is absolutely amazing. Uh.
Speaker 1: When when I heard Okay, here's this, here's this, Uh,
Speaker 1: I'm gonna let you tell the entire story. But when
Speaker 1: I had seen, oh my gosh, look at this wreck,
Speaker 1: look at the money down there. Why hasn't he pulled
Speaker 1: it up yet? You know that, I went to investors
Speaker 1: and I started working with you on that because it's
Speaker 1: it's like, why has this not been brought up yet?
Speaker 1: So tell And your book is amazing when somebody, when
Speaker 1: I first tell people about it, they say, oh, yeah, right, whatever,
Speaker 1: And then when they get your book, they are absolutely there, there,
Speaker 1: there they are. Then that's when they want to talk
Speaker 1: to you. Yeah. The book The Tzar's Treasure, it's available
Speaker 1: on Amazon, goes into detail on exactly why the ship
Speaker 1: carries the cargo that she was always rumored to have carried.
Speaker 1: The book details a three million dollar cargo in nineteen
Speaker 1: or nine coins that would have a value today about
Speaker 1: a billion dollars. So that was the premise for the
Speaker 1: History Channel show billion dollars wreck. We've since come into
Speaker 1: information and this is this is more exciting at the
Speaker 1: three million dollars on the wreck that we've identified initially,
Speaker 1: and that's in my book. The Tsar's Treasure was only
Speaker 1: a part of a twenty five million dollars shipment. So
Speaker 1: if a three million dollars is a billion dollars today,
Speaker 1: twenty five million is about seven or eight billion dollars.
Speaker 1: So I wouldn't say History Channel sign eificantly under valued
Speaker 1: our story and the price on the wreck. So we're
Speaker 1: at least the five billion dollars very conservatively. I don't know.
Speaker 1: You do so much research and you find out so much.
Speaker 1: I mean, in the next coming months, it could be
Speaker 1: the trillion dollar wreck, and I would like that that
Speaker 1: would be okay. Now I don't think. I don't think
Speaker 1: it will be the trillion dollar wreck. We every time
Speaker 1: I looked at the wreck, we found two cargoes. Basically,
Speaker 1: one was an eight hundred thousand dollars US Navy cargo
Speaker 1: that was going to the Great White Fleet then at Gibraltar.
Speaker 1: Then the three million dollar cargo, which was a short
Speaker 1: term loan made by the Russian State Bank going to
Speaker 1: Russian warships at Gibraltar also, and then of course what
Speaker 1: we did is we identified the additional twenty two million
Speaker 1: dollars which makes the twenty five million dollars shipment. Overall,
Speaker 1: there's a lot of history involved in this, and you
Speaker 1: have to really understand the facts that are related to
Speaker 1: the cargo. Very most of these salvage companies, you know.
Speaker 1: The easy thing is that we as a manifest is
Speaker 1: the cargo on the manifest, We're going to go out
Speaker 1: and recover it. That's the extent of it. But when
Speaker 1: you look at all the history of salvage, you look
Speaker 1: at such rex as the Lorentic, the Niagara, the Edinburgh,
Speaker 1: all of those were government shipments and the shipments were
Speaker 1: not disclosed until after the cargoes had been recovered. And
Speaker 1: that's exactly what we have here. We have two government
Speaker 1: shipments or one quasi government. The US government Navy payroll
Speaker 1: was a definitely a government shipment, and that was eight
Speaker 1: hundred thousand and nineteen or nine. That's conservatively about two
Speaker 1: hundred million dollars today. So if we focus just on
Speaker 1: that cargo alone, there's plenty of room for profit for
Speaker 1: both our investors and for US recovering that cargo alone.
Speaker 1: But the three million dollars was always the rumored cargo
Speaker 1: aboard the wreck. If you look at our website, RMS
Speaker 1: hype and republic dot com and their links, their links
Speaker 1: on your site coast to coast that references our sites.
Speaker 1: But if you look at the rumors that originally originated,
Speaker 1: the three million dollars has been the solid number. And
Speaker 1: when I researched that, I originally thought the money that
Speaker 1: was on the Oceanic, which was a white star line
Speaker 1: that left New York January thirteenth, nineteen o nine. It
Speaker 1: had three and a half million dollars on board, and
Speaker 1: I said, well, that has to be another white star liner,
Speaker 1: Republic white star liner, they both coming from the same pier.
Speaker 1: They said it went on the Oceanic, but I think
Speaker 1: it went on a Republic instead, and the three million
Speaker 1: dollars complied to the rumor. So we did literally years
Speaker 1: of research on that, and we did import export analysis,
Speaker 1: so all of this information is in my book. We
Speaker 1: identified the three million dollars on the Oceanic, and unfortunately,
Speaker 1: and I said this years ago, I said, we identify
Speaker 1: that the Oceanic's cargo arrived. There's no money on the Republic.
Speaker 1: So we identified it that arrived. We found it in
Speaker 1: the Bank of France records. We actually in the Bank
Speaker 1: of France records, and the Oceanic's cargo arrived. And I
Speaker 1: was actually very very disappointed because I put myself up
Speaker 1: to a challenge did that money arrive? And it arrived.
Speaker 1: So we then went back to the market, basically reading
Speaker 1: all of the newspapers, the financial newspapers in New York
Speaker 1: at the time, trying to identify what's going on, and
Speaker 1: we found another three million dollar transaction. It was a
Speaker 1: thirty day short term loan. There was no lender identified,
Speaker 1: there was no borrower identified, but several newspapers reported it,
Speaker 1: and it was at a very low interest rate. It
Speaker 1: was at one and a half percent interest rate. Excuse me,
Speaker 1: you know it was a one and a half percent
Speaker 1: insist rate for thirty days. Of course that's an annualized rate.
Speaker 1: So there we have a three million dollar transaction. The
Speaker 1: basic concept was, well, what's happening in the market. You know,
Speaker 1: we have this rumor of three million dollars on Republic
Speaker 1: while there's this cargo on the Oceanic that probably fits
Speaker 1: White star liner, but no that arrived. Now we have
Speaker 1: this other short term loan thirty days, and what else
Speaker 1: has happening in the market. Well, Russia at the time
Speaker 1: was selling it's nineteen o nine four and a half
Speaker 1: percent bonds in major markets around the world. They were
Speaker 1: selling them in Paris and London and Amsterdam, in Berlin,
Speaker 1: and of course naturally we anticipated that they would be
Speaker 1: selling them in New York as well. So I said,
Speaker 1: all right, let's let's investigate the Russian loan a little bit,
Speaker 1: see how that worked. So we went into the Paris
Speaker 1: archives of Credit Lionaise and Society General they were two banks,
Speaker 1: and the French syndicate that floated the czar'st bond, and
Speaker 1: we found the actual syndicate document how Russia was paid
Speaker 1: out of the two hundred and forty million dollars that
Speaker 1: they raised in nineteen o nine, and then we also
Speaker 1: identify what that money was for basically, and we get
Speaker 1: into the history. Now. In nineteen oh four, Japan attacked
Speaker 1: Port Arthur, the Russian naval base at Port Author, because
Speaker 1: Japan wanted to extend its influence into Korea and into China,
Speaker 1: and of course it was a conflict between Russia because
Speaker 1: Russia wanted to have a warm water naval base and
Speaker 1: Port Author provided that. So I think it was February eighth,
Speaker 1: nineteen oh four. I think, if I remember correctly, that
Speaker 1: Japan launched a sneak attack on Port Author bottled in
Speaker 1: the Russian Russian fleet. So Russia sent its Baltic fleet
Speaker 1: all the way around the world to the Straits of
Speaker 1: Shushima and the Russian battleship fleet was destroyed. Japan essentially
Speaker 1: won that war. But when you fight a war, countries
Speaker 1: need money. So in nineteen oh four, after Japan attacked Russia,
Speaker 1: Russia had to raise money to fight Japan, and they
Speaker 1: raised one hundred and fifty million dollars on the French mark.
Speaker 1: It was only a five year loan. No one expected
Speaker 1: Russia to lose. They had an easy time raising money
Speaker 1: in Paris. Paris were the bazaar's bankers, and they raised
Speaker 1: one hundred and fifty million dollars five year loan. And
Speaker 1: of course, in nineteen o four to five year loan,
Speaker 1: when is it repayable in nineteen o nine, So nineteen
Speaker 1: o nine rolls around and they have this major obligation.
Speaker 1: The one hundred and fifty million dollars loan is coming due.
Speaker 1: And of course what they what they do, You might
Speaker 1: think of it as if we did it privately, it
Speaker 1: would be a Ponzi scheme. What they do is they
Speaker 1: put out another loan to pay off the first loan.
Speaker 1: So the second loan was put out in nineteen o nine.
Speaker 1: It closed January twenty second, nineteen o nine, which is
Speaker 1: the very day of the Republic sale from New York.
Speaker 1: It was two hundred and forty million dollars. One hundred
Speaker 1: and fifty million dollars was to pay off the nineteen
Speaker 1: oh four loan coming due in May of nineteen o nine,
Speaker 1: and ninety million dollars was to be applied to Russia's
Speaker 1: budget for nineteen o nine. So we sell the bonds
Speaker 1: in New York and some bonds in New York. So
Speaker 1: we acquired the syndicate document. We identified that Russia didn't
Speaker 1: get that ninety million dollars in new money right away
Speaker 1: when the loan closed January twenty second. They didn't get
Speaker 1: ninety million dollars that day. That ninety million dollars after
Speaker 1: they segregated one hundred and fifty to pay off the
Speaker 1: nineteen o four loan coming to the ninety million dollars
Speaker 1: was paid to Russia over period of six months, so
Speaker 1: as she received twenty February twenty second, twenty percent, March
Speaker 1: twenty second, fifteen fifteen fifteen fifteen percent until they received
Speaker 1: the entire ninety million dollars. So there we have. That
Speaker 1: was the key, That was the breakthrough, That was the epiphany,
Speaker 1: if you will, why Russia, Why someone needed thirty day
Speaker 1: money at a very low interest rate, Because Russia didn't
Speaker 1: get that money the ninety million dollars for thirty days
Speaker 1: and now we only got a first payment. They got
Speaker 1: eighteen million dollars on February twenty second. So that's why
Speaker 1: the old saying is, if you have money coming to
Speaker 1: you in the future and you need money today, you
Speaker 1: borrow against the money coming to you in the future.
Speaker 1: So that's the thirty day loan. And why was it
Speaker 1: a one a half percent the going market rate? The
Speaker 1: thirty day money market rate was two and a quarter
Speaker 1: percent in New York at the time. Who gets money
Speaker 1: below the thirty day market rate? The market dictates the price, well, Russia.
Speaker 1: Even though the loan closed January twenty second, nineteen o nine,
Speaker 1: the money became Russia's money, although it didn't receive it
Speaker 1: for thirty days and then a payout over six months,
Speaker 1: so Russia earns interest on that money. It's still it's received.
Speaker 1: So Russia was getting one and a quarter percent on
Speaker 1: its money until it was paid off. Until it received it,
Speaker 1: but it was only paying one and a half percent
Speaker 1: for the money was borrowing in New York, so essentially
Speaker 1: one quarter one percent on an annualized basis. It was
Speaker 1: getting free money at New York and it was already
Speaker 1: into its nineteen or nine budget. So that's why it
Speaker 1: got the three million dollars short term loan, and that
Speaker 1: makes perfect sense. The Republic sale January twenty second, nineteen
Speaker 1: or nine. The loan closed in Europe three pm January
Speaker 1: twenty second, nineteen or nine. It's nine am New York time.
Speaker 1: New York time, is enough time to move the three
Speaker 1: million dollars. Let's just focus on that we have in
Speaker 1: my book, and then we'll go into where the extra
Speaker 1: twenty two million comes from. The three million dollars is
Speaker 1: enough time to move it from the sub treasury in
Speaker 1: Lower Manhattan to the White Star Line Pier, which is
Speaker 1: just a few blocks away. So the three million dollars
Speaker 1: we identified it was a short term loan brought out
Speaker 1: by the State Bank. We then acquired through the Society
Speaker 1: General and Credit Laonaise internal banking documents that there was
Speaker 1: an instruction by the Minister of Finance the Russian Minister
Speaker 1: of Finance to disperse from the directed to the French
Speaker 1: banks who held their money. It says, all right, on
Speaker 1: February twenty second, we need three payments one million dollars
Speaker 1: each to the state bank account on February twenty second. Well,
Speaker 1: that makes sense. We actually found two instructions. A third
Speaker 1: one we haven't found yet. But no one single bank
Speaker 1: of the syndicate had three million dollars a disperse That's
Speaker 1: why they had an issue three instructions. We found two
Speaker 1: of them, once to Credit Lanais and on society in general,
Speaker 1: one million dollars each, and it's to the State Bank
Speaker 1: on February twenty second. All the other dispersements for the
Speaker 1: remaining six months went to the State treasury. This is
Speaker 1: the only time those payments go to the state bank. Well,
Speaker 1: the State Bank was the commercial bank of the Russian government.
Speaker 1: It was a short term borrower. They are the borrower
Speaker 1: and they needed to get that money from the loan
Speaker 1: to repay the thirty day loan in New York. Now,
Speaker 1: the question is why could they get below market rate interest?
Speaker 1: All right, let's let's talk about the little financing and
Speaker 1: how banks operated at the time. Everyone was on the
Speaker 1: gold standard. And since they were on the gold standard,
Speaker 1: you have foreign exchange banks. Now, how does a foreign
Speaker 1: exchange change bank make its money? A foreign exchange bank
Speaker 1: will have credits abroad that it could sell New York.
Speaker 1: Let's say it's a New York forign exchange bank will
Speaker 1: have credits abroad that it would sell to its New
Speaker 1: York customers at a profit so that their New York
Speaker 1: customers can make remittances to French debt obligations. If they
Speaker 1: own a winery, for example, if they're importing French wine,
Speaker 1: they have to pay the French winery money for that wine.
Speaker 1: Will rather than ship physical gold, they would find a
Speaker 1: bank that has the credits abroad that they could purchase
Speaker 1: at a profit from the you know the bank, and
Speaker 1: sell it a profit to the person who has to
Speaker 1: make the fament obligation. And there's no wire transfers at
Speaker 1: the time. You either paid in gold or you paid
Speaker 1: in credits abroad. And that's how the foreign exchange market worked.
Speaker 1: So where is the New York bank getting these credits
Speaker 1: for the money that is loaning to Russia for thirty
Speaker 1: day short term loan. It's getting those credits abroad so
Speaker 1: that's why it could loan that money below the market
Speaker 1: rate because it's getting those credits are broad and it
Speaker 1: can sell. The credits are brought out a profit once
Speaker 1: they become available. Once Russia pay is in thirty days,
Speaker 1: So that's that also makes sense. That's why Russia could
Speaker 1: get below market rates because the Foreign Exchange Bank is
Speaker 1: making the profits in Paris. So that that's the three
Speaker 1: million dollars. Now we get into more history, we get
Speaker 1: into why why did twenty two million dollars? And this
Speaker 1: is this is new information that we just recently acquired. Okay,
Speaker 1: hold that, hold that thought. Then hold that thought because
Speaker 1: I'm sorry, Can you repeat all that. I'm sorry, I
Speaker 1: had some trouble with my headphones. No, we're gonna take
Speaker 1: a break here, so we'll come back with the new stuff.
Speaker 1: Will allow you to take a breath there, and I'm
Speaker 1: looking forward to having you on my show in the future,
Speaker 1: well on Blue Rock in my podcast. And you guys,
Speaker 1: it's it's no longer Captain Martin bay Earley. It is
Speaker 1: uncle Captain Martin bay Earley. I love that. I think
Speaker 1: that totally works with your personality. We've got definitely more
Speaker 1: to talk about and you guys are going to be
Speaker 1: surprised at those of you that don't know the story
Speaker 1: at all, when you even know how close it is,
Speaker 1: and you know what he's got to do to get
Speaker 1: this money. So let's see what happens. Listen to more
Speaker 1: Coast to Coast AM every weeknight at one am Eastern,
Speaker 1: and go to Coast to Coast am dot com for
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