A long time ago in a galaxy far far away I saw this movie. It featured an evil genius in a wheelchair, a clueless scientist, a blonde female agent and an observatory where the telescope could emit and bounce a ray off of a satellite, and shrink things all over the world. Of course, the scientist saved the day, but not before an aircraft carrier was reduced to a size where it could fit into a shoe.
One scene, the female agent and the scientist confronted the evil genius in his lair, and escaped by throwing a pair of glasses with a string attached onto a console, which activated a trap door - which lead to a maze with an exit inside the telescope building, where the scientist rearranged things so the shrink-ray didn't leave the observatory, but instead shrinked the observatory and it's occupants. Of course the agent and the scientist escaped.
Anybody have a clue? I have used IMDB's search function, but it does not pop up.