From: Antonomasia <ant@notatla.demon.co.uk>
Date: Wed, 30 Jul 1997 09:48:50 +0800
To: cypherpunks@toad.com
Subject: upside of y2k
Message-ID: <199707300022.BAA05188@notatla.demon.co.uk>
MIME-Version: 1.0
Content-Type: text/plain




Vladimir Z. Nuri wrote:
   
>    Speaking of banks, what if your savings account is in XYZSavings and
>    Loan of South Poobah? If depositors begin to worry about XYZ's
>    year-2000 compliance in late 1999, will they begin withdrawing all of
>    their money? If they do, will you be able to withdraw your money on
>    January 3, 2000? Indeed, given the delicate balance of the fractional
>    reserve system used by banks, it doesn't take a very large percentage
>    of panicky customers to cause a bank run. The worst-case scenario in
>    this area is pretty scary -- it might not be just the XYZSavings and
>    Loan that suffers a bank run, but the big banks too. If the banks
>    close for more than a couple of days, then how does the government
>    collect taxes? If the government can't collect taxes, what happens to
>    the value of its bonds, T-bills, and other financial instruments?
   
On Tue, 29 Jul 1997, Anonymous wrote:

>   There is an underground computer organization in place which is
>   actively working toward sabotaging government and corporate efforts
>   to resolve the Year 2000 problems. 

This all reminds me of the old Polish joke....

Man takes week's wages into his bank, and he hands it over the counter
he has second thoughts, so he asks the teller "What if the bank collapses ?"

T: "Easy, sir.  We're in a federation that will bail us out."

C: "And if it's widespread, beyond the scope of the federation ?"

T: "Then the government bails us out."

C: "What, our Polish government ?  It could be too much for them."

T (getting bored): "Then the _Soviet_ government gets involved."

C: "It could get really big, affecting a number of satellites
    what if it gets beynd the reach of the Soviet gov ? I mean,
    it could result in the collapse of communism!"

T: "And isn't that worth a week's wages ?"


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# Antonomasia   ant@notatla.demon.co.uk                       #
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