July 1, 1998 Problem?greenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
In Gary Norths report in his introduction of the Reminant review he points to the 1998 problem. He claims that many states will have problems with their computers due to the fact that they will interpet 99 as end of run. In his words he states that "If just one state shuts down because its computers are programmed to read 99 as END OF RUN, the bank run will begin in that state no later than July 2, 1998. "It will spread to the whole world when depositors realize that the entire payments system--and most governments--will shut down no later than the year 2000. I call this the YEAR 1998 PROBLEM." Do you think that now would be a good time to pull out of the banking system? Is this a good gauge of things to come or just a very remote longshot event that is based more on speculation than fact?
-- Greg Wiatt (email@example.com), June 21, 1998
First I am not a techy. However, I am currently working on a large city job installing new s/w because of Y2K.
When July 1 rolls around, they will open up the 98/99 set of records (7/1 to 6/30/99). Also, it will open up a second set of records for the next budget year 99/00 (7/1/99-6/30/00).
We are still planning on using their legacy system for July and August. So, in 10 more days we will find out.
I do not know about the 99 problem, but, I am going to look into it.
-- Scott (firstname.lastname@example.org), June 21, 1998.
First rule of hang gliding. Don't go higher than you mind falling.
Seriously, let's all admit it. Our currancy is worthless. We trade our labor and material for stuff that is worthless. Banks are immoral. They imply we can get our money back from them, but if more than 5% of the people try to do it the banking system collapses. What a joke! We actually put up with this rot!
The banking system can collapse at any time. Perhaps this second the Japanese are withdrawing their funds from all banks in the US as you are reading this via wire transfers. An electronic run on the banks, very convenient, no lines, no waiting, etc. If that is happening now, today, then by tomorrow IT IS ALL OVER FOR THE US BANKING SYSTEM.
Combining fiat money with a fractional reserve banking system is like trying to balance an 8'x 4' sheet of 1/8" masonite on its edge. It is just about impossible to keep it steady, its natural tendancy is too fall one way (collapse) or the other (boom cycle).
-- Ken Seger (email@example.com), June 22, 1998.
9/9/99 is more of a problem than just "99" problems should begin 9/9/98
-- Richard Greene (firstname.lastname@example.org), June 23, 1998.
Don't fall for Gary North's doom and gloom predictions. Those of us old enough to remember know that he's been wrong so often that his credibility is in the toilet. Prophets like that were stoned in the Bible.
God knows what will happen when. Be encouraged! He is in complete control and He has established a home in heaven for those He calls His own! Our life on earth isn't even a blip on God's radar screen!
If you don't Him, you can introduce yourself to Him anytime. He's actually eagerly waiting for you to do that!
-- Sam Loy (email@example.com), June 24, 1998.
<<<<<<<<<<<<<<<<<<<< GAG >>>>>>>>>>>>>>>>>>
-- Annie (firstname.lastname@example.org), June 24, 1998.
Gary North Said this problem would show up April 1 1998 in New York state. As far as Iknow New Yorks doing fine.
-- Steve M (email@example.com), June 28, 1998.