FED Is Stockpiling Currency for 1999

greenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread

You need to check out this link from Gary North's site:


Gary's comments:

A regional banker in New England has stated that the Federal Reserve System is stockpiling currency in preparation for y2k-generated bank runs in 1999. A Federal Reserve spokesman was close-mouthed, but did confirm that the FED plans to make liquidity. (When they see how massive this worldwide run is, a whole lot of central bankers will make liquidity -- right there at their desks.)

-- Pastor Chris (pastorchris@ptinet.net), July 28, 1998


Pastor Chris

You might find this quote intersting. It's from the Boston Business Journal on the net www.amcity.com/boston/stories/current/focus1.html

[a run on the banks] "The Federal reserve and Treasury Department are very much aware this could happen, and they are making provisions for a substantial oversupply of currency to meet the currency drain.....[the T.D.] is now printing extra currency, especially in large denominations such as $100 bills, in preparation for expected depositor demand for cash. Officials at the Federal Reserve Bank of Boston say the central bank is preparing for potential heightened demand for cash, but declined to elaborate on the specifics of their plans."

The article also talks about the efforts being made to correct the Y2K bug and fears about the overseas markets.

-- Gina Decker (gngdecker@ckt.net), July 29, 1998.

OOOPS, boy do I look stupid...it's the same article. sorry!

-- Gina Decker (gngdecker@ckt.net), July 29, 1998.

Moderation questions? read the FAQ