This announcement came with my T-bill statement...greenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
Thought I'd share what the Department of Treasury inserted with my statements:
Worried about our computer systems and year 2000?
Well, don't be! You'll be pleased to know that our programmers have been working on this issue for quite some time and all Bureau of the Public Dept computer systems, including TreasuryDirect, have either been modified or are in the process of being modified to make them year 2000 compliant. Public Debt and the Federal Reserve Banks and Branches work closely together to make sure all systems that affect our work processes are ready in plenty of time
Please be assured you may continue to rely on the TreasuryDirect program. We will have all systems year 2000 compliant well in advance of the deadline, and our program will not cause you to suffer financially.
Comments about this?
-- Tim (firstname.lastname@example.org), December 11, 1998
"And this stands as the truth, at least until someone exposes us as liars, which happens sometimes..."
-- Amy (email@example.com), December 11, 1998.
The banking and financial industry are doing a better job of taking care of Y2K than any other sector of the economy. Unfortunately, utilities are among the least prepared when it comes to Y2K.
When the public panics because of the uilities, it will impact the liquidity of the financial sector, even if the financial world can fix every single Y2K programming problem that it has.
-- Kevin (firstname.lastname@example.org), December 11, 1998.
I like this quote from Gibbon's editor, M. Guizot:"I discovered, in certain chapters, errors which appeared to me sufficiently important and numerous to make me believe that they had been written with extreme negligence; in others, I was struck with a certain tinge of partiality and prejudice, which imparted to the exposition of the facts that want of truth and justice, which the English express by their happy term misrepresentation."
What a polite way to characterize these disclosures. (On second reading, and mature reflection, Guizot moderated his criticism.)
-- Tom Carey (email@example.com), December 11, 1998.
"Please be assured you may continue to rely on the TreasuryDirect program. We will have all systems year 2000 compliant well in advance of the deadline, and our program will not cause you to suffer financially."
Oh great. I feel MUCH better now. Why don't everybody come out and say that? I mean, it's easy to say no? I could stop worrying about Y2K altogether and go back to my normal life.
-- Chris (firstname.lastname@example.org), December 11, 1998.
There is no such thing as a safe investment. Period. Even U.S. Treasury Bills can be turned into a 30 year long bond simply by the government declaring it to be so. Check for yourself.
However, if you are going to hold paper financial assets the 'safest' are U.S. Treasuries. Why? Because the FEDS control the printing presses and have the power of taxation. T-Bills are direct obligations of the U.S. government. As Jim Lord wrote "If they can't pay their bills, there's no security except what you hold in your own hands. Your fundamental cash, and gold and silver coins provide protection against this possibility". Consider his words when making your plans.
-- Rob Michaels (email@example.com), December 11, 1998.