letter to Editor

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

No idea if they will print this or not....

3-18-1999 Dear Editor, I have an opinion regarding an article in the 3-18 New Era that details how the FDIC intends to educate the misguided populace concerning Y2K and our banking system. While I applaud the FDIC on doing their job, which really is nothing more than to maintain confidence in the banking industry, I would say they have more of a task than they make clear. The banking industry does in fact have a good record at Y2K repairs but that is beside the point. The real danger may come when average people begin to realize what they regard as their money does not really exist. Its actually nothing more than accounting figures on the banks books. The cash does not exist to give even a small percentage of the people their moneys on deposit. That is what the FDIC fears, and why they must act. The risk comes not from Y2K, but from the simple fact that our system is based on confidence, not on capitol. Y2K does nothing more than threaten to expose this fact by highlighting the vulnerability of the banks books, their computer systems. A challenge the FDIC faces is the governments somewhat less than stellar record on being truthful. Before the S&L debacle our government assured us all was well, right up till they started to close the S&Ls down for insolvency. Are they telling us the truth this time? More importantly, how can we verify what they say? Regards, Art Welling

-- Art Welling (artw@lancnews.infi.net), March 18, 1999


capitol should be spelled capital.

-- King of Spain (madrid@aol.com), March 18, 1999.

Nicely written, Art, I hope they print it. Maybe some who read it will begin to see fractional reserve banking for the con game it is, and start asking their banksters some im-pertinent questions. Hope they squirm...

-- sparks (wireless@home.com), March 18, 1999.

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