Snip from Gary North's Reality Check #38: : LUSENET : TimeBomb 2000 (Y2000) : One Thread

Snip from Gary North's Reality Check #38:

I was intrigued by a statement Federal Reserve Chairman Alan Greenspan made a couple of weeks ago. He pointed out that 99 percent readiness for the Year 2000 will not be enough. It must be 100 percent. Thus, the message seems clear: all financial institutions must be ready; federal and state regulatory agencies must be ready; data processing service providers and other bank vendors must be ready; bank customers and borrowers must be ready; and international counterparties must be ready.

This document is still on Leach's Website:

Jim Leach Web Site

I can think of no statement by a former mainframe programmer, which Greenspan is, that drives home the point so forcefully. There is no tolerance for error. The entire banking system, worldwide, must be compliant on 1/1/2000 if the system is to function at all. This, Leach says, includes the regulatory agencies. But banking does not stop at a nation's borders.

What more needs to be said? We are reduced to these choices:

1. The international banking system will not reach 100% compliance in the next seven months, and will therefore shut down or be crippled, creating international havoc.

2. Greenspan was wrong in late 1997.

3. Leach was lying or mistaken.

If Leach was lying or mistaken, why has he left the document on his site, as of May 5, 1999?


Any comments from the Polly folks out there, after all we are talking about a G___ N____ comment here!!


-- Ray (, May 06, 1999


A blurb. A CYA. I TOLD YA SO. Same as Clintons blurb in the State Of The Union Address. I told y'all it's a big problem. Ok, I said it , flag it !!!!!!!!!!!

-- SCOTTY (, May 06, 1999.

what is cya?

-- (, May 06, 1999.

Looks like the Balkans are Y2K-On-Topic after all. Yes, obviously, the connection has been plain 'n big as day all along.

This Time article was posted on Gary North's site.

[ For Educational Purposes Only ]

The Russians Are Crashing! The Russians Are Crashing!

The Russians are scrambling to get their missile systems ready for Y2K. The war in Yugoslavia isn't helping


In Russia, the Y2K problem isn't about embedded chips in microwaves, it's about nuclear bombs. The specter of a Y2K-induced nuclear apocalypse is so terrifying, and real, that earlier this year Russia came to the U.S. and the IMF for help in controlling its arsenal through the turn of the millennium.

The U.S. formed a delegation of technicians to send to Russia, but before work could begin the war in the Balkans heated up, and diplomatic relations cooled down to Cold War temperatures. Now all bets are off, and the clock is ticking...

The Russian missiles have safeguards preventing self-launch, regardless of how badly their computers crash, but the Russian military early warning system, which provides command and control information to the people with their fingers on the button, is extremely vulnerable to Y2K-related malfunction.

In January, the Russians raised Western eyebrows when they threw up their hands and asked for technical assistance from the United States (and money from the IMF) to fix their Y2K-unready machines.

Needless to say, the vision of the Russian military command staring at "cannot find file: strategic missile data" on their frozen computer screens while poised to launch missiles capable of destroying all life on Earth was a big motivator for the U.S. Plans were hatched to send a delegation to Russia to discuss Y2K cooperation.

In mid-February a group of U.S. computer specialists and military people, led by Assistant Secretary of Defense Ted Warner, traveled to Russia and reached a cooperative agreement with the Russians to stave off disaster. The plan was to send technical experts to assist the Russians in updating their computer systems and to exchange observers at key military posts over the date change to avoid any misunderstandings.

But now, with Russian-U.S. relations at a post-Cold War low because of the Balkan war, the U.S. is struggling to show that this crucial agreement has not suffered. When a Pentagon spokesperson announced on April 19 that Y2K cooperation with Russia was continuing as planned, TIME Moscow correspondent Andrew Meier took it with more than a grain of salt.

"The April 19 announcement was damage control by the U.S. Any real progress in the Y2K cooperation agreement would have been much more highly publicized, and they would have mentioned something about when the technical teams could begin their work."

So where does the agreement stand?
"As far as we can tell, the cooperation is on hold."

Will the Russians back out for real? It seems unlikely. For the Russians to prevent U.S. experts from upgrading their computers would be like kicking the firefighters out of the house for leaving the toilet seat up.

Unfortunately, rationality has been in scarce supply ever since the war in the Balkans began, and nobody knows what might happen, especially if NATO deploys ground troops. The future of the Balkan war is also uncertain, and global nuclear security has been added to the list of issues hinging on its outcome.

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-- Leska (, May 06, 1999.

The Russians Are Crashing! The Russians Are Crashing!

-- missing (acarrot@some.where), May 06, 1999.

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