Hoarding is hoarding is hoarding is..........greenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
Now why is this bank "HOARDING CASH"?? Don't they know its not safe from burglars and other ill-reputes?
Central bank hoards cash for Y2K Don't pull out savings, all will be well, Bank of Canada says Eric Beauchesne The Ottawa Citizen
The Bank of Canada is hoarding cash in its vaults in preparation for any Y2K panic, but is warning individual Canadians against doing the same.
And it has made arrangements with armoured car companies and the commercial banks to make sure the money is available when and where it's needed at the turn of the millennium.
It's not that it expects a flood of worried Canadians to withdraw funds before New Year's Day. In fact, it says it doesn't expect any Y2K problems in the banking sector -- but, just in case, it has taken and will continue to take precautions.
"While the bank does not expect demand for banknotes to increase dramatically, it is important that Canadians be confident that banknotes will be available to meet their needs in advance of the year 2000," it said in a report yesterday on Y2K readiness in the financial services sector.
"Consequently, the bank is taking action in 1999 to significantly increase the inventory of banknotes.
"Additional banknotes are being printed, and old notes that would otherwise have been destroyed are being stockpiled," it said.
Fears have been expressed that, among other things, computer system failures at midnight on Dec. 31 will prevent individuals from being able to use cash machines or access their bank accounts.
The problem is that many computers, unless modified, will not read the first two digits of the year 2000 and could assume the date is 1900 and not function.
The banking industry has been reassuring the public that it has fixed the problem and guaranteed consumers that their money will be safe.
Further, the bank warned that people holding a lot of cash would be putting themselves and their money at risk.
"In addition to forgoing interest payments, individuals who hold excess cash can put themselves at risk of theft or loss and perhaps some personal injury."
Bank officials wouldn't say how much extra cash they're stockpiling but they've put in place plans with commercial banks and armoured car companies to ensure they can meet increased demand for banknotes from across the country.
"It is planned to hold the larger-than-normal inventory of banknotes at distribution centres in various parts of the country, to be prepared to expand the hours of operation for all entities involved in note distribution, and to increase the frequency of deliveries of banknotes to financial institutions."
-- y2k dave (firstname.lastname@example.org), August 19, 1999
I used to risk personal and finincial injury by using atm's. Now I just cash a check for enough to tide me over for a couple of months and stash it in my own vault ( along with guns, ammo & food) + now the big y2k stash.
-- nothanks (email@example.com), August 19, 1999.
Maybe that's the latest plan-keep a big pile of cash in the vault to pacify people-you are allowed to go in look at/play with, but you can't take it out with you."If you people will be nice and just calm down,maybe we'll let you have your money-later"
-- Sam (Gunmkr52@aol.com), August 19, 1999.
Who said anything about taking all my money out of the bank and just sitting on it? I have already turned it into the things that will keep me alive next year (food, water treatment supplies, firearms/ammunition, dogfood, barbed wire, etc.) You can't eat paper; get your money out of the banks, and exchange it NOW for essential goods. Any extra, use to get barter goods you would eventually use anyway. Any after that, use to buy non-collectible gold/silver. Take the greenbacks out of the banks, yes. Hold onto more than a little bit of it, no, no, absolutely not.
-- MinnesotaSmith (firstname.lastname@example.org), August 19, 1999.