banks questiongreenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
Could someone explain to me what happens if Australia banks are compliant but Japan and others wont be.What effect will this have on the compliant banks worldwide? Regards Vicki
-- Vicki Adams (email@example.com), September 05, 1999
Ever watch a set of dominos fall?
-- dw (firstname.lastname@example.org), September 05, 1999.
That's the $64,000 Australian dollar question Vicki. Which in Japan may translate to a wholly inaccurate amount of Yen if the date- arithmetic routines are not up to snuff in the Japanese banks.
See the banking section, "VISA is toast" and other threads for some heated discussion of the seriousness or not (Hoffmeister, Flint) of the "imported data" problem...
-- andy (2000EOD@prodigy.net), September 05, 1999.
The international banking system, IS going to fail. We must island ourselves from it, or our banks will fail. I don't see how we can do that, without crashing the stock market, and bankrupting big business. Did somebody say SYSTEMIC?
-- FLAME AWAY (BLehman202@aol.com), September 05, 1999.
Check out this article if you want to see where the banks really are.
-- LM (email@example.com), September 05, 1999.
A chain is only as strong as its weakest link.
-- Johnny (JLJTM@BELLSOUTH.NET), September 05, 1999.
If the Japanese banks cannot function next January, whether it's due to Y2K or not (and it will be), it will cause a worldwide depression. Japan has the second largest economy in the world; its problems soon become global problems.
Adding in the Y2K factor, in which the Japanese banks are non-compliant (which is apparently the case now and in 2000), their corrupt data cannot be accepted by other bank computers because it will corrupt the data of compliant systems, effectively destroying the global banking system, thereby destroying the global trading system and causing a deep, virtually bottomless, worldwide depression. I think this is unavoidable at this point.
-- cody (firstname.lastname@example.org), September 05, 1999.