Below, is a partial response of mine on an earlier thread.

Is this the plan?

We are living in a time where "perception makes reality". Electronic money is "real" yet there aren't enough trees in the U.S. to actually print the currency to cover even a fraction of the "virtual money" stored in bits and bytes on the financial industery's computers.

As long as people don't attempt to "cash out" of their investments, all will be well because the money doesn't REALLY exist anyway.

If the numbers work, everything will be fine. But, should the ratio of electronic dollars to printed dollars begin to tighten, we will see a run on banks that will make the '29 crash and resulting depression look like child's play. This may already be starting, foreseen by Greenspan and why an "extra $50 Billion" was printed.

SPECULATING.

When the world figures out that the emperor (Alan Greenspan) has no clothes...it's going to get very ugly, very fast. The euro (backed by 15% tangible gold reserves) is backing us up against the mathematical wall.

Ironically, Y2K may turn out to be the only thing that saves us. I can see a scenario where Y2K wipes out the financial industry's "electronic financial records", reducing enough people's net worth (because they didn't get copies of their financial records, as we are NOW being told to, they won't be able to recover their financial assets in post Y2K...no "paper record" = SOL) to the point where the U.S. will be able to once again back the dollar (by 20%?) of gold we currently have in reserve, resulting in the dollar actually being STRONGER than the euro. If we attempted this now, the value of the dollar would plunge.

In a post Y2K world where people's assets were electronically wiped out, we WOULD return to a gold standard. We WOULD back our dollar by MORE gold than the 15% gold the euro is currently backed by. The only way to do this,and not plunge the value of the dollar, is to "bet on" millions of people being financially wipped out due to the Y2K bug causing their personal financial records to be "electronically lost" forever.

END SPECULATING.

Get copies of your financial records NOW.

-- GoldReal (GoldReal@aol.com), November 06, 1999

Answers

GoldReal,

very interesting view, and I CAN see where you're coming from...

1. What makes you think we have any gold in Fort Knox? It has never been audited, do some checking on the net regarding what may have occurred to old yeller 30 years ago...

2. Paper records will keep you warm on a cold night for about 10 seconds. Only physical gold/silver will be worth anything in a meltdown situation, thse and of course barterable items.

3. Take a read of this post - just went up...

Seeking Truth In A World Of Lies and Deception

In many ways fits in with your take GoldReal - at any rate that y2k will usher in a new ???????

-- Andy (2000EOD@prodigy.net), November 06, 1999.

Andy,

With all due respect (which is very little),

SHUT THE FUCK UP!!!!!

-- (go@to.hell you gold shill), November 06, 1999.

Andy,

>1. What makes you think we have any gold in Fort Knox? It has never been audited, do some checking on the net regarding what may have occurred to old yeller 30 years ago... <

I haven't a clue.

>2. Paper records will keep you warm on a cold night for about 10 seconds. Only physical gold/silver will be worth anything in a meltdown situation, thse and of course barterable items. <

True enough, still, I believe our government wouldn't allow every investor to be totally wiped-out due to Y2K wipping out their electronic financial records.

I look for a stock market crash in the last week or so of December. Investors won't be getting ANY 1999 4th quarter financial statements OR annual statements, come January 2000 (and beyond). This means the only financial "hardcopy" records will be those that existed PRIOR to the market crash.

Now, think for a moment... In a post Y2K environment where the market crashed in the last week of December, a person's financial records PRIOR to the crash are basically useless in that they won't reflect the POST CRASH value of their investments come January 2000. Add to this the inability of financial institutions to provide 1999 4th quarter and annual financial statements come January 2000 due to Y2K wipping out all "financial records", and you have set the stage for the FDIC to step-in and offer to "settle" with investors at .03 on the dollar from their 3rd quarter financial statement.

Sounds plausible to me. In fact, this is just what is needed to burst the bubble and remove enough electronic dollars from the system, allowing the government to tie the value of the dollar to gold once again, and go head to head with the euro.

Just a thought.

-- GoldReal (GoldReal@aol.com), November 06, 1999.

Andy,

>1. What makes you think we have any gold in Fort Knox? It has never been audited, do some checking on the net regarding what may have occurred to old yeller 30 years ago... <

I haven't a clue.

>2. Paper records will keep you warm on a cold night for about 10 seconds. Only physical gold/silver will be worth anything in a meltdown situation, thse and of course barterable items. <

True enough, still, I believe our government wouldn't allow every investor to be totally wiped-out due to Y2K wipping out their electronic financial records.

I look for a stock market crash in the last week or so of December. Investors won't be getting ANY 1999 4th quarter financial statements OR annual statements, come January 2000 (and beyond). This means the only financial "hardcopy" records will be those that existed PRIOR to the market crash.

Now, think for a moment... In a post Y2K environment where the market crashed in the last week of December, a person's financial records PRIOR to the crash are basically useless in that they won't reflect the POST CRASH value of their investments come January 2000. Add to this the inability of financial institutions to provide 1999 4th quarter and annual financial statements come January 2000 due to Y2K wipping out all "financial records", and you have set the stage for the FDIC to step-in and offer to "settle" with investors at .03 on the dollar from their 3rd quarter financial statement.

Sounds plausible to me. In fact, this is just what is needed to burst the bubble and remove enough electronic dollars from the system, allowing the government to tie the value of the dollar to gold once again, and go head to head with the euro.

Just a thought.

BTW, this is the second attempt to post this response...what's up?

-- GoldReal (GoldReal@aol.com), November 06, 1999.

I'm absolutely, positively, undoubtedly certain that there will be financial turmoil in the last days of December, if not before then.

When Wall Street investors are confronted with bleak earnings of 1999's fourth quarter and beyond into Y2K, they will experience a sensation known as "common sense" and will attempt to cash out JUST TO BE SAFE.

However, such a massive collective mindset to sell will cause the panic and the sudden collapse of the US stock market.

Then the other world markets will tank into an unstoppable free fall.

I don't want this to happen, but the largest stock bubble in history can not be sustainably inflated forever... :(

-- Randolph (dinosaur@williams-net.com), November 06, 1999.

When the Euro replaces the Dollar as the world standard, then we will see some interesting things on Wall Street!

-- PillsBury Doughboy (pbdb98@yahoo.com), November 06, 1999.

I agree with you, that a gold backed dollar would have long term benefits to American business and citizens BUT not for the scenario in your post.

It is so unlikely that all banks, all brokerages, all mutual funds, all IRA, all 401K, all records everywhere are going to be lost because:

1. If you were in the biz and were going to remediate your systems; database integrity would be tops on all mission critical lists.

2. It is the hard copy records of your INSTITUTION'S account balance that will serve to "prove" what you had in your account NOT your personal records.

3. Financial institutions are among the best Y2K prepared - they started early, they have spent alot wisely, and they have multi-level contingency plans.

This is not to say that some (many?) banks will have (are having?) liquidity problems due to the fractional reserve. Nor is it to say that the value of a dollar post-Y2K will equal the current dollar's purchasing power. It is to say that database integrity is most likely going to continue throughout Y2K, even for a failed institution.

For a failed institution it may take along time to resolve balances. If many fail, debt/finance negotiations are likely for depositors. Grace periods or partial payment may become commonplace.

OTOH, I do think a gold backed dollar would do well to limit extreme swings either deflationary or inflationary in the dollars value as gold backing would increase its preference for continued or increased use as a world currency post-Y2K. I agree that this would be bullish for gold than current $300 +/- as gold would trade more in line with actual fundementals: money supply, interest rates, supply and demand; rather than current depressed value caused by extreme short selling by the hedge funds and mines.

If your personal Y2K plan requires all bank records to be wiped out,I suggest you get another plan. I see this as a near zero probable outcome.

-- Bill P (porterwn@one.net), November 06, 1999.

Bill P.: You are absolutely correct about your point #2. The EXACT documentation for this was posted on Gary North's forum about a month ago. The FDIC charter specifically states that it is THEIR MEMBER INSTITUTION's records that are the ONLY legal representation of what YOU claim to have in that institution. Getting copies of your records, as is parroted ad nauseum by the talking heads, is meaningless.

-- profit of doom (doom@helltopay.ca), November 06, 1999.

Bill P:

>1. If you were in the biz and were going to remediate your systems; database integrity would be tops on all mission critical lists.<

I agree, but (not to sound too pessimistic)that doesn't mean my remediation attempt would be successful.

Consider:

Bank X remediated its' financial records. It was tested every way known to man and verified by a thrid party to be Y2K ready. They archived all data prior to their remediation. A copy of this archive is moth-balled on an entirely different computer system.

Okay, now unless you continually back up data, at some point it becomes dated and useless. So, is Bank X continually backing up their ARCHIVED data? or is it quickly becoming outdated?

1) If they continually back up their archived data, then that data is not safe from being infected.

2) If they don't continuously back up their archived data then it is quickly becoming outdated, if not already.

Continuing on...

With the known "unknown" just ahead:

Speculating a market crash in late December is not unrealistic, it's actually wise.

Speculating a world-wide crash of the Banking Industry's computer systems is not unrealistic, it's actually wise.

Should these two events take place within a week or so of each other, what can a wise person do NOW to mitigate their losses of 1) their net worth, and 2) the loss of their financial information come 2000?

I would really like to know the correct answers. So would hundreds of thousands of other people, especially the senior citizens.

I've been reading that more and more senior citizens are withdrawing most of their money from the banking/financial institutions. Are these people fools? or are they wise?

Are the elderly MORE at risk than say, someone in the 20-50 year old range? Logic says they are. Should they lose their retirement money, they won't have the time/opportunity to recover like someone in the 20-50 year old range.

So, my logical conclusion is that people 50 and older should withdraw most of their money from their banking/financial institutions now.

If this crashes the banking/financial system/economy, then it's the fault of those in charge of the banking/financial system/economy, not those who wisely withdrew their money from it to protect themselves from the known "unknowns" about to take place.

Just another thought.

-- GoldReal (GoldReal@aol.com), November 07, 1999.

You got that RIGHT , GoldReal ! Saw what the depresswion did to our country, neighbors and family . Checking account CLOSED. Banking account will have MINIMAL balance as soon as SS and state retiement checks clear , It is already DOWN !!! Silver Eagle

-- Silver Eagle (e999eagle@freewwweb.com), November 07, 1999.