I'm sure the bank for international settlements is just trying to sell dehydrated food (snip) http://www.bis.org/ongoing/contplan.pdf Comment: Today, I extract sections from an important document, Planning by Financial Market Authorities for Year 2000 Contingencies, published by the Joint Year 2000 Council. Members: Basle Committee on Banking Supervision, Committee on Payment and Settlement Systems, International Association of Insurance Supervisors, International Organization of Securities Commissions, Bank for International Settlements (February 1999). It covers banking, insurance, and the securities industry.

You should click through and print out this 34-page document, even though it's in PDF. Why? Because it is a major statement against complacency. The details of the warnings issued to authorities in this document are not to be sneezed at. Anyone who argues that y2k will be a bump in the road has either not read this document or does not take it seriously.

Anything that the Bank for International Settlements takes serioiusly, I take seriously. This is one of the most influential organizations on earth. It is operationally above the civil law of every nation. That's influence.

I realize that my site is dismissed as a gloom-and-doom site. But the documents it links to cannot easily be dismissed. This one is among the premier documents.

Link: http://www.bis.org/ongoing/contplan.pdf

-- zoobie (zoobiezoob@yahoo.com), June 19, 1999

Answers

Here is another area of inquires that the BITR crowd just somehow forget to post about. Actually their silence is deafening. http://www.greenspun.com/bboard/q-and-a-fetch-msg.tcl?msg_id=000sX8

I'll ask this again. Let's assume that every bank, Credit Union, S&L, various non-banks, etc. and every ATM on the face of the planet are all 100.0000% Y2K fully compliant. That's our "given" or our "constant" in this equation.

Pick a poll, any poll. This one http://www.gallup.com/poll/releases/pr990312.asp or maybe this one http://cnn.com/US/9901/10/y2k.poll/index.html or perhaps this one http://www.sciencedaily.com/releases/1999/01/990108080346.htm your choice.

They ALL say that (X%) people plan to pull out "a little extra" money or (Y%) all of it before 12/31/99. If only half of the people that say they are going to do that, do actually do that, the banks will all go insolvent and belly up due to the fact that they are running on the ragged edge of solvency and have been for years.

Now due to the fact that banks, etc. are under no legal obligation what so ever to give you cash, matter of fact if your account is an interest bearing Negotionable Order for Withdrawl, they aren't even obligated to give you a check without 90 days notice, there will not be any banks runs in the classic sense of the word. However, you currently are not under any obligation to deposit money in your bank, you can have a "nur knab", that is a bank run done backwards. A classic bank run is people pulling money out of a bank, a "nur knab" is people not depositing money in a bank (but still writing checks). Different mechanism, same results over time.

Another mechanism to accomplish the same results (again slowly) is defaulting on loan payments.

When people find out they can't get their money out, I sure as heck would not want to be a teller.

So, even if everything is 100.00% compliant, can anybody explain to me how the banking system is going to survive? If you want to make a more interesting answer you can factor in foreign deposits too.

-- Ken Seger (kenseger@earthlink.net), June 19, 1999.

Alas, the untold millions lost after all the banks closed earlier this year...

More drivel from memetic doomers, and more attempts at spreading fear, uncertainty, and dread. Poor doomers.

Perhaps they'll Get It next time, and perhaps "pigs will fly."

Vindicated Regards,
Andy Ray

-- Andy Ray (andyman633@hotmail.com), June 07, 2000

Answers

Heehee

-- Maria (anon@ymous.com), June 07, 2000.

"Vindicated regards"? Don't you mean "vindictive regards"?

-- (nemesis@awol.com), June 07, 2000.

what does "memetic" mean?

-- JoseMiami (caris@prodigy.net), June 08, 2000.

Jose, you don't need to pull out the old dictionary, just look in the mirror.

-- Ray Andy Maybaynaysay But Definately Not Gay (Was@Jose.Kidding?), June 08, 2000.