Ice, although I view the Y2K situation as a real phenomenon, I find it likely that the situation 'is' or 'can be' exaggerated, with many people being manipulated by what they don't understand....not unlike computer viruses. Computer viruses received a lot more attention in the past -- it's easy to prey on fear.
What you will (or perhaps can already) see is a gathering of some unscrupulous 'entreprenuers' posing as solution providers (among some legitimate providers). I suspect the 'swindled' won't be the Y2K clients (if I were a swindler, I wouldn't want to screw around with the Feds), but it will be shareholders -- I would try to convince you that I'll be really busy with this type of work; you should give me money (become a shareholder; off to Rio for me). So that outlines some winners and losers.
I'm rather surprised that NYFRB is using such alarming language ("global economy in jeopardy", etc...). They're usually a little more 'business-like'. Anyway, I think for the real players out there, the situation is recognized and steps are in place to take care of it. The situation, IMO, is serious -- but not alarming. The decision-makers are smart enough to take care of this properly.
Here's a link to the Fed Board of Governors:
bog.frb.fed.us
Initiative SR 97-16 (on the left) lays out some procedures and schedules (Appendix B, toward the bottom of the page) which lead me to believe they have the situation under control -- at least I don't think they are going to let the world collapse.
As a precautionary measure, I'll be storing up a lot of beads, shells, and gold trinkets just in case we have to switch to a barter system if the world really does fall apart. <ggg> If I get lucky, I'll be able to purchase Angel Island.
-MrB |
