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Technology Stocks : Discuss Year 2000 Issues

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To: John Mansfield who wrote (683)	12/19/1997 4:29:00 PM
From: John Mansfield	Read Replies (2) of 9818

Federal Reserve: increased attention on embedded systems bog.frb.fed.us The scope of the Millennium Bug extends far beyond financial services and beyond the traditional notion of large mainframe processing systems. Computer systems that control telecommunications, electric utilities, transportation services, and a host of other critical infrastructure systems are vulnerable... I think that some "what if's" cited by the Computer Information Center in the UK brings a practical perspective of the effect of what could happen in our everyday life as the millennium arrives. The computers in financial services organizations, etc. cannot deliver payments to counter parties, or receive funds from them. Gridlock ensues. There's a collapse in financial markets because of the bad news coming from companies about their inability to trade normally. The power fails, and it is mid-winter in the Northern hemisphere and mid-summer in the Southern hemisphere. The power company's production is controlled by innumerable computer chips, which were installed many years ago and no one knows what they do, how they work, nor dare they touch them, because the whole of the plant might come irreparably to a standstill. ...

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