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Technology Stocks : Discuss Year 2000 Issues
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To: Michael Brian who wrote (1286)3/24/1998 10:06:00 PM
From: Hawkmoon  Read Replies (1) of 9818
 
Michael,

It comes down to confidence in your financial system. Already I've heard some folks who are "in the know" tell me that they are forming contingency plans in case we are forced to decouple Asia's financial markets for our own. Same thing may occur with Europe as they continue to participate in the folly of hailing in the Eurodollar, to the detriment of Y2K remediation.

Look at Indonesia if you require a small example of what could happen if our financial institutions are undermined either through systemic failure or through a crisis of liquidity as well all opt to hold cash rather than take the chance our banks go on a "bank holiday".

Reviewing the history of FDIC capabilities relative to recent banking failures, I don't hold much hope that that agency will be able to contain the domino effect of 10 institutions, let alone 10-30% of US banks failing due to Y2K.

Yes we are undergoing an economic paradigm shift, but the psychology of the public equity and financial markets operate under their own set of rules.

We live in interesting times.

And I haven't even broached the National Security implications of Y2K around the world, especially with respect the readiness of our own armed forces and their ability to react to regional and global threats from those seeking to take advantage of the confusion.

(Hint: US M1 Abrams are basically heavily armed/armored computers packed with laser range finders, IFF, gyrostabilized main armament... etc. Russian built vehicles lack many of these niceties, but guess which ones stand more of a chance of operating on Jan 2, 2000??? And Russian equipment does not incorporate "Fly by Wire" technology like US jet fighters.)

Do you feel yourself breaking out in a cold sweat yet??.... <wink>

Regards,

Ron
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