BR:
I also noticed BB's change of attitude toward the Y2K problem, although in the past he has recommended not flying on Jan.1 2000, if my memory is correct. Your observation about the knowledge of the timing of the problem certainly creates special problems. People will know when its coming and will engage in anticipatory behaviour. For example, considering how we are so accustomed to using an ATM on the weekend to get cash, it would be a little silly not to get some, or all, of your cash out of the bank before Jan. 1, 2000, just in case there is some little problem with your bank's versateller on that date. If there is no problem, you can easily redeposit the money, but why run any risk when its so easy just to withdraw your cash?
Of course, if even 10% of depositors engaged in such anticipatory behaviour it would surely bring our banking system to its knees. So better play it safer; don't wait until the last minute, withdraw the money say on Dec. 26, 1999. If there is no problem, you can easily redeposit the money.
Of course, if even 10% of depositors engage in such anticipatory...
Well, you get the idea. Its an interesting question as to when, and on what scale, such anticipatory behaviour kicks in, but its potential for mischief is so great that if I were you I would start thinking about what I would do if I so signs of it. :)
David
PS No need to thank me for this piece of excellent advice. |
