<In my opinion you are grossly overestimating the impact of the year 2000 issue.>
HIGHLIGHTS FROM A VERY INTERESTING ARTICLE.
Boston Business Journal - July 27, 1998
amcity.com
None of those quoted are computer consultants. They're all bankers, analysts, economists, attorneys. This article is well worth reading!!!
Federal Reserve System and other government agencies are worried about widespread runs on the banks:
- Making provisions for substantial oversupply of currency to meet currency drain.
- Central bank is preparing for potential heightened demand for cash.
Treasury Department is now printing extra currency, especially in large denominations such as $100 bills, in preparation for expected depositor demand for cash.
One banker says his bank is convinced that social security, disability and other federal entitlement payments will be bogged down by Year 2000-crippled computer systems, and he is preparing to pay his bank's depositors based on previous pay stubs, then work with the government to be repaid once the computer system is repaired.
Some banks already making plans for extra bank security & scheduling back-up generators in case electrical power is interrupted in the days and weeks following the turn of the century.
Among the most serious concern is federal government's readiness for 2000, that is said to be, perhaps irreparably behind schedule.
Such scenarios could lead fearful depositors to stockpile currency in the months leading up to 2000, perhaps severely straining the currency system.
Banking industry officials concede that all efforts here to prepare U.S. bankings systems for the next millennium may not be enough.
Worst threat could come from overseas, where Asian and European financial institutions lag far behind their American counterparts in making the Year 2000 fix.
"Still, banking industry officials concede that all efforts here to prepare U.S. banking systems for the next millennium may not be enough."
SOUNDS PRETTY SERIOUS TO ME.
Cheryl
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