'The banks are the key to everything
If the banks go down when Y2K hits, civilization will collapse within a matter of
days or weeks. If you find this statement to be alarmist and absurd, you don't
understand the importance of banks in our society. Civilization as we know it
could not exist without a means of payment, and banks fulfill that role. The
entire division of labor (specialization of skills and the leveraging of expertise
across populations) depends on a system of payment.
If the banks stay solvent, we have a chance. If the banks don't make it, we start
over, circa the 1800's.
Will the banks make it?
Nobody knows for sure. One thing for certain, though: if people become aware
of the risks of fractional reserve banking, the banks WON'T make it. If only 6% of
the people pull their money out of the banking system, the system collapses. So
if you believe people can be kept in the dark about their money, and they won't
get afraid and start pulling out cash, the banks might stay up. But if you think
people will take out a little extra just to be sure, or start cashing their checks
instead of depositing them, the banks are gone.
...
y2ksupply.com |
