OT Cash-on-hand and Rx.
$50B in Fed Reserve. $200B extra for Y2K.
$250B / 120 HH = $2,000/HH
The Y2K congressional report resulted in the following notes:
1) Power will most likely be working in all cities - these have undergone tests which were due by April 1 (no kidding :) The report said, if there are any problems, it would be in rural areas ~ 1%-5% of USA. (Maybe some really remote areas haven't been tested?)
2) Cash is the biggest Y2K risk, not because there will be a problem, (in fact, the financial industry is reported as being the most Y2K-proof in this report) but because of people's behavior in anticipation of a potential problem. (I think banks may keep only 1% to 2% of deposits on hand?)
Translated: if everyone waits until Dec 31 to withdraw cash from their bank, this could create a temporary distribution problem, with some banks potentially not having enough cash-on-hand on Dec 31.
Congress advises: Get your cash in Nov, definitely by Dec 15. Store 2 weeks of supplies, "just like you would for a winter storm."
Whatever you do: make sure you do something fun on New Years Eve. Imagine someone asking you twenty years from now, "what did you do on Dec 31, 1999?" Do you really want to say: I hid in a closet? Prepare, but don't forget to have fun/enjoy.
Amy J |
