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Politics : Clinton -- doomed & wagging, Japan collapses, Y2K bug, etc -- Ignore unavailable to you. Want to Upgrade?

To: SOROS who wrote (39)	8/31/1998 9:20:00 PM
From: WTCausby	Read Replies (3) \| Respond to of 1151

And I'm sure those technicians only "read the articles." -gg-

To: SOROS who wrote (39)	9/1/1998 2:32:00 PM
From: SOROS	Respond to of 1151

Fed Plans Cash Reserve For 1999 ...CNN News WASHINGTON (AP) -- The Federal Reserve plans to stock up on cash in case nervous Americans want more of it in their pockets on the eve of the new millennium. By the end of next year, $200 billion in currency will be stored in government vaults, up from the $150 billion normally held in reserve. That's in addition to the $460 billion in notes circulating in the United States and abroad. "It's purely a precautionary measure," Clyde Farnsworth, director of Federal Reserve Bank operations and payments systems, said Wednesday. "We want to be able to meet increased demand from commercial banks should private consumers request more currency." The concern is that Americans might worry about whether credit cards and automated teller machines will still work after the new century dawns and want to be holding more cash just in case. Many older computers read years by the last two digits and would interpret 2000 as 1900. An army of computer programmers is working intensely to correct old computer codes, but they probably won't be able to correct them all and there's a lot of uncertainty about what could happen. If faced with difficulty using a credit-card or ATM, many consumers would simply write more checks. But Federal Reserve officials want to make sure teller windows are well-supplied with cash just in case people decide they want it. The Federal Reserve's plan means the Treasury Department's Bureau of Engraving and Printing will print more currency over the next year and less currency than usual in the year after that. "It just means we're printing the currency earlier than we normally would," Farnsworth said.