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Strategies & Market Trends : Currencies and the Global Capital Markets -- Ignore unavailable to you. Want to Upgrade?

To: Chip McVickar who wrote (958)	10/29/1998 10:52:00 AM
From: Paul Berliner	Read Replies (3) \| Respond to of 3536

Of course the money won't disappear. The FDIC will back everything up, and if we all save our bank statements we'll be fine. HOWEVER, if I need to go to Waldbaums to feed my family and all Verifones are down for a few weeks then I'm in deep trouble if I didn't take the necessary precautions by withdrawing more cash than I'd normally need. Better safe than sorry is the key here. Again, if everything is fine I'll simply re-deposit the money on Monday 1/4, so what do I have to lose?

To: Chip McVickar who wrote (958)	10/29/1998 1:06:00 PM
From: RagTimeBand	Read Replies (1) \| Respond to of 3536

Chip Re: Bank Experts Are Nervous...Maybe You Should Be, Too I too don't know what to do with the information. I wondered if posting it on this thread was a stretch but since foreigners are supposed to be much further behind us in addressing the Y2K problem AND since banks, currencies and global capital kinda go hand in hand, I thought I'd post it here. I've highlighted the information that seemed critical to me: The date-sensitive nature of financial transactions, forward-looking orientation of a bank's computer systems and the immediate impact that the bug will have on a bank's customers make it particularly crucial that all financial institutions, no matter their size, make themselves Y2K compliant, experts say. "Furthermore, since the response to the survey was voluntary, it is safe to assume a tendency for the better-prepared institutions to move forward more readily, implying that significantly more than 12 percent of the institutions could be behind schedule in their Y2K preparations," Weiss said. -------- FWIW -- In the past few days when the market made a quick move from 100 points up to about 100 points down, CNBC interviewed some guy who said the reason for the move was that Brazil had announced something to the effect that they hadn't even started working on the Y2K problem and because of that they were going to be in deep trouble. CNBC's Ron Insana almost swallowed his teeth and quickly changed the subject to the rumor about Brazil doing a devaluation. I've been looking for a news release about Brazil and Y2K but haven't been able to find a thing. Has anyone else heard or seen anything about this? Emory