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To: goldsnow who wrote (23294)	11/22/1998 4:48:00 PM
From: John Mansfield	Respond to of 116823

gold-eagle.com

To: goldsnow who wrote (23294)	11/22/1998 4:51:00 PM
From: John Mansfield	Respond to of 116823

' FRB Foresees A Run On Cash Come The Millennium Bug 31 Dec 1999 (Teetmyer) Nov 22, 11:34 The following was announced on the nationally syndicated TV program "MONEYLINE" on Friday, 20 November 1998 ----- "In anticipation of a cash shortage related to the forth-coming event called the Y2K Computer Bug, the Federal Reserve Board has taken the precaution to ensure there will be enough ready cash on hand in the banking system. Therefore, the FRB will add an additional $50 BILLION into the system -- representing 30% more cash liquidity than is currently in the system. This is equivalent to $500 per US household." The prophetic announcement was made without any particular fanfare… just another biz news item. Frankly, I am flabbergasted by a number of thoughts which leap to mind. Firstly, the US government finally officially and publicly recognizes the existence of the MILLENNIUM MENACE. Secondly, the government's remedy is far far TOO insufficient in magnitude and scope. Specifically, the amount of ready cash is far far TOO little. And finally, cash alone definitely will NOT protect each family from the potential dangers of the Y2K Bug: namely, the additional NEED FOR FOOD AND PHYSICAL PROTECTION. Think of it, $500 per US family household… this would be funny if it were not so pathetically dangerous. An average US household has four members. Now how many days can an average US family survive with a miserly $500 bucks? Maybe 10 to 14 at most under normal conditions. This is pittance. It seems eminently clear and logical that any half-way intelligent household head will want at least $5,000 to $10,000 on hand AND IN CASH WHEN NEW YEAR'S EVE 1999 CRASHES AROUND US. Cautiously prudent household heads will be DEAD SOBER WHEN THE CLOCK CHIMES THE 12th GONG. Attention Mr. Alan Greenspan, $500 per household AIN'T GOING TO CUT THE MUSTARD!!! You damn well know that!!! I will go on record to predict the illustrious US government will periodically make a series of escalating announcements during the next 13 months… to the effect, "… in anticipation of the growing concern regarding the Y2K Bug, the FRB has decided to AGAIN increase the ready cash on hand in the banking system by an accumulated total of $60 BILLION…. by an accumulated total of $120 BILLION…. by an accumulated total of $240 BILLION etc etc….. " It's now 15 January 2000: "The FRB has just announced that dire liquidity circumstances throughout the US and the rest of the world demand an additional $500 BILLION in ready cash be added to the US banking system to alleviate the grave situation. Meanwhile, one can only imagine what might be the nightmarish problems of food-shortages and law-enforcement. Remember, recent Internet reports mention the UK is ALREADY drawing up plans of implementing Martial Law in the event the Y2K SITUATION gets out of hand. $500 per US household is TOO BLOODY LOW!!! Come 31 December 1999, cautiously prudent household heads will be DEAD SOBER WHEN THE CLOCK CHIMES THE 12th GONG. gold-eagle.com