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To: Crimson Ghost who wrote (23590)	11/29/1998 4:40:00 PM
From: John Mansfield	Respond to of 116753

' 60 MINUTES TO COVER Y2K Right on the heels of the big Dr. Kevorkian show, 60 minutes is reportedly hotly pursuing a story on Y2K. Will they play on the fear, or will they sulk in denial? Or perhaps, will they present a balanced picture of what's really going on? Find out on Sunday's 60 Minutes. JAPAN: ZERO NO, IT'S NOT A FIGHTER AIRPLANE, IT'S JAPAN'S Y2K SCORE It a bombshell revelation, just made public yesterday, Japan has admitted the following: (Percent of companies having completed testing of critical systems) 0% of Japan's power companies 0% of Japan's gas utilities 0% of Japan's oil companies 0% of Japan's aviation companies 19% of Japan's banks These are not encouraging scores. In fact, the situation is bleak. We are approaching December of 1998, leaving a year for the final phase of Y2K remediation: implementation. And yet these Japanese companies haven't even completed the repair phase. Now you understand why John Koskinen brags the United States is well ahead of Japan. Frankly, almost everybody is ahead of Japan when it comes to Y2K compliance. Only China and Russia are further behind, and for Russia, that's simply because they've proclaimed they will make absolutely zero effort to fix the bug (they'd rather just wait to see what happens). Ever wonder what will happen if the lights go off in Japan? Think about it: no electricity, no oil, no gas, a few banks... an economy already in a near-Depression, a lagging real estate market, a still-crashed stock market hovering around 14,000 (it used to be at 39,000). PLUS the fact that Japan is the most urban country on the planet: a higher percentage of the population lives in cities in Japan than in any other country in the world, and if you've been studying Y2K, you already know the cities are death zones if infrastructure is lost. Bottom line: earthquakes are going to be the last thing on their minds if Japan doesn't get some infrastructure up and running on January 1, 2000. No power means no city. And right now, things don't look so good for Tokyo. Click here for entire story. DENMARK BANK BEGINS HOARDING CASH (Why don't you?) Denmark's state Central Bank has begun stockpiling cash in an effort to convince customers that customer stockpiling is not necessary. This report says, "We want people to know that we have enough notes so there is no reason to start hoarding." Denmark is doing this by slowing the destruction of bank notes. This is one of the strategies that could be pursued by the Federal Reserve if increased demand nails U.S. banks. But the Fed has also increased their order for additional cash, something Denmark apparently doesn't plan to do. Furthermore, U.S. banks are ramping up a huge public relations machine to convince banking customers they don't actually need to access their own money. The name-calling game has already begun, and the FDIC, as reported here over the last few days, is even now attempting to use the fear of criminal investigation to discourage the withdrawing of cash. Will these methods work? At this point, the argument is becoming moot. Even if banks don't experience cash runs, the trust between the banks and the public is being obliterated. And it is precisely trust that keeps the fractional reserve system going. Whether bank runs occur or not, expect some major changes in the banking industry on the other side of 2000. Click here for entire story. Return To Home Page prorege.com