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To: long-gone who wrote (25382)	1/4/1999 3:12:00 PM
From: Zardoz	Read Replies (1) \| Respond to of 116866

"Do you continue to deny the the addition of the "Cash" portion of M-1 to money supply to allow for Y2K withdrawls to begin in June?" You better look into M1 before you go around suggesting that it is important. Do you even know what M1 is? M1: Currency. Just more CASH sitting in the BANKS. Very little concern. As when it's not used, back to the fire it goes. Just adds a nice buffer for those such as yourself, who jump and scream about Y2K, when it really will pass like all else, with a whimper. The addition does not effect the economy, bonds. So what's your point?

To: long-gone who wrote (25382)	1/5/1999 8:01:00 AM
From: Hawkmoon	Read Replies (1) \| Respond to of 116866

Richard, I have to agree with Hutch here. The Fed has had some $150 billion on reserve for years, primarily to serve as an emergency fund in case of disasters or war. In fact, the Fed will oftentimes ship hard currency to a location destined to be hit by a Hurricane, fulling realizing that people's ATMs and other electronic systems won't be functional. But no has included that into M1 (that I know of). It is just a physical representation of electronic money that is already circulating, withdraw paper and the electronic account is debited. However, as an aside, I wonder if Europeans have thought about withdrawing "mad money" for Y2K. They certainly won't be withdrawing Euros as the paper and coins aren't set to be issued for two years. Could this place considerable stress on the EMU as people beging hoarding their national currency? Regards, Ron