Re: TI-H: Re: y2k
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Re: TI-H: Re: y2k
In a message dated 12/29/1999 6:40:23 PM Eastern Standard Time,
dknaack@rdtech.com writes:
<< How about this... The American banks lend out better than 90% of
the dollars that they have deposited, and the vast majority of the
US money supply is 'virtual', existing only as bits in a computer.
If even 5% of the population withdraws all their cash over New
Years, the entire banking system will collapse, and the remaining
95% of the money will vanish without a trace. Of course, so will
all debts and credit records.
>>
Thats the only thing that scares me. Anyone read about the Great Depression?
How about the bank panics (1837, 1857, 1873, 1884, 2893, 1907, 1982)? Same
thing happened every time, but instead of bits in a computer, most of the
money was numbers on paper. With i dont know how many million people draining
their bank accounts because theyve never heard of implied $100000 account
insurance or microfilm, my money, and the money of millions of other sane
people, will be in the bank, but tottally inaccessabe, because all the cash
in the nation is stuffed under the mattresses of the 5% that paniced.
Jeff Barrett
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