Re: TI-H: Re: y2k
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Re: TI-H: Re: y2k
I did a project about The Great Depression, its cause was actually many years in
the making, after WWI, britain tried to go back on to the gold standard, that was
one of the main causes, when Wall St crashed, that was only a sign of the
disaster that had been brewing for years
RoniBarrett@aol.com wrote:
> 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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