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Summary and Comments

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Category: 

Banking

Date: 

1998-06-12 12:24:02

Subject: 

25% Say They Would Make a Run on the Banks

  Link:

http://www.cio.com/marketing/releases/y2k_awareness.html

Comment: 

CIO Magazine, which is aimed at senior computer programmers/managers, surveyed 643 people to get their opinions on y2k. Findings:

Awareness still hasn't penetrated almost 40% of the U.S. population.

About half of the American population is not concerned.

About 80% think it will be fixed in time.

But. . . .

25% of them said that in mid-1999, if things look as though the Millennium Bug won't be fixed, they will pull their money out of the bank.

There, for those who have eyes to see -- very, very few -- is the yellow alert.

If 25% of the population try to get their money out -- or 5% -- the banks will either go bankrupt or refuse to pay.

If 25% of the population makes a run on the banks, most of the other 49% that has no opinion today will join the 25%.

The fractional reserve banking system has promised more than it can deliver. In 1999, its promissory notes will bounce. The fractional reserve banking system has about 18 months to go. It won't be recognizable by Jan. 1, 2000.

A word to the wise is sufficient.

Link: 

http://www.cio.com/marketing/releases/y2k_awareness.html

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