I'm sure the bank for international settlements is just trying to sell dehydrated food (snip) http://www.bis.org/ongoing/contplan.pdf Comment: Today, I extract sections from an important document, Planning by Financial Market Authorities for Year 2000 Contingencies, published by the Joint Year 2000 Council. Members: Basle Committee on Banking Supervision, Committee on Payment and Settlement Systems, International Association of Insurance Supervisors, International Organization of Securities Commissions, Bank for International Settlements (February 1999). It covers banking, insurance, and the securities industry.

You should click through and print out this 34-page document, even though it's in PDF. Why? Because it is a major statement against complacency. The details of the warnings issued to authorities in this document are not to be sneezed at. Anyone who argues that y2k will be a bump in the road has either not read this document or does not take it seriously.

Anything that the Bank for International Settlements takes serioiusly, I take seriously. This is one of the most influential organizations on earth. It is operationally above the civil law of every nation. That's influence.

I realize that my site is dismissed as a gloom-and-doom site. But the documents it links to cannot easily be dismissed. This one is among the premier documents.

Link: http://www.bis.org/ongoing/contplan.pdf

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-- zoobie (zoobiezoob@yahoo.com), June 19, 1999

Answers

Zoobie,

You didn't note that this was from a current GN posting. The information is pretty alarming, IMHO. Banking is the basis of our economy and if there are problems lurking, they should be noted, as this document does. I am always interested in the folks who speak in a different tone than the majority. The banking sector in general is trying to pacify public concerns. But then we get some reputable part of that sector that says, in effect, Houston we have a problem. Now, I have been called part of the gloomer group for paying too much attention to this sort of news release, but the whole sector is critical, and if there is some section of it that says there is a problem then I want to know that.

-- Gordon (gpconnolly@aol.com), June 19, 1999.

Thanks, zoobie.

PDF Hotlink...

http://www.bis.org/ ongoing/contplan.pdf

Also that Bank For International Settlements is worth a look...

http://www.bis.org

Whats New is a good place to start.

Diane

-- Diane J. Squire (sacredspaces@yahoo.com), June 19, 1999.

I think my snot was a little runny today, duh? is that off topic?

-- Zoob Poop Polly Girly Man Boy (Debunk@his.poop), June 19, 1999.

Did a quick check at the InterNic (Network Solutions) Who Is database...

http:// www.networksolutions.com/cgi-bin/whois/whois/

Domain Data:

Registrant:
Bank for International Settlements (BIS3-DOM)
Centralbahnplatz 2
Basel, 4002
CH

etc. ...

They're out of Switzerland. The money people land.

Diane

-- Diane J. Squire (sacredspaces@yahoo.com), June 19, 1999.

Here is another area of inquires that the BITR crowd just somehow forget to post about. Actually their silence is deafening.

http://www.greenspun.com/bboard/q-and-a-fetch-msg.tcl?msg_id=000sX8

I'll ask this again. Let's assume that every bank, Credit Union, S&L, various non-banks, etc. and every ATM on the face of the planet are all 100.0000% Y2K fully compliant. That's our "given" or our "constant" in this equation.

Pick a poll, any poll. This one http://www.gallup.com/poll/releases/pr990312.asp or maybe this one http://cnn.com/US/9901/10/y2k.poll/index.html or perhaps this one http://www.sciencedaily.com/releases/1999/01/990108080346.htm your choice.

They ALL say that (X%) people plan to pull out "a little extra" money or (Y%) all of it before 12/31/99. If only half of the people that say they are going to do that, do actually do that, the banks will all go insolvent and belly up due to the fact that they are running on the ragged edge of solvency and have been for years.

Now due to the fact that banks, etc. are under no legal obligation what so ever to give you cash, matter of fact if your account is an interest bearing Negotionable Order for Withdrawl, they aren't even obligated to give you a check without 90 days notice, there will not be any banks runs in the classic sense of the word. However, you currently are not under any obligation to deposit money in your bank, you can have a "nur knab", that is a bank run done backwards. A classic bank run is people pulling money out of a bank, a "nur knab" is people not depositing money in a bank (but still writing checks). Different mechanism, same results over time.

Another mechanism to accomplish the same results (again slowly) is defaulting on loan payments.

When people find out they can't get their money out, I sure as heck would not want to be a teller.

So, even if everything is 100.00% compliant, can anybody explain to me how the banking system is going to survive? If you want to make a more interesting answer you can factor in foreign deposits too.

-- Ken Seger (kenseger@earthlink.net), June 19, 1999.

Most interesting,

I just saw at following link that the Swiss Parliment has voted against the IMF gold sale. If the Gold Shorts (Goldman Sachs et al) have to cover their short positions in a hurry gold could spike up fast. This could start the chain reaction.

If you are so inclined you may want to buy gold now at ebay or other online service.

Saturday June 19, 1999 1:04 PM

Le Metropole members,

Midas du Metropole has served commentary at the James Joyce Table.

"Swiss amendment does not pass" "Senator Bryan- "sale of IMF gold reserves will not happen" " 2,000 tonne S/D deficit, Veneroso, and Patty Hearst" "Bulls 3 Bears 0" "John Ing - Maison Placments Canada -$100 gold price rise in the cards" "Machiavelli"

Le Metropole Cafe

-- Bill P (porterwn@one.net), June 19, 1999.

Flint, Decker, Poole, where are yooooooouuuuuuuuuuuuuuuu??

Please, seriously, FLINT, DECKER, POOLE you are kindly requested to step up to the plate and swing. You are our acid test. We need you.

-- George (jvilches@sminter.com.ar), June 20, 1999.

Maybe they're doin' a load of whites 'bout now. (8^'

-- Michael (mikeymac@uswest.net), June 20, 1999.

Rumor has it they were in LA for a Debunker meeting, I guess that could explain about 2 million gals. of **IT!!

-- Michael (mikeymac@uswest.net), June 20, 1999.

heeheeheee, we're gonna have fun tomorrow!

-- 3 Cascadians (allaha@earthlink.net), June 20, 1999.

Y'all keep telling me people are going to pull money out at the last minute for preps. Well if they spend it on preps, then it goes right back to the bank in the night deposits. That is how it works - the money is meant to circulate.

And how much cash is available for most to pull out? Business deposits are not going to move much if at all. Bonds and CD's have such large penalties for early withdrawel that I think the bulk of them (with due dates after 2000) are going to sit right there. That is speculation, I admit, but it is soundly based on human nature - most people look at a bond or CD as being worth what it is worth at maturity - and will not want to take less than that face value for it.

That leaves checking accounts and passbook savings. After people pay their bills and do their Christmas shopping, and make whatever last minute preps they are going to make, do you REALLY think they will have enough cash to cause major problems? This scenario just does not seem likely, IMHO.

-- Paul Davis (davisp1953@yahoo.com), June 21, 1999.