To Bank or Not To Bank That Is The Question

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By Paul Milne Special Correspondent, Y2K Headquarters ) 1999 New Media News Corp.

Banks and credit unions steadfastly claim that their depositors have little to fear concerning Y2K. With unsubstantiated and self-reported claims that their remediation work is "on track," they reassure depositors that they are safe from adverse consequences. The first such claim is that the Federal Deposit Insurance Corporation (FDIC) insures each account, so that in the event a bank fails, the depositor will get his or her money back.

The second claim is that if depositors keep good records and hard copies of their transactions, any "glitches" that occur can be quickly rectified by presenting these depositor records.

Let's see if these claims are true.

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The whole article is at: http://www.y2k-hq.com/hq/html/milne_19991103.htm

If they ask for a password, register, for free at:

http://y2k-links.com/hq/

-- Paul Milne (fedinfo@halifax.com), November 03, 1999

Answers

Good piece of work Paul.

This presentation should have been above-the-fold, mainstream print media material last year.

-- snooze button (alarmclock_2000@yahoo.com), November 03, 1999.

Very intriguing article, but what will money be worth in a systemic break-down?

-- MIS (KarlaCALIF@aol.com), November 03, 1999.

MIS: In a systemic breakdown money, green pieces of paper with dead presidents on them, will be worth whatever people decide it's worth, just like it is today. If the supply of dollars is limited and people have nothing else to use to facilitate trade (and trade of some kind will continue as long as there are two people near each other on the earth), then dollars will be quite valuable.

-- cody varian (cody@y2ksurvive.com), November 03, 1999.

I disagree... the fact that 99% have chosen NOT to prepare willmean that they will try to get cash and prepare AFTER y2k hits, the few who have large amounts of cash will simply be pengiuns in the crowdwith a little bit more to bid with (ok how much for this lovely can of bushc's baked beans? I hear $300, no $350! $500! $550! etc.) basically the guys with the food, once he has auctioned it off will have nothing worth spending it on.. as for me... i'm not accepting bills as anything more than small green slips of toilet paper... I trade in matches and canned goods period.

-- jeremiah (braponspdetroit@hotmail.com), November 04, 1999.

Paul. Thanks for the information,you've convinced me along time ago. I regret that this information will not get copied,printed or otherwise forwarded,because I've seen plenty of glazed over expressions. A "smile" meaning i know so leave me alone.

-- kevin (innxxs@yahoo.com), November 04, 1999.

Paul:

I haven't read the bank article yet, but I thought I'd take this opportunity to make a comment: You are one of the more compassionate, loving human beings I have ever read. Your "colorful" language has probably put some people off, but it's attention-grabbing, which accomplishes the purpose of saving lives.

Just a few parting words of encouragement:

Never give up. Never give up. Never give up.

-- eve (123@4567.com), November 04, 1999.

Anybody else see the News Hour with Jim Lehrer last night? They were talking about this new reform legislation for the financial services industries. If people were aware of the way this is going to change the mega-banks they would try to find a small bank or credit union or get their money out of the system altogether. The average person has $1000 in the bank, yet they will have to pay all kinds of new fees even if they don't use the added brokerage and insurance services. Your financial information will also be linked to your insurance information. (ie: automobile accidents, doctor visits, medications, etc.) Watch it happen, faster than you can say "this sucks."

-- Hawk (flyin@high.again), November 04, 1999.

You are one of the more compassionate, loving human beings I have ever read. Your "colorful" language has probably put some people off, but it's attention-grabbing, which accomplishes the purpose of saving lives.

Absolutely. Nothing shows more compassion or love than a "colorful" but life-saving statement such as:

The telltale sign will be when you are shovelling lime, into the hastily dug and shallow grave of the corpses of your children.

or perhaps

It would give me the greatest of pleasure to watch the look on your face when the excortiating white hot panic sears your remaining two synapses on the day you find out how grotesquely mistaken you were.

Just makes you feel all warm and gooey inside, doesn't it??

-- (duh@duh.duh), November 04, 1999.