Economic fun

Posted by Jurassosaurus on 19 April 1999 at 00:43:39:

In Reply to: Re: Y2K vs Personal Computers, is not really the issue posted by The Imp on 18 April 1999 at 21:12:48:

: Bigger problem than a few days of no power or water. If people around the world panic and destabilize the economies by pulling out of stocks and other such things, then the fun begins. After all the economy is really based on faith as I understand it. If people lose faith in what their money is worth, then they don't invest. Interesting to see what will happen.

That's why there isn't a bank in the country that would dare admit that it's bank isn't y2k compliant. And it only takes one non-compliant bank to dominoe the rest (since banks talk and transact globally with one another).

Plus, since most fiat money is in fractional reserve banking, it would only take about 6% of the population taking out it's money from the bank to cause a worldwide depression.

Now that's fun >:)


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