On This Day Pre-Y2K
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March 12, 1999 Permalink
Fine, if it helps, think of North as the “Y2K prosecutor” -- thats the way I always view him. But the facts that he brings up cannot be dismissed because of whatever “hidden agenda” he supposedly has. In fact, let me tell you: If Gary North “‘fessed up” and stated that he was using Y2K as a con job, that he himself didn’t believe that Y2K would be any big deal, and further thought anyone who did must be really stupid and gullible, I personally would still believe that Y2K is going to be TEOTWAWKI based on the evidence that North and others have documented.
—Jack, Time Bomb 2000 Forums (LUSENET), 03/12/99
Here are figures from some of the largest banks annual reports, rounded to the nearest .1 million.
Cash/equivalents on hand Total Deposits Owed
Norwest (97) - $4.91 million $55.5 million
Wells Fargo (98)- $12.7 million $136.8 million
Bank America (98) - $28.3 million $357.3 million Citicorp (97) - $8.6 million $199.1 millionNo one can look through these banks annual balance sheets and conclude ANY of them would survive a bank run without seriously drastic measures. “But don’t the banks have other assets, like securities and bonds? Can’t the banks sell off their vast holdings of bonds and securities to give the depositors the cash they want?” Sure they can, which will bring down the stock market like a rock. That still won’t help you out with tomorrows groceries.
My own credit union has a reserve ratio of about 8%. Am I gonna trust them to increase their cash on hand to support depositors? Hell no. That would unravel their massive leveraging and decrease their profit.
SCREW THE BANKS. Take your money out now. Don’t be in line next year with the losers who still have ‘faith’ in our modern day Ponzi scheme banking system.
—wmcculley, comp.software.year-2000, 03/12/99
