On This Day Pre-Y2K

Confused by any of the jargon you see below? Check the Y2K Glossary!

January 12, 1999 Permalink

Anyone that understands the true value of our current currency and understands how the Federal Reserve works is going to pack away some silver and gold along with their food storage. It’s the prudent thing to do.

It’s very easy for all of us to understand why it is necessary to store away food and water. It is harder to understand why silver and gold are necessary. Currencies generally die over long periods of time, over generations. Suffice it to say that once you do understand you will peg the importance of at least a small precious metals stash not too far below food.

—Bob Benson, Time Bomb 2000 Forum (LUSENET), 01/12/99

If there will be only a bump in the road, and everything is going to be just dandy, then why is FEMA taking to the road to inform states and communities just how dangerous y2k is?

”...every individual has and obilgation to ...take action to prevent potential problems before they occur.” FEMA Deputy Director Mike Walker says--if that is the case, then are there going to be disrupting problems or not? FEMA says its worried that state and local emergency services haven’t done the job--why should they bother--from the pollyana postings here, everything is going to be just hunky dory---Hell, FEMA is worried its all going to go up in flames and they are trying to prepare a bucket brigade---thats the reality.

—jeffrey reid, comp.software.year-2000, 01/12/99

On December 31, Cap Gemini reported the findings of its survey of large U.S. businesses. They remain confident about 2000. Five-sixths report that they expect to have 75% of their mission-critical systems compliant and tested by 1/1/2000. This figure has not risen in the last three months.

Three-quarters of them said that they expect to have half of their mission-critical systems compliant and tested by 1/1/2000.

Over one-third said they do not plan to perform comprehensive testing of the code prior to 2000.

They all report that they have experienced y2k-related failures, and 98% of them expect to experience more in 1999.

Think about this. Here is a suppsedly representative handful of the largest businesses in the most y2k-aware nation. Five out of six report that 25% of their mission-critical systems will not be ready by 1/1/2000. They plan to run their firms with 25% of their mission-crirical systems noncompliant. Then there are the noncritical systems.

Meanwhile, economists predict a reduction of three-tenths of one percentage point in economic growth in 2000.

My conclusion: “Does not compute.”

—Gary North, garynorth.com, 01/12/99

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