Año
3. Nº 25. Febrero de 1999
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Las cartas se dividen en dos tipos: las que tocan temas relacionados con Euskadi y las de contenido general. |
| 20-2-99 | Have just discovered your web site. It was interesting
to look back on events which took place 10 years ago, along with the new,
i.e. Palacio Euskalduna. Definitely a site to return to from time to time.
Regards. Miss J.N. Eskubi, M.I.L.
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| 6-2-99 | Dear imagenvasca@codeconet.com (Imagen Vasca on line):
I am:
I am writing to you about Financial Implications of Y2K. As you probably know, there has been much publicity concerning the computer bug associated with the date 2000 (Also known as the Y2K Bug). Older systems leave off the first two digits of the year so that computers will confuse the year 2000 with 1900. This may sound like an easy problem to fix but it is not. Billions of lines of code must be checked manually to ensure Y2K compliance. The Defense Department estimates it will take until the year 2012 to complete this task. Also, there are millions of systems with embedded chips that need to be tested. The international networking of computer systems also magnifies the problem. Many experts predict power outages, disruption in banking activities, and many other computer related problems. Nobody knows exactly what may occur, but a potential problem certainly does exist. My focus is to identify the financial implications associated with Y2K. The U.S. financial structure is based on a fractional reserve banking system. In simple terms this means that only a very small portion of the money you deposit in the bank is kept for you, the rest is lent out. If everyone wanted to withdraw their deposits at once the bank simply would not have the cash. Now, ask yourself a simple question, would you withdraw your money from the bank if there would be even the slightest chance of bank systems failures such as ATM shortages, check processing malfunctions, or lost or incorrect data? If you answered yes, then it is very possible that we will see bank runs similar to those of the great depression. Remember that the Federal Reserve Bank prints just enough paper money to support the demand for cash, which is constantly recycled in and out of banks. Over 90% of our fiat money ($ backed by nothing) is computer entries. The Fed (Federal Reserve Bank) has already started to print more money in preparation for the Y2K panic. Induced inflation will be its byproduct, but of equal concern is that the depletion of bank capital can trigger a liquidity crunch that may halt the gears of the financial markets. To grasp the severity of the situation it is important to know how fractional reserve banking works. Under a fractional reserve banking system if you deposit $1000 in your local bank, your bank will then deposit this money at the Fed. At a reserve requirement of 10% your local bank can now lend out $10,000. Thus $1000 deposited puts $10,000 into the system. This also means that money creation can only occur through debt. If all debt where eliminated the money supply would be zero. In the past, part of your deposit was backed by gold, now it is backed by human confidence. As Alan Greenspan puts it, "The abandonment of the gold standard made it possible for the welfare statists to use the banking system as a means to unlimited expansion of credit." The term ‘unlimited expansion of credit’ simply refers to the Fed’s pyramid loan structure whose underlying value is based on the confidence of the American people. Thus, the intrinsic value of money is not backed by anything of substance (gold or silver), it is based solely on human emotion. Financial markets only work when there is confidence; this confidence is based on the idea that men can manage their affairs rationally. If this confidence fades, then so does the market. The rendering in of a new millenium will test the soundness of a financial system that has its foundation built upon a debt pyramid structure. Can this foundation handle the Y2K storm? Market speculation and historical evidence indicate that a stock market crash ensued by high inflation is a very realistic possibility. In times of instability, gold and silver have traditionally been a safeguard for social wealth.Central Bank intervention has kept gold and silver prices artificially low over the past two decades. Any movement toward true supply and demand forces would escalate prices considerably. An investment at this time in gold or silver coin would not only safeguard one’s wealth, but also provide a virtual risk-free vehicle for wealth enhancement. The panic prior to January 1, 2000 and the event itself have the potential to devastate markets. This is a real issue. Please take the time to consider how this may affect your investments. BTW: This message was sent through the INFOSEARCH "Mr. Smith E-Mails
The Media(sm)" site at: http://www.mrsmith.com.
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| 11-2-99 | Dear imagenvasca@codeconet.com (Imagen Vasca on line):
I am:
I am writing to you about Press Release--Commodity Daily Tip Sheet. COMPLIMENTARY COMMODITY DAILY TIP SHEET 4526 W.210th Street
Contact: Jim Byrne
COMMODIITES BROKERAGE FIRM PUBLISHES DAILY TIP SHEET
Cleveland, Ohio February 9, 1999 -- Free Commodity Daily Tip Sheet will be sent at 10:30 est. daily via email to all who subscribe. The Tip Sheet is geared toward the commodity and futures options trader with trade recommendations, weather forecasts, fundamentals, and technical viewpoints. The company supplying the above free tip sheet offers investors a way to become familiar with the commodity markets without expending any funds. In addition, Crown Futures of Cleveland also offers free quotes, charts, recommendations, chat forum, etc. via the web: http://www.crownfutures.com Or email at jim@crownfutures.com For further information regarding the services of Crown Futures of Cleveland please contact Jim Byrne at (800) 250-3450 Crown Futures of Cleveland is a full sevice commodity and options brokerageadept in many different styles of trading. The mission of Crown is to meettheir clients' financial objectives whether it is through speculation, agricultural hedging, scale-trading, etc. BTW: This message was sent through the INFOSEARCH "Mr. Smith E-Mails
The Media(sm)" site at: http://www.mrsmith.com.
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| 28-2-99 | Dear imagenvasca@codeconet.com (Imagen Vasca on line):
I am:
I am writing to you about A one of its kind..."Lipp Sings: Headlines" CD is a collection of hilarious, satirical songs about scandalous headlines -- featuring "Clinton: The Man - The Song.". You've probaby read the Starr Report...seen the video... and... sat... through the impeachment trial. Now -- at last the song that brillaintly captures the essence of President's Clinton's scorching sexual affair with Monica Lewinsky, and Bill Clinton's battle to stay in the White House. A first of its kind, "Lipp Sings: Headlines" is a collection of unique, hilarious, satirical songs about scandalous headlines -- featuring "Clinton: The Man - The Song" by Leen and Reen. Bill Clinton's passion for playing the sax inspired the blues style of this song. While the climatic saxophone screams and hollers in orgasmic relief...the guitar toys with your emotions...and the harmonica speaks to you in a sassy way. The pulsating beats slam against the lyrics...caressing every rhyming word, yet wittily unfolding the story of the President...and the Intern. Lyrics:
Leen and Reen realized that they liked to "poke fun" at unusual subject matters. This blend of unusual subject matters...coupled with rhyming words to perfection...resulted to an unclassifiable, distinct style of their own. Other witty, clever, funny songs available on the "Lipp Sings: Headlines" CD are "O.J.'s Objection," "Sexual Harassment," and "Clinton's Blues."... Contact information: Lipp Sings, LLC; 12400 Ventura Blvd.; Suite
324; Studio City, CA 91604;
BTW: This message was sent through the INFOSEARCH "Mr. Smith E-Mails
The Media(sm)" site at: http://www.mrsmith.com.
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