There's also the issue of Y2K-induced lawsuits. As prepared as any Canadian or American company can be, there will inevitably be some Y2K problems. They may be small glitches. That's why more than 500 business, government, and industry organizations have signed the Millennium Accord, which commits them to settling any Y2K dispute through negotiation and mediation, a cheaper alternative to the courts. So far, there's no sign of Y2K angst in most markets.
Liquidity is at normal levels.
Many stock market indices are testing new highs. Central banks in many countries have moved to reassure investors there'll be enough cash in the system. Surveys show that Canadians and Americans are increasingly confident that Y2K will not seriously disrupt their lives, their bank accounts, or their investment portfolios. Stocks may plunge even if Y2K turns out to be nothing more than a minor distraction. Or the markets might continue to shoot up.