They want to keep a highly progressive tax system. Y2K may cause us some problems. It's like a meteor hurtling to earth. But enough people who have studied it think that it is potentially very serious, very damaging. I'm thinking of controllers at airports and of seaports around the world.
Seaports depend almost wholly on computers to coordinate the schedules of ships coming in.
If computers give false signals, there could be lot of confusion. The President should direct his Secretary of the Treasury, Larry Summers, to convene a meeting of the finance ministers and the central bankers of the U.S., Canada, Britain, Japan and the 11 European countries that use the euro. They should stabilize monetary exchange rates and the price of gold for a period from about a month before to two or three months after January 1. I recommend that. One element of unnecessary uncertainty is volatility in exchange rates.