The run on guns

With the millennium just four days away, gun purchases in the month
of December are at an all-time high, according to FBI statistics, showing
more than a 20 percent increase over December 1998.

Government officials played down the role that fear -- of Y2K, and
particularly of Y2K-related domestic terrorism -- has likely played in
the record gun purchases. Rather, FBI spokesmen credited the booming
economy and the Christmas gift-giving season as probable reasons for the
huge jump in nationwide firearm background checks.

"We expect a December spike based on Christmas sales," said Daniel
Wells, acting operations manager for the FBI's National Instant Criminal
Background Check system, according to an Associated Press report. "It's
a bit larger than we expected."

Larger indeed. Federal officials conducted 1,045,799 background
checks from Dec. 1-26, compared to 871,644 checks during all of December 1998.
And Thursday, Dec. 23 broke all records, with the FBI reporting an
unprecedented 67,000 background checks in one day.

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The background-check system, operated by the FBI and state
governments
since 1993, is required by the federal Brady law and replaces the
voluntary checks on handgun buyers that used to be conducted by state
and local police and sheriffs.

Since the nationwide system began on Nov. 30, 1998, state and federal

officials have conducted 9,823,408 checks, said FBI spokesman Kevin
Wilkinson.

Although handgun-filled stockings may not account for the large spike
in background checks, fear of terrorist attacks in the U.S. may.

Earlier this month, suspected terrorist Ahmed Ressam was captured
trying to smuggle explosives into Washington state. Another suspected
terrorist, Lucia Garofalo, who has ties to Algerian Islamic groups, was
stopped at the Vermont border. Both suspects have ties to Osama bin
Laden,
according to the FBI.

As a result of these and many other ominous events, the government
has issued its sternest public advisories ever with respect to the dangers
of terrorist attacks against Americans.

The White House has cautioned Americans at home and abroad to use
"caution" while celebrating the new millennium, saying that crowds and
"suspicious" individuals should be avoided. A Justice Department press
conference urged citizens to be extra aware and cautious during the
holiday season, reporting to authorities suspicious strangers and
unattended packages and bags.

Despite all the year end concern, however, John Koskinen, President
Clinton's official Y2K advisor, says Americans appear not to be worried
about Y2K.

"Even now, at this late date, we see no evidence at all of any
increased
anxiety by the public as a result of Y2K," he said from a special $50
million Y2K command center set up by the White House.

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Koskinen also noted that Americans have not demonstrated financial
concern over the Y2K computer glitch that could affect banking systems
nationwide.

"We see no indication at all that people are increasing in any
noticeable way financial transactions or withdrawal of funds,"' he said.
"And we have no indications thus far that anybody is, you know, starting
to stock up or load up on gasoline."

Despite Koskinen's upbeat assessment, the truth is, for months
Americans have been withdrawing money in preparation for anticipated Y2K problems,
with repeated polls showing a large percentage of Americans making
significant cash withdrawals. Indeed, the Federal Reserve system has
stocked national banks with double their normal cash reserves to prevent
any bank runs that could result from too many banking customers
withdrawing too much money at the same time. Likewise, Australian,
Canadian and British banks have increased their cash reserves up to
four-fold.

So, along with stockpiling -- or as detractors call it, "hoarding" --
cash, Americans also appear now to be purchasing firearms in record
numbers.

As for gasoline -- when Energy Secretary Bill Richardson and the
American Automobile Association, from a downtown Washington
D.C. gas station urged Americans not to "hoard" gasoline in anticipation

of Y2K-related shortages, Richardson stood in front of a mock gas gauge
reading halfway between "Empty" and "Full."

"If you have half a tank on New Year's Eve, you're okay," promised
the Energy secretary.

With the near-impossible task of simultaneously assuring Americans
that there would be neither shortages of gasoline nor price increases, yet
also urging motorists not to fill their tanks before "the big weekend,"
a reporter asked Richardson why consumers needed to fill their tanks
only halfway if there were no anticipated gas shortages.

Richardson answered that only motorists gearing up for a long trip
have cause to fill the tanks. Steve Hayes, managing director for AAA, echoed
Richardson's advice, urging motorists not to create an artificial
problem by "topping off" their tanks unnecessarily.

All modern gasoline pumps rely on an electric component that directs
the flow of fuel from the main storage tank. If the power goes out next
week, the pumps will be unable to serve gas.

Related article by Llewellen Rockwell
Y2K and the Banks