The Y2K bug was a software glitch in which the original programmers had not considered how computer system clocks would react when they reached the year 2000. Not anticipating those systems would still be in use by that time, the software simply assumed that it was working within the 20th century and simply displayed the final two numbers of the date instead of the four digit year (i.e. "99" instead of "1999"). The problem was significant as thousands of computer systems around the world faced major problems when the clock struck midnight because the computer would think that the date was January 1, 1900. Thus, bank loans, mortgages, credit card bills, etc. would be completely out of sync. So might transportation systems, electric and water services and military systems. As such, many worried that a shutdown in these services could spawn rioting and civil unrest, including massive looting as people wildly search for food, water and shelter. Many, therefore, like their parents during the cold war, began storing food and supplies in mass quantities. In addition to stockpiling food and bottled water, they also practiced readiness and self defense drills, began draining their bank accounts and investment portfolios (even going so far as to convert the funds into convertible gold coins).
Nations across the globe prepared for the crisis. Russia spent $4 million in military Y2K compliance, while the United States spent $4 billion for the same. The United States, in fact, spent more than $100 million dollars overall on Y2K fixes and the Federal Reserve authorized the printing of an extra $40 billion of cask in case of excessive runs on banks and ATM machines.
Finally the moment came when the Republic of Kiribati became the first nation to welcome in the millennium (after all, they boasted of their own aptly named, but uninhabited Millennium Island). As hundreds of millions of people around the world held their breaths, nothing happened. A few computer systems failed but hardly anyone noticed as the New Year's celebrations continued. Unfortunately, millions of other people around the world realized that they now faced the dilemma of what to do with hundreds of cans of Spam and powdered milk.
