Computer systems that control telecommunications, electric utilities, transportation services, and a host of other critical infrastructure systems are vulnerable. The Gartner Group estimates 50 million embedded-system devices worldwide will exhibit Year 2000 problems. Embedded chips are used to control elevators, environmental systems, navigational devices, household appliances, safes and vaults, and on and on.
For example, when money market funds began experiencing runs after the Lehman bankruptcy, the Treasury immediately came out with a money market fund guarantee.