Panic, paranoia, and spectacularly stupid predictions! This episode of History's Greatest Idiots (featuring Mandy Gardner from the History Obscura Podcast) explores Y2K, the millennium bug that convinced the entire world that civilization would collapse at midnight on January 1st, 2000, leading to the most expensive non-event in human history.
The Technical Problem: Back in the 1960s and 70s, when computer memory cost a fortune, programmers saved space by writing dates with two digits instead of four (65 instead of 1965). Nobody thought about what would happen when 1999 became 2000.
Would computers think it was 1900? Would banks collapse? Would planes fall from the sky? Would nuclear missiles accidentally launch? These were genuine questions people were asking in 1998.
The Media Frenzy: By 1999, reasonable concerns about bank systems had spiralled into headlines like "Will your pacemaker stop working at midnight?" and "Could nuclear power plants explode?" Governments didn't help. Bill Clinton established a Y2K council. Britain spent £396 million (equivalent purchasing power of £9 billion today).
Countries stockpiled fuel, food, and medical supplies as if they were preparing for war. Senator Daniel Patrick Moynihan compared it to the Cuban Missile Crisis. Ed Yardeni predicted a 70% chance of a worldwide recession.
Experts warned that elevators would trap people, traffic lights would fail, water treatment plants would shut down, prison doors would automatically unlock, and planes would literally fall from the sky.
The Survival Industry: Y2K preppers made pandemic preppers look casual. People bought generators (manufacturers couldn't keep up), mountains of tinned food, warehouses of bottled water, gold, and guns (sales spiked 700% in some US areas).
Companies sold Y2K survival kits for $2,500 containing a year's freeze-dried food. An entire industry monetised fear. Products got "Y2K Compliant" stickers, including toasters that didn't know what year it was anyway.
The Price Tag: Worldwide spending reached $300-600 billion. That's more than the Apollo moon landings and Manhattan Project combined.
The US alone spent $100 billion. Some COBOL programmers charged $1,000 per hour ($1800 in 2025 money) just checking old code.
With that money, we could have ended world hunger for years, eradicated malaria, or provided universal water and sanitation globally.
New Year's Eve 1999: Airlines grounded flights. Russia put nuclear forces on high alert with Yeltsin in a command center (drinking vodka).
Emergency teams stood ready worldwide. Some families withdrew all their money and moved to remote cabins with six months of supplies. As midnight hit New Zealand, then Asia, then Europe, reporters sounded increasingly disappointed that nothing was going wrong.
The Anticlimax: The complete list of significant Y2K problems: slot machines in Delaware stopped working, some bus ticket machines failed in Sheffield and Australia, a few credit card terminals had issues for hours, and the US Naval Observatory website displayed January 1, 19100. That's it. No planes crashed. No nuclear war. No apocalypse. Just slot machines in Delaware that nobody noticed because it's Delaware.
The Aftermath: People with 500 tins of beans couldn't exactly return them ("the apocalypse was cancelled"). Politicians claimed credit for preventing disaster by spending billions. We'll never know if the preparations prevented catastrophe or if the problem was massively overblown, making it the geopolitical equivalent of Lisa Simpson's tiger-repelling rock.
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Artist: Sarah Chey
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