STOCK MARKET WATCH -- Wednesday, 13 June 2012

[Po_d Mainiac]

48. Likely just a matter of time

before drachmas start being printed.

Any EUD, U$D, CHF, etc. that remain in country, will be in high demand. Official exchange rates ain't gonna get much attention on the streets.

My wife and I were in Belize during their mini 'spring of discontent.' (April 2005) The protestors did succeed in shutting down the entire phone system for a few days. Land, cell, and internet service became an instant memory. Most of Belmopan and Belize City got reconnected by day 4, but the rest of the country went deaf and dumb for a couple weeks.

Plastic didn't swipe.. Gringo tourists that didn't have currency in their pockets were totally screwed.

I'll never forget this one exchange between a typical "ugly American" tourist and a bunch of locals out on one of the Cayes. She was trying to raise cash to get off the island by selling the contents of her suitcase. She's really phreaking out, had the tears flowing and the whole nine yards. She holds up this blouse, and a local says she'll give her a dollah for it ($1 dollah Belize = $0.50 US) "Do you have any idea what this blouse is worth" she croaked.

The local looked her straight in the eye, and calm as calm could be be answered "It's worth a dollah to me"...By the time the auction ended, some of the locals walked away with some decent threads on the cheap and the "ugly American" had just enough cash to get a seat on the next water taxi heading for the mainland.

I got an idea that scene is going to be played time and time again along the South coast of the Continent when the ATM's go down.