“Unequal wealth distribution, graft among major challenges facing Thailand”

 

 

Unequal wealth distribution is one of the most pressing problems facing Thailand with the richest one percent owning more than half of the total household wealth while entrenched corruption is threatening the country’s long-term growth, Governor of the Bank of Thailand Veerathai Santiprabhob said today.

 

He also said low financial literacy and high household debt level hamper the ability of individuals to pursue new opportunities and secure long-term financial security.

 

“Essentially, widening wealth and income inequality is a major contributor to the fragility of the Thai society and is frequently used as an excuse to draw public support for a number of costly and unsustainable populist policies,” Veerathai said in opening remarks at a forum on sustainable banking organized by the central bank.

 

Full Story: http://englishnews.thaipbs.or.th/unequal-wealth-distribution-graft-among-major-challenges-facing-thailand/

 

-- © Copyright Thai PBS 2018-7-23

Very true words - but this is the 21st Century, and truth, like taking real action to improve people's lives, are so last century.

15 minutes ago, snoop1130 said:

entrenched corruption is threatening the country’s long-term growth

Nooooo!  No such thing in Thailand!

 

the reason govt jobs are so highly sort after is entirely due to the amount of graft/corruption that can be gained once they start to rise up the chain of command.  I see this constantly, payments having to be made to govt department personal for approvals etc is common, then we see what some of the top dogs are demanding for positions, millions of baht changes hands for promotions or better appointments in the supply chain but the govt doesnt want to do too much about it as its where their money has come from and will continue to come from for years to come. The poor just keep getting poorer while the rich keep stealing from them, Thailand would virtually shut down over night if they actually stopped the graft/corruption that is rampant here

Until there is real social equality and advancement is reliant on ability rather than family ties Thailand cannot move forward. The wai-ing, bowing, scraping and crawling in front of "higher ups", the fancy uniforms with braids and gongs sufficient to have partaken in multiple wars and the "justice" system which quite simply isn't, reduces this country to an also ran. With a poorly educated military running the show you have a country with its brakes firmly on. As we have seen with several cases concerning generals, ministers and police, corruption cannot be tackled while this system continues.

this calls for another D day

30 minutes ago, Lungstib said:

Until there is real social equality and advancement is reliant on ability rather than family ties Thailand cannot move forward. The wai-ing, bowing, scraping and crawling in front of "higher ups", the fancy uniforms with braids and gongs sufficient to have partaken in multiple wars and the "justice" system which quite simply isn't, reduces this country to an also ran. With a poorly educated military running the show you have a country with its brakes firmly on. As we have seen with several cases concerning generals, ministers and police, corruption cannot be tackled while this system continues.

Advancement?  The foot is firmly on the accelerator and the gear in reverse.  We have just passed 1932.

He is at least partially correct. Growing inequalities in wealth distribution is a serious problem, but to my mind, it is the entrenched and endemic corruption that is villain number one. The whole country knows it is absolutely everywhere and it is widely resented by the poor folk who have to keep paying for everything, to get anywhere. Only when the government get serious and start to adopt China like policies of executing the corrupt and seizing their assets are they likely to get anywhere. But given that Captain Prawit "Bling" proves beyond all doubt, it stretches all the way to the top, there is no way any serious crackdown is going to happen in my lifetime. Oh, how I would love to see the day when the mighty thieves are laid low, but all we are likely to see are a few token miscreants punished, who kept too much back for themselves and will be offered as sacrificial lambs to pretend to the man on the street that it is being addressed.

We all know the Guy is right but sadly he is pissing in the wind !

Not a high so?  Face the gutter!

 

TIT

"Unsustainable populist policies"

 

Thai definition - anything that diverts public money away from the pockets of the filthy rich to the dirt poor (thus the campaign to eliminate Thaksin's universal health care).

 

Don't worry too much Veerathai, democracy will sort things out.

7 hours ago, trainman34014 said:

We all know the Guy is right but sadly he is pissing in the wind !

Undoubtedly "pissing in (to) the wind" but my hope is that corruption keeps getting exposed. If not exposed, there is no chance of a remedy. I can only hope for a new, strong party and leader, fully supported by the masses to break this viscous cycle.

10 hours ago, snoop1130 said:

He also said low financial literacy and high household debt level hamper the ability of individuals to pursue new opportunities and secure long-term financial security.

Isn't this the reason people go to loan sharks. The banks don't want to deal with the Buffalo's from the country.

 

Graft; I am now in the movie business splicing footage from the caves for a movie. I have contacted Harvey for tips on how to secure high ranking officials via the casting couch. A Miramax production. Need some shots with Benny with high end watches, setting up new soapy slide for deputy police chief with abt 50 rooms and the interior minister will be played by Jackie Chan. Guarantee 90% return no money down, with advertising placements paying for production. Now that sound like a grafted model of the up coming movie. This is only an observation of how graft could happen, not saying it does in the Kingdom.

 

 

Title: 'How I beat the Shins at the cave'. Or "No man Left Behind"

 

 

All could have staring roles in my epic.

 

 

 

 

 

 

 

 

Edited July 23, 20187 yr by Chris Lawrence

It is alright to say these things but he is in charge of the bank and they are a big part of the problem. Nothing will change. The rich get richer and the poor work to put rice on their table every day. And if all else fails the rich just leave the country never to return to justice. !!  555

13 hours ago, Lungstib said:

Until there is real social equality and advancement is reliant on ability rather than family ties Thailand cannot move forward. The wai-ing, bowing, scraping and crawling in front of "higher ups", the fancy uniforms with braids and gongs sufficient to have partaken in multiple wars and the "justice" system which quite simply isn't, reduces this country to an also ran. With a poorly educated military running the show you have a country with its brakes firmly on. As we have seen with several cases concerning generals, ministers and police, corruption cannot be tackled while this system continues.

This system continues because of the hard to change social cultural trait of PATRONAGE here in Thailand.  This cultural trait is not on any influential person's or organzation's agenda for change because it would diminish their influence. In fact it is actively promoted with the emphasis on absolute respect for any higher authority.  This is well illustrated with the unchanging and unjustified heavy promotion of those at the very top - a subject which can not be mentioned without fear of imprisonment.  The "Elite" have no incentive to change this.

Dismantle the alcohol monopoly.  Why do just two families control this ? 

 

The biggest problem is education.   Without that, Thailand will not move forward.  China and Vietnam have a thirst for knowledge.  Thailand only has an obsession with money.   It is the things in life that do not need money that bring the greatest riches. 

Tell us something we don’t know! Wealthy inside their barbed wire ,mansions and Mercedes included compounds with many beggars and starving within 500 meters


Sent from my iPhone using Thaivisa Connect

Duh!

It's not 'among the challenges facing Thailand', it's at the heart of all challenges facing Thailand. The sooner the country wakes up to this fact, the sooner than can eradicate those responsible for it.

7 hours ago, neeray said:

Undoubtedly "pissing in (to) the wind" but my hope is that corruption keeps getting exposed. If not exposed, there is no chance of a remedy. I can only hope for a new, strong party and leader, fully supported by the masses to break this viscous cycle.

No chance for corruption to be exposed (except selectively against enemies) without free speech and free enquiry - this would mean the end of criminal defamation and the end of lese majeste. 

This does seem to be a worldwide phenomenon. In the US the middle class and the lower class and getting poorer by the day, while the wealthy are getting a bigger piece of the pie, and huge tax breaks from Diet Orange. But here, the biggest problem seems to be a vastly inferior educational system, that discourages the kids from thinking outside the box, and being creative. Also, the lack of english skills does not help. 

 

I think the system is exactly where Tiny P. and the rest of the powers want it. Keep them poor and dumb. 

Sorry, I couldn't edit my link when I wanted to expand the thoughts on patronage.  So I've copied my prior comments.

 

"This system continues because of the hard to change social cultural trait of PATRONAGE here in Thailand.  This cultural trait is not on any influential person's or organization's agenda for change because it would diminish their influence. In fact it is actively promoted with the emphasis on absolute respect for any higher authority.  This is well illustrated with the unchanging and unjustified heavy promotion of those at the very top - a subject which can not be mentioned without fear of imprisonment.  The "Elite" have no incentive to change this.

 

Expanded thoughts: 

The "Benefits" of patronage flow both up and down the patronage chain.  Patrons provide awards, favors, recommendations and perhaps a portion of any ill gotten gains to the underlings, if for no other reason than to keep them quiet.   

Patronage fosters corruption.  Underlings are reluctant (or just afraid) to upset their patrons apple cart.

 

So it's not just the elite denying change, it's also the lower folks reluctant or afraid (Defamation, Les Majeste) to more seriously attempt to upset the patronage - corruption system.  It goes straight to the top (Les Majeste).

 

Thailand is fortunate that the extremely slow evolutionary change here has not resulted in a revolutionary form of violent upheaval.  Although the communist insurgency in the 60's-70's and the red shirt movement in 2010 were indications that there were some willing to go that far.  The moderating influences of buddhism and the royal family were at least partial reasons for it to not become a massive revolutionary form of protest.  That is one reason the powers to be so heavily promote the Thai version of a "Kingdom" and are not likely to soon get rid of either the Les Majeste or defamation laws.

 

Indeed culture is slow to change. 

 

 

 

6 hours ago, yellowboat said:

Dismantle the alcohol monopoly.  Why do just two families control this ? 

 

The biggest problem is education.   Without that, Thailand will not move forward.  China and Vietnam have a thirst for knowledge.  Thailand only has an obsession with money.   It is the things in life that do not need money that bring the greatest riches. 

Agreed, but extremely hard to explain that to millions who don't have a pot to piss in day in and day out.  Their only thought is about getting more money to try and live a better life !

10 hours ago, markaoffy said:

Tell us something we don’t know! Wealthy inside their barbed wire ,mansions and Mercedes included compounds with many beggars and starving within 500 meters

Sent from my iPhone using Thaivisa Connect

 

Edited July 24, 20187 yr by tryasimight

It is not often that a statement from a government official hits the nail on the head so accurately.

On ‎7‎/‎24‎/‎2018 at 11:30 AM, yellowboat said:

Dismantle the alcohol monopoly.  Why do just two families control this ? 

 

The biggest problem is education.   Without that, Thailand will not move forward.  China and Vietnam have a thirst for knowledge.  Thailand only has an obsession with money.   It is the things in life that do not need money that bring the greatest riches. 

That's why the HiSo kids get educated overseas. Met a couple of lads on the plane. When you really start talking to them they are very sad that they are away from Mum and Dad.

 

Same with the Government YB controlled by a very few families.

On 7/23/2018 at 9:30 PM, yellowboat said:

Dismantle the alcohol monopoly.  Why do just two families control this ? 

 

The biggest problem is education.   Without that, Thailand will not move forward.  China and Vietnam have a thirst for knowledge.  Thailand only has an obsession with money.   It is the things in life that do not need money that bring the greatest riches. 

Agreed, but don't stop with the alcohol monopoly.  The alcoholic drinks duopoly is the most obvious to us, but there are many more examples of families holding local monopolies, often on land ownership, and using these local monopolies to make sure they get the lion's share of any wealth generated through the work of others.

 

Of course tackling monopolies can't be accomplished without tackling graft.  Monopolies are maintained by making sure the lawmakers are paid off.

Edited August 1, 20187 yr by heybruce