Pridiyathorn Resigns As Deputy Pm, Finance Minister

[george]

Thai finance minister calls it quits

BANGKOK: -- Thailand's Deputy Prime Minister and Finance Minister Pridiyathorn Devakula announced his resignation Wednesday, saying he was upset by the government's earlier invitation of a leading former minister in the previous government to work and an unnamed ministers' apparent favouritism towards certain media.

Pridiyathorn said he had submitted his resignation, effective March 1, to Prime Minister Surayud Chalanont Wednesday morning, and that it was accepted.

The former Bank of Thailand governor said he resigned because the current government had appointed the economic architect of the previous government to clarify the sufficiency economy philosophy.

In Thai fashion he did not name the person but he clearly meant ex-Thaksin Shinawatra deputy prime minister and finance minister Somkid Jatusripitak, who resigned less than one week after having been appointed.

Pridiyathorn said he saw the reason given for the appointment as an excuse and an attempt to cover up a "hidden agenda".

It was earlier reported that Pridiyathorn objected to the decision to have former Thaksin aide Somkid Jatusripitak tasked with explaining the sufficiency economy philosophy abroad.

Dr. Somkid is a key architect of the so-called populist policy adopted by the deposed Thaksin Shinawatra government and a strong supporter of Thaksinomics.

Pridiyathorn added he viewed "a certain minister" of the present government with Thaksin-connections and as working in favour of certain media, which could lead to a violation of the law.

While not naming the minister, it was understood that he meant Prime Minister's Office minister Thirapat Serirangsan who could be viewed as favouring high-profile Thaksin-critic Sondhi Limthongkul and his Manager Media Group, which has recently been given access to state-owned media.

Giving these reasons, Mr. Pridiyathorn said he resigned Wednesday with effect from Thursday.

Pridiyathorn resigned as Bank of Thailand governor to assume the deputy prime minister and finance minister posts on October 8, following the September 19 coup.

He was himself seen as a strong candidate for interim prime minister, but was eventually appointed as deputy premier and finance minister, with strong admiration and support of the general public and business community.

However, his popularity declined rapidly and was sharply criticised for the amendment to the Foreign Business Act, the imposition of a 30 per cent reserve requirement, and amending the Government Lottery Act.

The imposition of capital controls in December aimed to stem the appreciation of the baht, but resulted in the largest one-day loss in the Thai stock market's 31-year history December 19. In January, the Cabinet approved in principle amendments to the 1999 Foreign Business Act limiting foreign investors to holding no more than 50 per cent of shares or voting rights in Thai companies. The move upset many foreign investors who perceive the post-coup interim government as turning to protectionism.

Mr. Pridiyathorn is the first cabinet member of the military-installed interim government to resign, a move seen as a heavy blow to the government, especially to Gen. Surayud himself. Filling the high-profile post as head of the government's economic team supervising the national economy is a challenge for a government seen as becalmed in its five-month doldrums.

Observers say that Premier Surayud has lost two economic experts, both of whom he had entrusted with vital economic posts.

Last week, Mr. Somkid, well-known as Thaksin's top aide, quit as chairman of the committee tasked with explaining the sufficiency economy abroad -- just five days after being appointed by the premier. His resignation came amid strong pressure from an anti-Thaksin alliance.

--TNA 2007-02-28

[Old Man River]

It will be very interesting who will replace MR Pridiyathorn. Personally, I think his resignation is a big loss, but then perhaps we should have expected it given that he is not a political player and is surrounded by those who should not be politicians, but are.

How is it a big loss..except a loss of face? It hurts the government in that it makes them look incompetent because they have problems putting competent people in charge. This man hasn't done anything decent policy wise for Thailand at all though. He was a bit of an economic populist, crafting policies that were based on unfounded popular protectionist/exclusionary sentiments. Him and his BOT sidekick Mrs. Tarisa Watanagase were both responsible for some horrendous economic bloopers in the past few months. The sad thing is if this is the best that Thailand had then someone even worse may be placed in charge.

Tarisa and Pridiyathorn have been holding the fort for much longer than just this government.

[wintermute]

It will be very interesting who will replace MR Pridiyathorn. Personally, I think his resignation is a big loss, but then perhaps we should have expected it given that he is not a political player and is surrounded by those who should not be politicians, but are.

How is it a big loss..except a loss of face? It hurts the government in that it makes them look incompetent because they have problems putting competent people in charge. This man hasn't done anything decent policy wise for Thailand at all though. He was a bit of an economic populist, crafting policies that were based on unfounded popular protectionist/exclusionary sentiments. Him and his BOT sidekick Mrs. Tarisa Watanagase were both responsible for some horrendous economic bloopers in the past few months. The sad thing is if this is the best that Thailand had then someone even worse may be placed in charge.

Tarisa and Pridiyathorn have been holding the fort for much longer than just this government.

I know about their reputation and positions in the previous government. The big difference is that they weren't given free reign then to enact controversial economic policies on a whim. These protectionist economic policies seem to be lock-step with the rest of the government's agenda. I don't put all the blame on them but I think the government had a big hand in promoting these ideas to them and they took the ball and ran with it.

[wintermute]

It will be very interesting who will replace MR Pridiyathorn. Personally, I think his resignation is a big loss, but then perhaps we should have expected it given that he is not a political player and is surrounded by those who should not be politicians, but are.

How is it a big loss..except a loss of face? It hurts the government in that it makes them look incompetent because they have problems putting competent people in charge. This man hasn't done anything decent policy wise for Thailand at all though. He was a bit of an economic populist, crafting policies that were based on unfounded popular protectionist/exclusionary sentiments. Him and his BOT sidekick Mrs. Tarisa Watanagase were both responsible for some horrendous economic bloopers in the past few months. The sad thing is if this is the best that Thailand had then someone even worse may be placed in charge.

Tarisa and Pridiyathorn have been holding the fort for much longer than just this government.

I know about their reputation and positions in the previous government. The big difference is that they weren't given free reign then to enact controversial economic policies on a whim. These protectionist economic policies seem to be lock-step with the rest of the government's agenda. I don't put all the blame on them but I think the government had a big hand in promoting these ideas to them and they took the ball and ran with it. I don't believe they are completely ignorant but it seems like they put populist politics in front of economic concerns. This is why I don't think they are fit for the position.

[hagler]

[

the thai market has just stagnated due to many negative factors but is still trading at 40% below its fair value.

thats a pretty big call. Want to elaborate on how you came up with those figures ?

[sriracha john]

As obnoxious deadly as he was, things in Thailand sure were a lot better was a lot worse with Thaksin and his buddies running the show!

edited to reflect reality of economic blunders versus extra-judicial killings

You're comparing human rights violations versus economic blunders. From a purely pragmatic point of view the economic blunders cause more human suffering in the long run.

Feel free to get back to me once the death toll by murder from these economic decisions reaches 2,500.

[wrecker]

global markets slump overnight, now pridiyathorn resigns. just a gentle reminder for those a bit slow off the bat, SELL ALL POSITIONS ON THE SET NOW!

Do you think that there are still sensible people who hold positions in the SET? It would be very unwise with an government in place who do not mind to impose 10,000% fines on companies, ban free speech, appoint cronies at the helm of public companies and demonize neigboring countries.

You could as well go to the Chinese stockmarket or the horse races. Your chances are considerably better, than investing in the SET.

I would like to know what will happen with all those billions of dollars from government controlled pension funds that are forceably injected by this dumb ass who resigned in the SET. Yes Pridiyathorn has done the damage. This piece of work torpedoed the SET with his absurd capital control requirements and the foreign business act.

I suppose that the PM did not had another choice than to bring back a finance minister who must even the most hardline Bangkokians on better times. Shame on Pridiyathorn!

[OlRedEyes]

Time to find offshore banking, I'd reckon....

[Old Man River]

global markets slump overnight, now pridiyathorn resigns. just a gentle reminder for those a bit slow off the bat, SELL ALL POSITIONS ON THE SET NOW!

Do you think that there are still sensible people who hold positions in the SET? It would be very unwise with an government in place who do not mind to impose 10,000% fines on companies, ban free speech, appoint cronies at the helm of public companies and demonize neigboring countries.

You could as well go to the Chinese stockmarket or the horse races. Your chances are considerably better, than investing in the SET.

I would like to know what will happen with all those billions of dollars from government controlled pension funds that are forceably injected by this dumb ass who resigned in the SET. Yes Pridiyathorn has done the damage. This piece of work torpedoed the SET with his absurd capital control requirements and the foreign business act.

I suppose that the PM did not had another choice than to bring back a finance minister who must even the most hardline Bangkokians on better times. Shame on Pridiyathorn!

You should be happy then. I guess the country is now in for rosy times based on your analysis.

[Prakanong]

Dude, I said it in jest about the stocks should skyrocket because Pridiyathorn wasn't well liked on ThaiVisa (TV) forum.

Even I got that one

sorry folks, my bad.

for a while i thought i was reading the kind of spin you'd expect to find in the newspapers.

just goes to show how far the bar has been raised in this country for making ridiculous statements sound credible.

Tell me about it ;-)))

My fasve though is when ther Police General was talking a few years ago about the police dogs that bit the Tapioca farmers at Govt House.

"They were not Thai dogs, they were farang dogs, they are German Shepherds"

It was then I knew I was in surrealville

[Payboy]

did the 200 billion lost on propping up the thai baht have anything to do with this - i wonder?

Thai baht ain't being propped up. They are doing their best to hold it down though.

sorry my mistake - but 200 billion or so was reported in book losses some days ago - i think it was in the bangkok post business section.

[Publicus]

I'm new here but I'd like to nominate Crushdepth as new FM to succeed Pretty Torn. Crushdepth has better questions than P-T had answers. But, as has been pointed out above, P-T implemented decisions the government handed to him so P-T could be the one to drop the bombs on the markets and investors.

The uncertainty noted above is the real problem now. In "97 the problem was the sudden outflow of capital because of swildling, corruption, theft, stealing etc. Currently the problem is the heavy inflows of foreign capital. Further, few if anyone knows what is meant by the mix of global capitalism with the sufficiency economy. Maybe we should pass the hat to hire Somkid OR Pretty Torn to explain the stuff to us!

[younghusband]

As obnoxious deadly as he was, things in Thailand sure were a lot better was a lot worse with Thaksin and his buddies running the show!

edited to reflect reality of economic blunders versus extra-judicial killings

You're comparing human rights violations versus economic blunders. From a purely pragmatic point of view the economic blunders cause more human suffering in the long run.

Feel free to get back to me once the death toll by murder from these economic decisions reaches 2,500.

It's pointless arguing with these anti-Thaksin fanatics even though the sheer incompetence and illegality of this wretched junta is now clear for the whole world to see.Many of us dislike Thaksin's approach in equal measure with the illegal junta, but it is nevertheless beyond argument that economic management was far more competent under the last administration.As for the deaths in the drug war these were of course unacceptable from a Western standpoint, whether "guilty" or "innocent" for no distinction can be drawn.Nevertheless the policy had the support of most Thai people including endorsement from the summit as it were.Not surprising in view of an appalling social problem.Thaksin will never be brought to book for this charge.

[wintermute]

MORE DETAILS FROM BBC: 06:17 GMT

The government is now being widely criticised for a lack of clear leadership and internal disarray.

Little progress has been made in bringing charges of corruption against the previous administration.

And many politicians are worried that the military generals who launched the coup may start to reconsider their promise to return Thailand to full democracy by the end of the year.

The incompetent management of Thailand both politically and economically since the military take over is unlikely to spur the Generals on to admit their folly and return the country to democratic rule.

Actually, quite the reverse is likely. Stand by to hear that things are worse than the generals first thought and elections will have to be put on hold until things are sorted out. Meanwhile, the longer the country is ruled by a few self appointed dictators at the point of a gun, the more entrenched incompetence and corruption will become. The generals are digging themselves a great big hole and are reluctant to give the shovel to anyone else for fear that they will shovel the dirt in on them and bury them.

You're exactly right. Thus far they have continued to blame "Thaksinocracy" and conspiracies at every corner rather than face the facts that they are in a plane that they don't know how to pilot. I have a feeling that these red herrings will keep them in control for a long time to come. Not to mention there is inherent corruption in the manner they are going about drafting the new constitution as well. It seems like they are packing the draftees with CNS sympathizers and politico-elite that are firmly in their camp.

[Arkady]

Good riddance to extremely bad rubbish. He was quite low profile as governor of Bank of Thailand but we only saw his true colours as finance minister. An arrogant little, foreigner-hater in a bow tie spouting absolute nonsense in Thaksin style English. Perhaps there are some corruption scandals opening up relating to him. In addition to his involvement in the sale of the FIDF's land to Potjaman, people say there are many skeletons lurking in the closet from his time at Exim Bank.

The SET has not reacted badly to this news. It was already down due to the China and Wall St falls but is going up again as I write. Local and foreign investors all finally hated Pridyathorn. They are now only interested in who will succeed him. Saruyud now has an opportunity to get rid of some of the dead wood in his cabinet (most of it) and try to achieve something meaningful in the time left to the government. Past performance says this won't happen but let's be optimistic.

[ColPyat]

Saruyud now has an opportunity to get rid of some of the dead wood in his cabinet (most of it) and try to achieve something meaningful in the time left to the government. Past performance says this won't happen but let's be optimistic.

Following this logic i am eagerly anticipating his announcement of replacing the generals of the junta, immediately followed by his own resignation.

[hammered]

This resignation is pure politics. What effects it will have on the Thai stock market or investor confidence may never be known as we seem to be in the experiencing events bigger than could be attributed to Pridyathorn, the government or Thailand. Although back in 1997 Thailand and its incompetent government did get blamed for the Asian crash, it is quite unlikely to happen this time around if the world markets continue to drop. In fact the SET seems to be doing quite well compared to other stock markets. There seem to be seperate issues on this thread: the resignation of a Thai minister and a worldwide relatively unpredicted stock market fall.

I do find it rather disturbing that some on this thread would turn a blind eye to or try to rationalize Thaksins extra-judicial killings. Surely that is something that does not need to be brought into an economic debate or a debate on a minister with a rather short tenure. Does everything have to come back to pro-thaksin versus pro-Junta. It may just be that neither are the answer.

[Howmal]

Thier are many rumours going around and todays stock exchange GLOBAL see's yet another nail in the coffin for the Thai ecomony. They have been keeping the BAHT strong by flinging money at it ... thier own money Goverment money that would have gone on other things... now with the stakes raised they will not be able to continue to fling money to keep the BAHT safe.

I think the old Fnance minister seen that it was FLIGHT FRIGHT OR FIGHT .... he did the FLIGHT

Mr T is also mentioned in the grapefine wispers of a return to Thai and goverment stating in Singapore last month that he wanted to resolve his differences with the goverment and return to helping regain stabilty.

Lets see when April arrives does old Mr T touch down at what ever Airport is open The SWAMP seems to be getting a bit HOT with Fire REG and many other problems

SOmething is going to give and soon ....its just a matter of time and who cracks first

The South of the country his not helping the situation with Cival war ready to happen any moment

But talk to a Thai and they will tell you as long as the King is alive they will hold fire in the South

Many many problems in the Land of the smiles at present ....but alos many smiles of different meaning

Lets not be fooled into thinking all is well in our Sunny garden

Malachy

PS got a good Visa story too in getting "O" class

[PeaceBlondie]

After more than 50 replies on the resignation of the finance minister, no name has even been mentioned as to who might replace him. Perhaps Mrs. Thaksin?

[lannarebirth]

Thier are many rumours going around and todays stock exchange GLOBAL see's yet another nail in the coffin for the Thai ecomony. They have been keeping the BAHT strong by flinging money at it ... thier own money Goverment money that would have gone on other things... now with the stakes raised they will not be able to continue to fling money to keep the BAHT safe.

I think the old Fnance minister seen that it was FLIGHT FRIGHT OR FIGHT .... he did the FLIGHT

Mr T is also mentioned in the grapefine wispers of a return to Thai and goverment stating in Singapore last month that he wanted to resolve his differences with the goverment and return to helping regain stabilty.

Lets see when April arrives does old Mr T touch down at what ever Airport is open The SWAMP seems to be getting a bit HOT with Fire REG and many other problems

SOmething is going to give and soon ....its just a matter of time and who cracks first

The South of the country his not helping the situation with Cival war ready to happen any moment

But talk to a Thai and they will tell you as long as the King is alive they will hold fire in the South

Many many problems in the Land of the smiles at present ....but alos many smiles of different meaning

Lets not be fooled into thinking all is well in our Sunny garden

Malachy

PS got a good Visa story too in getting "O" class

Ever since 9/11, global investors have been conditioned that every war, terrorist event, economic upheaval, etc is a buying opportunity, and that global central banks will step in to provide liquidity to ameliorate any possible systemic risks. This has been a very effective buying strategy, and will continue to be so, until it isn't. It's the conditioning that's important, as markets need buyers as they sell off. Are we there yet? Or is this just another buying opportunity to re-inforce conditioning? The strong baht tells me money is flowing into LOS and if I had to guess I'd say it's "hot money foreign investment", here today gone tomorrow, but I don't know. Asute global investors or bagholders? That remains to be seen

Edited February 28, 2007 by lannarebirth

[jumnien]

Too much money around, not enough to buy; the price of most things is going up...

[lannarebirth]

Too much money around, not enough to buy; the price of most things is going up...

Exactly right. What's the big deal about throwing 1% of your portfolio at Thailand on a flyer? If enough people feel that way they'll run it. I'm leaning that way, as energing markets love extremes, and this doesn't feel like an extreme.

[henlin]

global markets slump overnight, now pridiyathorn resigns. just a gentle reminder for those a bit slow off the bat, SELL ALL POSITIONS ON THE SET NOW!

An amateur's question:

Is the fall in stock market only a temporary setback, or is this the beginning of a crash, and what effects might that have on the Thai economy, and life for us here?

Oh ColPat....really which I can answer that question and have all the inside informations it needs to be 100% sure...but even then....

If someone can answer that question 100% he for sure is a billionäre soon

maybe China is showing only its muscles maybe there is really more behind it maybe the bubble is going to BLOB again to many may be`s

[Mid]

In a news conference on Wednesday morning, Mr Pridiyathorn said he no longer wanted "to work under the influence of some people whose behaviour is not entirely transparent".

CITE

odds just lengthened on a general election this year .................................

[steveromagnino]

I am no economist, but first up, let's revisit 1997.

The baht at that time was fixed/pegged, and required periodic defending, as most of the market could see it was overvalued at 25b to 1 USD. Interest rates in Thailand reflected that, and were very high because that was the only way to continue to prop it up (high interest rates = attractive, therefore people willing to invest therefore the demand for the baht goes up as Americans invest money here). Thai corporates such as TPI borrowed USD freely at lower interest rates, with the misplaced confidence that the BOT had sufficient money to continue defending the baht.

It was floated with the expectation that it would not drop like a stone; unfortunately it did and due to a variety of reasons including some major speculation by, it is alledged, the then ruling gents Chavalit and Taksin himself. This is what left the SET with negative equity (since equity is assets - liabilities) as company labilities in many cases tripled or quadrupled. This then led to many companies unable to pay suppliers and staff, and that led to a sudden drop in the money flowing around the economy. Which led to unfinished buildings, unemployment and the needed bailout from the IMF with a number of requirements such as opening up some elements of competition, better banking practises and so on.

Why is now different? First up, the baht is effectively floating; it might be influenced a little by BOT 'direction' but the issue of accumulating foreign reserves to hold the a currency down is standard in Japan, China, SE Asia and other countries. It also serves the benefit of being able to protect the currency and the economy if the currency falls, as it would make little sense to hold your own currency as your own reserves.

Was Taksin really a capatalist? Is the current PM a popularist economist? Holy goodness no. Why you pseudo financial experts could even suggest so is ludicrious. Dr T. He did nothing policy wise to suggest he was. His asset sales of country assets such as PTT were strictly tiny non-controlling sales to himself! His telco deregulation during a period some have argued has been the most critical to joining the global village and a major hindrance to THai education/competitive development is laughable - he only changed things to first attempt to block DTAC and True getting funding (25% control proposed), then back again (49% ok) so he could sell himself. Financial masterplan - that was Chuan and the civil service; no voting popularity stakes so no real changes under TRT and it continues. Banking sector reform has not really had a govt hand on it, at least IMHO for a while now. Retail deregulation took place under Chuan and in fact under TRT was restricted, not expanded (most new hyper market openings are a backlog of applications prior to a law change about 2-3 years ago, quite early on in TRT's time, which restricted openings to outside cities and within very specific zones). Ownership law has remained unchanged, but some blind eye was turned to nominees, specifically in real estate primarily because most of the Phuket land has been passing through politician hands, and SC Asset is a fairly decent sized player in Bangkok. BOI policy and priveleges did not significantly change. Costs for foreign executives to locate here have increased, but not significantly so in some cases. WTO regulations theoretically eliminate MFN clauses but Treaty of Amity was never removed. The Thai bond market remains amusing. The Thai SET has been a classic underperformer for years, and nothing that TRT did directly has done much to change its attractiveness notwithstanding that some policies, invariably popularist ones, have directly impacted the value of specific sectors within the SET. Subsidies such as the diesel subsidy, sugar rice and other product floor pricing are hardly capitalist tendencies. Price controls forced by request on suppliers are hardly capitalist.

I summarise TRT as one government cashing in all the good things accumulated from the frugality of the previous one.

So why did the SET shoot up under TRT if it is obvious the guy is not really a capitalist?

In specific sectors, well property got a huge kick from TRT leaning on banks to lend again and temporary reduction of property taxes PLUS a major cash injection to the rural economy from 1m 1 village type funding schemes which feeds into the general economy, specifically TRT backers such as CP, TCC and various materials suppliers, and that feeds onto materials suppliers. Obviously, Shin got, as one analyst descibes, a large share of favourable policy decisions. PTT and energy was another major success. Listed retail prospered at the expense of non listed retail mom and pops.

And what is the Taksin legacy? Since money was given and spent freely on mostly pointless pump priming exercises (village fund, cheap loans, debt forgiveness, fuel subsidy, rice subsidy, corruption) the long term result has been actually in some ways a decay in productivity as the Thai rural population are actually in more debt now than before, with no corresponding increase in competitiveness. Even someone like Major or Cawow, both heaily reliant of consumer confidence and spending seem to be doing ok and delivering ok numbers.

On the flip side, the private sector have been operating on automatic for the last 3 years, and not really benefiting or suffering from government policy except in direct cases of intervention (such as ITV). They have been investing in infrastructure, building, growing, expanding, shrinking, and the govt hasn't had that much to do with that for most sectors other than consumer goods. Even in housing, as you see L&H suffer, you see LPN rising.

So is the current govt popularist? As financiers, well not really, and certainly not any more than the previous one. If it was me in power, this would have been 6 months of <deleted> hardship compared to the current gravy train for some.

The last govt were rubbish, but told a great story, and no doubt those of you who like Taksin have a lower income/rural Thai partner or live in villages. The current government are not much better for very different reasons, mostly to do with communication, lack of clear deliverables to date and the luckless job of being the kid who has to clean up the party after the party is over while the parents ask why is there such a mess?!

There are plenty of companies who do business abroad, using the food basket, labour or resources of Thailand. Thai Union Frozen, major parts of CP. Then we have the utility type suppliers such as PTT, DTAC, Shin and so on; delivering things that people use (oil, phone services). We also have shipping shares like PSL and RCL who don't really even do business much here directly but are listed here. Banks do ok in times of recession, not quite so good in a crash :-0 Many companies on the SET have been expanding, and becoming more competitive over the last 5 years, and not much other than the FBA (which isn't even really even new, but rather a correction from the last govt turning a blind eye to the law rather than having the guts to change it) has changed under the current one in terms of direct policy. Overall, SET was a poor performer (other than 1 boomer year) under Taksin and remains so now. But underlying value of the companies would, at least to me, suggest that despite the hamfisted nature of the last two governments here, that they will continue operating and growing. They aren't mired in debt, they aren't borrowing USD like last time. For foreign investors, well until something changes to increase confidence, the reality is that a company listed here suffers a penalty in valuation cmopared to if they listed elsewhere. That is inbuilt into the prices now, and therefore shares will rise and fall relative to that premium/discount relative to where other markets sit. One finance minister does not a crash make.

I am willing to debate, discuss and learn, but people like Howmal can you please either learn a little about economics or perhaps stick to jokes and stories about how Thailand sucks? They are trying to weaken the baht by buying USD! It isn't working that well! The end!

Edited February 28, 2007 by steveromagnino

[aznyron]

did the 200 billion lost on propping up the thai baht have anything to do with this - i wonder?

Thai baht ain't being propped up. They are doing their best to hold it down though.

hold what down Sam thai baht to 35.06 to usd when in my opinion it should be around 45 to 1 usd after all we had a coup tsunami market drop bomb in bkk and other areas ploblems in south getting worse tourism down did I miss any thing here I am getting pissed every time I go to bkk bank and see my USD get less baht than I should be getting but like a fool I will hang in there for another year lets see now i am losing around 250 bucks a month X 12 = 3000 usd pocket change to some but it a lot of money to me as far as I am concerned I want to see the thai baht crash & burn so I can get 100 to 1 that would please me very much since the only thing I have to pay for is truck payment of 12 k every month as for those falongs with house mortgage it would help them also my two cents is used up bye for now Ronnie

[ColPyat]

And what is the Taksin legacy? Since money was given and spent freely on mostly pointless pump priming exercises (village fund, cheap loans, debt forgiveness, fuel subsidy, rice subsidy, corruption) the long term result has been actually in some ways a decay in productivity as the Thai rural population are actually in more debt now than before, with no corresponding increase in competitiveness.

I won't even try to answer on the other points you raised, i don't understand half of what you posted here.

Only this one. The problem is, that the rural population has been impoverished and indebted since long before Thaksin, and i have not seen any previous government even addressing the issue, nor attempting to do something about it.

I want to point out that i do not like Thaksin (I always seem to need to do that here ), but the different subsidies for those sectors were very important as a short term measure until some solution can be found to make them more competitive. The different funds for loan were necessary, though admittedly not well implemented and possibly more a vote gathering exercise than real help.

The problem though stands, for the majority of the rural poor there is no voice on the political landscape here, their problems got ignored, and are by the present government as well, other than so far empty promises to diffuse villagers that might join the anti junta protests.

An economical policy for Thailand has to incorporate the rural poor, not just the elite and the urban based middle classes. The gap between poor and rich is ever rising, and i have never heard anyone coming up with a practical plan for a better wealth distribution. Any suggestions how that may be managed, and who may be able to do that? Because i have no idea.

[posttenebraslux]

Just wondering: is this the middle or last act in the current political opera ?

If it is the last one, is there a better cast of amateurs in view ?

[cchia]

as for the successor, thailand should follow the "successful" malaysian blueprint... the pm holds concurrently the finance minister post and appoints a second finance minister... just as he takes over the responsibility of the new "swamp" airport...

[jumnien]

Over-editing can be dangerous to your mental health!