15 hours ago, Cadbury said:

Actually much of that 12.9 trillion baht becomes bank debt when the balloon goes up. Just Like Lehman Bros back in 2009. 

But in sleepy hollow Thailand no one seems to worry. 

Do they worry about anything ?

16 hours ago, bkk6060 said:

All has to collapse at some point including here but they have been saying that for years.

That day is coming, likely sooner than most think.

Don't blame young people, pecuniary education is absolutely inadequate. You and your colleagues encourage young people to get into debt, so you have them totally under control, one day this bubble will explode, and ... ???

4 hours ago, khaowong1 said:

Please tell me in what country young people don't spend beyond their means.  ????

It’s not only young people I look at the level of household debt in Australia and the UK people want to live now and worry about the consequences later.

I suppose if there was no credit the current capitalist system would collapse.

16 hours ago, 4MyEgo said:

It's a worldwide phenomenon/trap, Thailand is just catching up with the rest of the world.

The asian crisis in 1997, Thailand being the first country to suffer, showed the world about unsustainable debt, not vice versa.

15 hours ago, holy cow cm said:

Good thing I pay for everything for my kids. But the key is they have to be good kids. 

more spoil t brats

18 hours ago, snoop1130 said:

Young people spending beyond their means: BoT governor

Blame the government.

Increasing consumer spending has been Prayut's economic policy for the last 5 years and counting.

• “Entrepreneurs expect increased domestic spending in the last quarter, as there are several sales promotion campaigns and new product launches planned before the year-end,” he said. “Moreover, we should start seeing results of the government’s economic stimulus and investment promotion campaigns in the last quarter.”  

   https://www.nationthailand.com/news/30376313

As GDP growth rate slows for lower exports, manufacturing and tourism, it remains for consumer and government spending to grow the economy.

1 hour ago, StevieAus said:

It’s not only young people I look at the level of household debt in Australia and the UK people want to live now and worry about the consequences later.

I suppose if there was no credit the current capitalist system would collapse.

It would yes, but it is also the reason why economies are in stagnation.

 

Also, for every stereotypical spendthrift I wouldn't mind betting there are many others who are just spending normally, but still can't make ends meet. There's a lot of work in Blighty for instance, but not many jobs pay well.  Times have really changed, plus housing costs are crippling.

18 hours ago, bkk6060 said:

Western culture influence.

Not unusual to see Thais spending 1/3 to 1/2 of their income on car payments.

Add rent and food put the rest on credit cards which are handed out like candy to anyone.

 

On this, a place like the US although higher incomes have major debt and most very little in savings.

National debt 10's of trillion.

 

All has to collapse at some point including here but they have been saying that for years.

 

Same as the 189 crash ,what was Thai's attitude. Mai Pen Rai

4 hours ago, KKr said:

my education was:
(1) if you cannot pay it you cannot afford it.
(2) borrow money only from decent banks and only for real estate
(cap on mortgage at that time 3 Annual salaries maximum, and 25 % down)

Over the years, I've learned:

 

Property is the only asset worth going into debt for.

 

Joint ownership of property sometimes end in tears. Sole owners don't have any worries.

 

Trusting a property developer is like swimming with sharks - with a slashed wrist.

 

When it comes to money, women are like vacuum cleaners. Worst case black holes.

 

Buy the previous model - car, phone, TV. It will be cheaper, and any problems are already identified, by the suckers who had to have it new.

 

Pay cash. if you don't have the cash, don't buy it.

Edited September 18, 20196 yr by Lacessit

17 hours ago, Cadbury said:

Actually much of that 12.9 trillion baht becomes bank debt when the balloon goes up. Just Like Lehman Bros back in 2009. 

But in sleepy hollow Thailand no one seems to worry. 

Correct . Mai Pen Rai. Never mind is Thai's outlook .

18 hours ago, bkk6060 said:

Western culture influence.

Not unusual to see Thais spending 1/3 to 1/2 of their income on car payments.

Add rent and food put the rest on credit cards which are handed out like candy to anyone.

 

On this, a place like the US although higher incomes have major debt and most very little in savings.

National debt 10's of trillion.

 

All has to collapse at some point including here but they have been saying that for years.

 

Same as the 189 crash ,what was Thai's attitude. Mai Pen Rai

4 hours ago, bronzedude said:

Let the young keep spending. Let the old keep spending. Spending like crazy. That way the bubble bursts sooner than later. And the banks learn their lesson.

Banks have learned their lesson already, get big enough and the government will fix your bad loan problem with bailouts, rinse and repeat and don't forget to skim the cream off top.

2 hours ago, Time to grow said:

That day is coming, likely sooner than most think.

Thai saying never mind ..Mai Pen Rai

3 minutes ago, DrTuner said:

Banks have learned their lesson already, get big enough and the government will fix your bad loan problem with bailouts, rinse and repeat and don't forget to skim the cream off top.

 Governments  Foreign Reserve Acc  can take care of that . Last economic problem  Government had no foreign reserve  had to borrow from IMF..

 

3 hours ago, johnarth said:

more spoil t brats

Watch your mouth. Good kids, good people good for this world. 

"More than 40 per cent of farmers are still poor, with an average monthly income of Bt4,750, and they are moving to cities to work, so it’s time to believe in the sufficiency economy approach, which must be followed immediately, Veerathai said."

 

Isn't it nice the way the wealthy people like Veerthai are always the ones pushing "sufficiency economy":  I have mine.  You stay down under my feet where you belong and be happy.

 

Yeah, there are problems and most people are irresponsible, but the lure of seeing the haves with so much luxury is too much for some of the have nots to resist.  And the shameless advertising lures people into believing that they, too, can have these things, get it now and the future will take care of itself.

 

Instead of pushing the sufficiency economy, why don't these bandits tighten their own fat-waisted belts and support a paltry nationwide minimum wage of at least 1,000 baht a day?

21 hours ago, 30la said:

one day this bubble will explode, and ... ???

then,  
the debt is inflated away, it evaporates,
and in many cases,
even real assets drop like a brick.

Thailand is not the only country where people are not saving enough. North America and

Europe have the same situation. In the USA, can you still buy a house with no money down,

even after their financial problems not so long ago.

Geezer

 

Mai pben rai....Mai pben rai.

Do they worry about anything ?