Bank props up a slipping baht while Thai unions strongly pursue B492 minimum daily wage claim

[StayinThailand2much]

4 hours ago, SCOTT FITZGERSLD said:

a weaker baht should help thai economy.

thailand is too expensive because of the stronger baht.

weaker baht, at least 35-36 to the dollar, will help exports and tourism.

Well, for the time being, the U.S. dollar is king! Not just the baht is sliding, but all currencies, and most other assets as well.

 

Wonder, what will happen to all the German, French, Scandinavian, etc., expats, once the € reaches parity with the dollar. Not to mention the declining £...

Edited May 9, 2022 by StayinThailand2much

[madmitch]

The baht isn't weak, the dollar is strong.

 

Or am I being too simplistic here?

[freedomnow]

Race against time now for tourist bucks if the banks are propping currency up now...

 

Hoping for a sudden 40% slide like Sri Lanka.

Is what they need....let the money markets work.

 

Excellent spending power for tourist..what a novel idea.

[thaivisareader]

let the damn baht keep sinking down and down she goes to 40+ = $1

[spidermike007]

9 hours ago, Henryford said:

What about some rate rises here in Thailand, 0.5% is no longer competitive.

There are trillions of dollars in deposits in the US, at rates as low as 0.1%. The banks refuse to raise rates, as the fools just keep on depositing more. Why pay a fair rate, when you don't have to, in these days of contemporary corporate ethical bankruptcy. 

[StayinThailand2much]

52 minutes ago, spidermike007 said:

There are trillions of dollars in deposits in the US, at rates as low as 0.1%.

Beats negative rates during the pandemic. And banks have always profited from raising deposit rates late and too little.

 

No-one says that people have to keep money in savings accounts. My money works 10× harder than me at the moment, not without risk though.

Edited May 9, 2022 by StayinThailand2much

[jacko45k]

13 hours ago, StayinThailand2much said:

So, Thailand wants a strong baht and record exports at the same time? A bit like 'having the cake AND eating it'?

At what exchange point is a strong baht......the 33.6 we had a month ago, or the current 34.6?

[superal]

On 5/9/2022 at 6:52 AM, RichardColeman said:

Pining it to the $ - and wasting it - is about to go downhill quickly when $ collapses later this year and Biden becomes a lame duck losing the houses ! 

Yes , I heard the same forecast on TV and it is to happen in the 3rd quarter but I cannot recall the reasoning . American politics / elections not always easy to understand 

[mania]

On 5/8/2022 at 11:00 AM, webfact said:

unions pursuing a new minimum daily wage claim of B492 per day

While folks should deserve a living wage this is not reality

 

If Unions pump up the daily wage like they did in the west what happens next? We from the West already know

Of course the companies made to pay the higher min wage now raise prices.

So the workers in reality went nowhere

 

 

 The unions rinse & repeat the same cry all day long. Poor workers are underpaid

Guess what ? They never gave a hoot about the worked only the fact that they would gain 2% of those wage increase

in Union dues

It is a dog chasing its tail while the Union alone profits

 

Instead workers need to realize every menial job has a pay ceiling that's life

If you want more don't cry that the menial job you have has a ceiling instead educate yourself & move

on to a better paying position or better yet start your own business ????

 

Edited May 10, 2022 by mania

[SCOTT FITZGERSLD]

On 5/9/2022 at 5:08 AM, ThailandRyan said:

My 800k sits in a fixed deposit account which is locked.  Now I can take the money out if needed but would pay a small penalty to do so.  Not sure what you meant by a closed deposit.

what i mean by closed deposit is indeed fixed deposit.

immigration want to see the money, USD or THB , sitting in a liquid savings account,

as if it is ready to be spent and boost the thai economy.

[ThailandRyan]

1 hour ago, SCOTT FITZGERSLD said:

what i mean by closed deposit is indeed fixed deposit.

immigration want to see the money, USD or THB , sitting in a liquid savings account,

as if it is ready to be spent and boost the thai economy.

Yet that's not true. Fixed deposit accounts are allowed. I have used this for many years when applying for my extension  of stay at CW. Never been an issue.

[SCOTT FITZGERSLD]

1 hour ago, ThailandRyan said:

y extension

RETIREMENT ?

[garyk]

On 5/9/2022 at 5:25 AM, spidermike007 said:

There are trillions of dollars in deposits in the US, at rates as low as 0.1%. The banks refuse to raise rates, as the fools just keep on depositing more. Why pay a fair rate, when you don't have to, in these days of contemporary corporate ethical bankruptcy. 

It pushes money in the market. Banks are getting rich, middle America learned to go strait to the market. 

loony tune is the American market, individuals putting all in the market instead of the banks. It drove the market into a bubble that is now bursting.

I am no exception, although I am down thousands at present it is still better than in a bank.

Edited May 10, 2022 by garyk

[KhunLA]

On 5/9/2022 at 5:18 PM, thaivisareader said:

let the damn baht keep sinking down and down she goes to 40+ = $1

40 to $1 - That would be nice, and back to where it was when I got here in 2000.  In that time it's gone from 40 - 45 - 29 - now 34 ish.  Bouncing 30-35 past 15 yrs.  

 

Stronger was really the only way to be expected, after the '97' crash, when it was at around 50.  Things really couldn't get much worst, as it was a steady, controlled 25 prior to.   So 35 to $1 would be nice.

[ThailandRyan]

3 hours ago, SCOTT FITZGERSLD said:

RETIREMENT ?

Yes, but please don't cut and paste only part of a post as it is against forum rules.

[spidermike007]

4 hours ago, garyk said:

It pushes money in the market. Banks are getting rich, middle America learned to go strait to the market. 

loony tune is the American market, individuals putting all in the market instead of the banks. It drove the market into a bubble that is now bursting.

I am no exception, although I am down thousands at present it is still better than in a bank.

Many expect a huge drop in the markets. I am predicting the DOW will drop to 6,000. It may take awhile. I also predict US real estate will fall by at least 60%. A huge correction is on the horizon. It has to happen. 

[AnotherFarang8]

Countries are now in a highly competitive race to get rid of USD reserves over the next few months before gates of inflation hell release a tsunami and make those reserves worthless. China started selling their US treasuries a few days ago. So it’s a smart move from Thailand to offload state coffers of quickly depreciating risky currency to the next fool.

Edited May 11, 2022 by AnotherFarang8

[worgeordie]

7 hours ago, SCOTT FITZGERSLD said:

RETIREMENT ?

Yes, been using fixed account for years at Chiang Mai Immigration,

but not all immigration offices are equal ,and can use their own rules.

 

regards Worgeordie

[morrobay]

1 hour ago, AnotherFarang8 said:

Countries are now in a highly competitive race to get rid of USD reserves over the next few months before gates of inflation hell release a tsunami and make those reserves worthless. China started selling their US treasuries a few days ago. So it’s a smart move from Thailand to offload state coffers of quickly depreciating risky currency to the next fool.

So US '$ reserves will be worthless in a few months according to you. And that is why Thailand is buying baht with dollars in order to artificially keep the baht overvalued. Ok I will believe anything you say. https://www.reuters.com/article/economics-dollar-reserves-idUSKCN2LY1O2

Edited May 11, 2022 by morrobay

[Airalee]

On 5/9/2022 at 5:25 PM, spidermike007 said:

There are trillions of dollars in deposits in the US, at rates as low as 0.1%. The banks refuse to raise rates, as the fools just keep on depositing more. Why pay a fair rate, when you don't have to, in these days of contemporary corporate ethical bankruptcy. 

US Bank is paying 0.01%.  BoA not much better.

 

[khwaibah]

TT @ BB is 34.51???? CRASH BHAT CRASH.

[spidermike007]

13 minutes ago, Airalee said:

US Bank is paying 0.01%.  BoA not much better.

 

Dumb and dumber. Anyone who keeps money on deposit at those rates is engaging in self abuse. 

[AnotherFarang8]

49 minutes ago, morrobay said:

So US '$ reserves will be worthless in a few months according to you. And that is why Thailand is buying baht with dollars in order to artificially keep the baht overvalued. Ok I will believe anything you say. https://www.reuters.com/article/economics-dollar-reserves-idUSKCN2LY1O2

The next few months will be Fed tightening money supply by raising rates to curb inflation. Negative GDP growth will force sharp reversal of this policy after November elections (possibly sooner than that). This is when the mother of all Fed’s quantitative easings will be unleashed, to rescue economy. Countries have until the end of this year to diversify their US treasuries or lose huge. One of the things national central banks can do, having the mandate of inflation control, is support their national currencies to keep gas and food prices stable. Precisely what Bank of Thailand is doing.

[John Drake]

3 hours ago, spidermike007 said:

Many expect a huge drop in the markets. I am predicting the DOW will drop to 6,000. It may take awhile. I also predict US real estate will fall by at least 60%. A huge correction is on the horizon. It has to happen. 

The Great Resignation is about to become the Great Desperation to Get My Job Back. Many people at prime working age quit to trade the bubble market and bitcoin/crypto. Almost everyone who got into bitcoin in the last year is now losing money--the exception being the people who bought on one day in July last year, and they'll probably be underwater tomorrow.

[ThailandRyan]

28 minutes ago, spidermike007 said:

Dumb and dumber. Anyone who keeps money on deposit at those rates is engaging in self abuse. 

Just received a notice from the Credit Union I use, the rates on the CD's have now jumped up from .05% and are now being paid out at 

 

The Savings account has been increased to 1.5%, sure it's still bad, but they are passing along the increase versus the big banks....

[ThailandRyan]

3 minutes ago, John Drake said:

The Great Resignation is about to become the Great Desperation to Get My Job Back. Many people at prime working age quit to trade the bubble market and bitcoin/crypto. Almost everyone who got into bitcoin in the last year is now losing money--the exception being the people who bought on one day in July last year, and they'll probably be underwater tomorrow.

Luckily playing the options and call game with puts has paid dividends and with the earning reports starting to come in and having played the right angle the money will keep rolling in, with minimum losses.

[John Drake]

15 minutes ago, AnotherFarang8 said:

Negative GDP growth will force sharp reversal of this policy after November elections (possibly sooner than that). This is when the mother of all Fed’s quantitative easings will be unleashed, to rescue economy.

If the Fed does this, there will be a lynch mob with pitch forks outside the Eccles building. Powell, Kashkari and the rest of them will likely already have taken a flight out of town to Argentina. Hyperinflation is far more revolution-inducing than a recession. So I bet we get a depression instead that will subsidize people with a safety net. The quality and standard of living will collapse, albeit without as many dire consequences as hyperinflation.

[AnotherFarang8]

1 hour ago, John Drake said:

If the Fed does this, there will be a lynch mob with pitch forks outside the Eccles building. Powell, Kashkari and the rest of them will likely already have taken a flight out of town to Argentina. Hyperinflation is far more revolution-inducing than a recession. So I bet we get a depression instead that will subsidize people with a safety net. The quality and standard of living will collapse, albeit without as many dire consequences as hyperinflation.

Depression is in the cards. The difference to the 1930s is money supply is not tied to hard asset any more. Fed will do what it does best, print money. It’s a slow comforting death compared to a sharp economy contraction shock. Resulting in a stagflation - inflationary depression while in the 1930s it was a deflationary one.

[spidermike007]

2 hours ago, ThailandRyan said:

Just received a notice from the Credit Union I use, the rates on the CD's have now jumped up from .05% and are now being paid out at 

 

The Savings account has been increased to 1.5%, sure it's still bad, but they are passing along the increase versus the big banks....

That is smart of them. I hope the funds are drained out of the huge, toxic US banks, and into smaller funds, which are smarter, leaner and less stingy and less morally bankrupt. 

 

Maybe there is a price to be paid for extreme greed, after all? 

Edited May 11, 2022 by spidermike007