Thai government to reveal details of contested 10,000-baht digital wallet scheme

[webfact]

 

The Thai government is set to disclose the specifics of its contentious 10,000-baht digital wallet scheme distribution today. Prime Minister Srettha Thavisin, in response to critics who argue the initiative could inflict more economic damage than benefit, will conduct a news conference at 2pm today to elucidate all aspects of the policy.

 

The 61 year old Thai prime minister has also indicated that other coalition partners do not share the concerns raised over the Pheu Thai Party’s digital wallet scheme. When queried about potential positive announcements at the press conference, he cryptically replied,

 

“I will explain everything all by myself.”

 

Opponents of the plan voiced their objections at a seminar titled The Digital Money Handout: A Disaster or Future for the Country? yesterday. Somchai Srisutthiyakorn, an ex-election commissioner, highlighted the government’s persistent push for the scheme despite numerous obstacles.

 

by Puntid Tantivangphaisal

Photo courtesy of Twitter (X)

 

Full story: The Thaiger 2023-11-10

 

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[racket]

Inflation will skyrocket and potentially weaken the Thai baht. 

 

That was the culprit of what happened during covid. 

 

Stupid idea.

[Mike Lister]

7 minutes ago, racket said:

Inflation will skyrocket and potentially weaken the Thai baht. 

 

That was the culprit of what happened during covid. 

 

Stupid idea.

The Baht did weaken somewhat during covid but it was an overly strong USD that caused the real exchange rate damage, from 29 to 38 and it's still too strong.

[lordgrinz]

Details: 

 

1) Money will come from new taxes on poor and middle-class

2) You can only spend it at big corporations who are well-connected to politicians

3) Smile

[Eric Loh]

24 minutes ago, racket said:

Inflation will skyrocket and potentially weaken the Thai baht. 

 

That was the culprit of what happened during covid. 

 

Stupid idea.

 In a recent report by BofA  previously known as Bank of America Merril Lynch, the Oct inflation marked the first year-on-year decline since August 2021 falling well below the consensus forecast of a 0.05% increase. This lower inflation figure signal the risk of deflation. Deflation due to weak comsumption will bolster the support for the need of the 10k digital wallet scheme. 

[hotchilli]

I'm not getting it so I'm not bothered.

 

[Eric Loh]

12 minutes ago, hotchilli said:

I'm not getting it so I'm not bothered.

 

For someone not bothered, you sure make lots of comments mostly negative. 

[OneMoreFarang]

He could say: We optimized the scam so that our voters are happy, and we make tons of money.

 

Somehow, I guess he will use other words with the same result. 

[dallen52]

Don't actually want to give people free money. 

Lord no...

 

Its ok to talk about it.

Like the 5000, 5000,5000.

That many people didn't get.

(Public service and business owners in some cases did)

 

Completely different topic to actually give it to the needy.

[hotchilli]

2 hours ago, Eric Loh said:

For someone not bothered, you sure make lots of comments mostly negative. 

Purely speaking on behalf of my Thai friends.

[vangrop]

5 hours ago, racket said:

Inflation will skyrocket and potentially weaken the Thai baht. 

 

That was the culprit of what happened during covid. 

 

Stupid idea.

I suppose that you are joking, how could sush a small amount have any serious impact on inflation.

[bradiston]

Can't spend it on fuel or electricity. The 2 areas that would be most convenient and helpful for millions of Thais I'm sure.

[Srikcir]

10 hours ago, racket said:

Inflation will skyrocket and potentially weaken the Thai baht. 

 

That was the culprit of what happened during covid. 

 

Stupid idea.

If the stimulus increase domestic consumption, it will likely increase GDP growth if substantial. That in turn strengthens the baht.