Thai Travel Industry Urged To Reduce Usage Of US$ For Doing Business

[webfact]

 

THE Thai travel & tourism industry has been warned about using the US dollar for business transactions and urged to use the currencies of the countries with which they are doing business.

 

 

In a landmark lecture at this year’s joint meeting of the Association of Thai Travel Agents and the Thai Hotels Association on Feb. 5, Professor Dr. Piti Srisangnam, head of the Asean Foundation, cited “De-Dollarisation” as one of “6D” trends that will shake up Travel & Tourism, the other five being Decoupling/ DeRisking of the global value chains, Deglobalisation, Destabilisation, the Digital Divide and Degradation of Environment.

 

The lecture is set to reset the content of industry discourse, in Thailand and beyond. For the first time, two leading Thai travel & tourism industry associations invited a professor to discuss the impact of geopolitical conflicts on their businesses, jettisoning the repetitively boring talks on post-Covid recovery, sustainability and technology.

 

In a cogently argued lecture, Dr. Piti challenged many of the sunny-side-up positions presented by corporate speakers at industry forums. Between the lines, he highlighted the problematic role of the United States in all the 6Ds, from wars and conflict to currency volatility, trade wars, technological disruption and environmental degradation.

 

Of all the 6Ds, his most detailed views were on De-Dollarisation, which directly impacts on the bottom lines of every company.

 

by TNR Staff

 

Full story: THAI NEWSROOM 2024-02-12

 

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[zhounan]

Dedollarization is on the way.

 

Loading Yuanization...

 

[HauptmannUK]

Where was this lecture written, Beijing?

[retarius]

29 minutes ago, HauptmannUK said:

Where was this lecture written, Beijing?

 

29 minutes ago, HauptmannUK said:

Where was this lecture written, Beijing?

More anti-Chinese tripe?

[zhounan]

35 minutes ago, HauptmannUK said:

Where was this lecture written, Beijing?

Probably written by some marketing and PR corporate agencies dedicated to free trade and globalisation.

 

I remember a few years ago Mr. Dr. Ph. D His Majesty Her Excellency Piti complaining about American "protectionism" and "tariffs" who he said were protecting US citizens, to the detriment of exporters around the emerging world (but he kept that second sentence in mind).

 

Globalization has created a mindset that Western countries must import as much as possible from emerging countries, and if maybe one day you say, "no, thanks, I can make my own toothpicks," that's when the wild crying starts.
 

One conviction unites all these cosmopolitan and liberal Asian gentlemen: they are convinced that China will import all their manufacturing surplus without, however, noting that 29. baht gets you a product from China to Bangkok.

Edited February 12 by zhounan

[retarius]

14 minutes ago, zhounan said:

Probably written by some marketing and PR corporate agencies dedicated to free trade and globalisation.

 

I remember a few years ago Mr. Dr. Ph. D His Majesty Her Excellency Piti complaining about American "protectionism" and "tariffs" who he said were protecting US citizens, to the detriment of exporters around the emerging world (but he kept that second sentence in mind).

 

Globalization has created a mindset that Western countries must import as much as possible from emerging countries, and if maybe one day you say, "no, thanks, I can make my own toothpicks," that's when the wild crying starts.
 

One conviction unites all these cosmopolitan and liberal Asian gentlemen: they are convinced that China will import all their manufacturing surplus without, however, noting that 29. baht gets you a product from China to Bangkok.

Wonderful post. 

[worgeordie]

6D  ? , that along with Soft Power  ,new catchphrases.

I am sure the Thai travel industry will still be pleased to

take your US dollars ...

 

regards Worgeordie

 

[hotchilli]

2 hours ago, retarius said:

 

More anti-Chinese tripe?

The dollar and Americas credibility is on the slide.

[drand11]

Well, have you looked at the Chinese & Thai currency?  Think again!   Euro is fine.  Usd has gaines 15% on bahr,  and chines $$ is TAKING A DUMP!

[drand11]

USD is not perfect? Euro is just as stable.  Anyone that says Thai Baht or China Currency is a good idea, jyst needs to look at the past 2-3 yrs!  China $$ & economy is dumping! 

[drand11]

3 hours ago, zhounan said:

Dedollarization is on the way.

 

Loading Yuanization...

 

Where you gonna put your $$??  In China?  😂😂🤣  China economy is TANKING buddy

 

[zhounan]

2 hours ago, worgeordie said:

6D  ? , that along with Soft Power  ,new catchphrases.

I am sure the Thai travel industry will still be pleased to

take your US dollars ...

 

regards Worgeordie

 

Intellectuals, especially scholars, love to use catchphrases literally in every context. This tendency exploded after chalk was abandoned in favor of PowerPoint.

They probably think it's cool and creative.

[zhounan]

22 minutes ago, drand11 said:

Where you gonna put your $$??  In China?  😂😂🤣  China economy is TANKING buddy

 

I keep a bunch of them under one foot of my desk to keep it balanced. 

The woodworker made my desk with a shorter foot.

[IAMHERE]

If the speaker is going to urge you not to use US dollars then which currency does he promote ?

[Srikcir]

 

Flashback to November 2023, PM during his participation in the APEC CEO Summit 2023, he sought to boost trade and investment on US visit. 

Flashback further to 2020, "Experts see a brighter day under a Biden/Harris US administration as PM pens congradulations" Nov. 10, 2020 https://thaiexaminer.com

Srisangna pointed out that the ...

• "bombastic and hardline policy pursued by (POTUS) Trump had pushed Thailand more into China's sphere of influence when it comes to trade."
• Dr. Piti "foresees the new President (Biden) still taking a strong line to halt Chinese expansionist and protecting US trade but said it would be in the context of a more liberal environment."

Has Piti been "flipped"?

[kingstonkid]

7 hours ago, zhounan said:

Probably written by some marketing and PR corporate agencies dedicated to free trade and globalisation.

 

I remember a few years ago Mr. Dr. Ph. D His Majesty Her Excellency Piti complaining about American "protectionism" and "tariffs" who he said were protecting US citizens, to the detriment of exporters around the emerging world (but he kept that second sentence in mind).

 

Globalization has created a mindset that Western countries must import as much as possible from emerging countries, and if maybe one day you say, "no, thanks, I can make my own toothpicks," that's when the wild crying starts.
 

One conviction unites all these cosmopolitan and liberal Asian gentlemen: they are convinced that China will import all their manufacturing surplus without, however, noting that 29. baht gets you a product from China to Bangkok.

 

Also, the dollar is not the be-all anymore.  It would not surprise me to see Thailand formally join the BRIC.  The American debt situation, I think, has a lot of people worried.  Then there is the election; people in the rest of the world are not sure who would be worse.  Grandpa that can't remember who he is or where he is or TRUMP.

 

For China, Russia and the ME it is TRUMP with his drill baby drill attitude that will hurt imports of oil.

 

The U.S. used to be the land of opportunity, and for many, it still is if you get in illegally.

[ikke1959]

Measures to manipulate the THB? the THB is weaking so raise the demand and it looks stronger

[The Old Bull]

Americans want cheap stuff and where does chap stuff come from? China.So US politicians must decide who to please and who to piss off. Of course they will go with the numbers and that means the consumers. The problem with having money in foreign banks is that it can be grabbed like the US did with Iran and some Russians.So for that reason alone its good to diversify.

[john donson]

ready to dump the dollar.... hope oil is next... but good old USA might go to war with .... to keep everybody forced using their inflated toilet paper