15 minutes ago, Neeranam said:

Thaksin was in the driver’s seat, or at least fiddling with the steering wheel during the Tom Yam Kung affair.  

When the baht was floated in July 1997, triggering the financial meltdown, Thaksin was the Deputy Prime Minister under Chavalit Yongchaiyudh, with a responibility to oversee economic affairs. So, he was basically running the economy; he had much more influence than Thanong Bidaya, the Finance Minister who technically made the call to float the baht.

But...... Thaksin who was already a telecom mogul, made a fortune during the fallout. With the baht in freefall, companies with deep pockets (and some savvy foresight) scooped up assets at a bargain. Coincidence?  Sure, if you believe in fairy tales. 

You may be right  about Thaskin fiddling, but he was not the Cause !! 

Asian currency crisis appeared in Thailand in the summer of 1996 when it was revealed that the Bangkok Bank of Commerce (BBC) had lent billions upon billions of baht in highly questionable loans. The loans included a very large sum to a convicted swindler known locally as the “Biscuit King.”
 
Before the news of these transactions surfaced, Thailand’s banking and bank regulatory system was globally praised and highly regarded. That changed with the revelation that BBC officials were accepting property they knew to be overvalued as collateral. It soon came out that corruption and laxity in regulation weren’t limited to BBC, but was prevalent at other financial institutions as well. The scandal rocked investors’ confidence.

The origins of the crisis go back to the early 1990s when Thailand opened up its financial markets. Money started to pour in from abroad from foreign investment and also because Thai banks offered high-interest rates on deposits. Loaded with foreign money, the banks loaned big and carelessly.

Eventually, the mountains of bad debt wrought by illegal lending practices exposed corrupt politicians and business practices that had been hidden by rapid economic growth, not only in Thailand but also in other Asian countries. By the end of 1997 bankrupt corporations and failed financial institutions were spread across the continent.

 

Chavalit Yongchaiyudh is where the buck stops !! Thaskin was NOT the cause but he would have his finger in the pie

On 1/22/2025 at 12:51 PM, Jonathan Swift said:

I can’t understand why so many people busy themselves with the internal affairs of a country that’s not theirs and whose policies wouldn’t come within a thousand miles of their lives, let alone actually affect anyone directly. On top of that everyone thinks they know all about what’s going on behind the veil as if they were there and bore witness. Have you guys got too much time on your hands? How about doing some volunteer work? 

 

OK, but I have a Thai son, married and 4 kids. So I feel obliged to watch what's happening and if needed a couple of time I've mentioned my worries to my Thai son.

 

Each time I quickly discovered my son concerned about the same item(s).

On 1/22/2025 at 12:51 PM, Jonathan Swift said:

I can’t understand why so many people busy themselves with the internal affairs of a country that’s not theirs and whose policies wouldn’t come within a thousand miles of their lives, let alone actually affect anyone directly. On top of that everyone thinks they know all about what’s going on behind the veil as if they were there and bore witness. Have you guys got too much time on your hands? How about doing some volunteer work? 

Do you not read the forum Topic's ????   for 1 Tax policies DO effect people directly!

People have been living here for years and like to know about What is going on in the country they live,is that so hard to understand ??

if you think its wrong its simple do not post !!

On 1/23/2025 at 3:03 AM, Red Forever said:

Exactly Jonathon.

I’ve asked the resident Mr T hate mob on AN many times if they’ve nothing else in their lives over which to get so exercised. 
Their obsession with whether an old man had a bad neck or not is irrational.

Sad people.

And it bears repeating.  "As my Thai wife so frequently tells me,  "It's not your business, darling."