Thaksin Guilty In Land Case, Gets 2-year Imprisonment

[Koo82]

Thank you guys for being patient (for patiently waiting for my reply), but I can't write long like someone else by entering every 10-15 words.

IMF gave loans to Thailand with conditions. They didn't help only. Previously only Thais could hold stocks in Thai banks. IMF made us change laws / rules. Foreigners can hold stocks so they change policies which bring benefits to them.

By using whatever means possible, finishing that IMF loan is the right move to stop IMF from pulling our nose.

[plachon]

Thank you guys for being patient (for patiently waiting for my reply), but I can't write long like someone else by entering every 10-15 words.

IMF gave loans to Thailand with conditions. They didn't help only. Previously only Thais could hold stocks in Thai banks. IMF made us change laws / rules. Foreigners can hold stocks so they change policies which bring benefits to them.

By using whatever means possible, finishing that IMF loan is the right move to stop IMF from pulling our nose.

OK, now it emerges - you're just another rabid nationalist, anti-foreigner (read farang) who believes Johnny Foreigner is just out to steal all of Thailand's assets and colonise the Kingdom. IMF didn't make "you" or Thailand do anything. In fact, it bailed Thailand out at a very crucial juncture with a rather generous loan package, which the Chuan govt. negotiated. It was absolute madness to pay it off early, given the low interest rates it attracted, and replace it as Toxin did with far higher interest private loans, which as Animatic has rightly pointed out, you and the Thai people will be having to pay off for years to come.

In fact, you have far more in common with the more nationalistic elements in the PAD than you would ever care to admit.

<snip> After all, he raped the country several times over.

Edited December 13, 2008 by soundman
Removed flame.

[Koo82]

Clearly the IMF is trying to screw Thailand royally and hurt the Thai people...no?

NOT!

Why hurt and screw here? There is no report about how bad clearing that IMF loan can do to Thais or farangs / foreigners.

After Khun Thaksin has gone, no one says clearing IMF loan was a bad action.

[Koo82]

it bailed Thailand out at a very crucial juncture with a rather generous loan package, which the Chuan govt. negotiated. It was absolute madness to pay it off early, given the low interest rates it attracted, and replace it as Toxin did with far higher interest private loans

In fact, you have far more in common with the more nationalistic elements in the PAD than you would ever care to admit.

You must know that foreigners in that IMF don't just give loan out without conditions. Thailand had no choice back then but had to accept. UK spent 60 years to finish that loan they had during World War II because no conditions were applied to England being a farang country, and back then IMF just started to give loans mainly to help. But Thailand is not a farang country and it's so many years after WWII already.

Caucasians now don't produce and don't earn by being labors. They earn by managing funds.

How can I have anything in common with the PAD terrorists? Why did you say I'm anti-foreigners? No assumption poo lease.

[animatic]

Thank you guys for being patient (for patiently waiting for my reply), but I can't write long like someone else by entering every 10-15 words.

IMF gave loans to Thailand with conditions. They didn't help only. Previously only Thais could hold stocks in Thai banks. IMF made us change laws / rules. Foreigners can hold stocks so they change policies which bring benefits to them.

By using whatever means possible, finishing that IMF loan is the right move to stop IMF from pulling our nose.

Thaksin worked VERY HARD to bring in FORIEGN investment.

As long as Thais controled 51%....

Thai Bank's are Thai controlled end of story.

[Siripon]

it bailed Thailand out at a very crucial juncture with a rather generous loan package, which the Chuan govt. negotiated. It was absolute madness to pay it off early, given the low interest rates it attracted, and replace it as Toxin did with far higher interest private loans

In fact, you have far more in common with the more nationalistic elements in the PAD than you would ever care to admit.

You must know that foreigners in that IMF don't just give loan out without conditions. Thailand had no choice back then but had to accept. UK spent 60 years to finish that loan they had during World War II because no conditions were applied to England being a farang country, and back then IMF just started to give loans mainly to help. But Thailand is not a farang country and it's so many years after WWII already.

Caucasians now don't produce and don't earn by being labors. They earn by managing funds.

How can I have anything in common with the PAD terrorists? Why did you say I'm anti-foreigners? No assumption poo lease.

Koo82, do you believe, as many do, that Thaksin knew in advance that the Thai baht would be devalued in the Chavalit government and that he knowingly sold the Thai baht in the Singapore and Hong Kong markets?

[animatic]

Clearly the IMF is trying to screw Thailand royally and hurt the Thai people...no?

NOT!

Why hurt and screw here? There is no report about how bad clearing that IMF loan can do to Thais or farangs / foreigners.

After Khun Thaksin has gone, no one says clearing IMF loan was a bad action.

Sorry I should not have indulged in sarcasm and irony here.

I was saying that this clearly shows the IMF trying to help the tsunami victims,

and doing it THROUGH Thaksin.

You have painted the IMF like some horrible entity, pulling Thailand's nose.

Rather than a resource Thailand draws on when in dire need.

Thailand CHOSE to take the IMF funds knowing in advance what it would mean.

Nothing unfair involved at all.

[Plus]

IMF conditions were negotiated by Thanong Bidaya, Thaksin's "personal banker".

[animatic]

it bailed Thailand out at a very crucial juncture with a rather generous loan package, which the Chuan govt. negotiated. It was absolute madness to pay it off early, given the low interest rates it attracted, and replace it as Toxin did with far higher interest private loans

In fact, you have far more in common with the more nationalistic elements in the PAD than you would ever care to admit.

You must know that foreigners in that IMF don't just give loan out without conditions. Thailand had no choice back then but had to accept.

UK spent 60 years to finish that loan they had during World War II because no conditions were applied to England being a farang country, and back then IMF just started to give loans mainly to help. But Thailand is not a farang country and it's so many years after WWII already.

Caucasians now don't produce and don't earn by being labors. They earn by managing funds.

How can I have anything in common with the PAD terrorists? Why did you say I'm anti-foreigners? No assumption poo lease.

What utter nationalistic, racist BS.

You really THINK The Marshal Pan had no conditions?????

The amount was so huge that it DID take 60 years to pay off,

but ALSO the interest was very low, and so it hurt ENGLAND less to pay it off very slowly.

The USA not the IMF loaned historically unprecedented amounts to ALL OF EUROPE's countries

Germany included, to rebuild after being forced to remove the Nazi's trashed the place.

Thailand had a choice, but it would have been WORSE for the Thai people.

You can thank your lucky stars the IMF was available to help out.

Later, Thaksin made it a 'nationalist issue', when it wasn't before,

to raise the money to get it refinanced at HIGHER interest. And that's the facts.

He wanted LESS regulation of the Thai markets

so he could play, and not get caught qas easily.

So he deferred the debt at much higher rates for a generation ahead,

long after he'd expected to have left the scene, so won't care..

Your kids are that generation ahead...

You really think all caucasians only manage funds for a living???

Who taught you these lies?

A sort list of a few friends:

Build and restore wooden boats

Build custom guitar amplifiers

Fishermen in long range fleets.

Alarm installer

Computer systems design and analysis.

Builds and installs computer controlled milling machines.

Builds chassis and faceplates for electronics

Builds custom motorcycles

Builds furniture and cabinetry for homes

Deep sea diver and inspector of water tanks

Video editor for CBS and Reuters

Doctor of Podietry

Musicians doing original music.

I can go on...

I think you have absolutely NO IDEA about 'most caucasians'.

And that is a sad state of affairs.

Edited December 14, 2008 by animatic

[nuwatmat]

Thaksin guilty in land case, gets 2-year imprisonment

Thaksin Shinawatra sentenced to two years in jail

BANGKOK: -- The Supreme Court Tuesday found former prime minister Thaksin Shinawatra guilty in the Ratchada land case.

He was sentenced to 2 years in jail.

Pojaman Shinawatra, his wife, was found not guilty and the court revoked arrest warrant against her.

The court found that Thaksin had violated Article 100 and Article 102 of the National Counter Corruption Act, which states that government officials, including prime ministers, and their spouses are prohibited from entering into or having interests in contracts with state agencies under their supervision.

-- The Nation 2008-10-21

[Koo82]

Animatic,

In such a crisis, did Thailand have other choices? They had to accept IMF's conditions when taking the loan. Don't get me wrong. I didn't bash IMF. I just pointed out it was the right move to clear that loan as fast as you can.

Forget your long list. Caucasians in IMF do not build or install. They manage funds to survive.

Does anyone give you fund for nothing?

[animatic]

Animatic,

In such a crisis, did Thailand have other choices? They had to accept IMF's conditions when taking the loan.

Don't get me wrong. I didn't bash IMF. I just pointed out it was the right move to clear that loan as fast as you can.

Forget your long list. Caucasians in IMF do not build or install. They manage funds to survive.

Does anyone give you fund for nothing?

Are you trying to say caucasions make investments and take a percentage from a companies profitability.

Wel Thai's do that too, What do you think all that Ample Rich share spinning

from kids to uncles and moma and daddy Thaksin was all about.

International Monetary Fund is not just caucasians, it includes representatives of most cultures.

It is one of the few truly international aid agencies existing.

Thailand is a MEMBER OF THE IMF. See list of members below.

The IMF 'builds' better financial systems for countries to profit from in THE LONG RUN.

Their product is better futures for all who need help making their way.

The IMF's product is not profits from themselves like a typical company,

like.. Shin Corp, it is essentially an international financial aid organization,

with some VERY deep pocket countries investing in a 'safety pool' of funds

for international emergency use.

And the rules attached apply to ANY country that wants funds.

Not one type of rules for Asians and one type for Westerners.

If you have been told differently it is not true.

Myanmar was not getting IMF loans because they have refused or failed to payback loans.

Possibly they are improving post Nargis, but that remains questionable.

This is one reason for the rules, to prevent theft by rogue nations.

Thailand is not a rogue nation, it abided by the rules it signed on to.

But Thaksin wanted looser rules... do you know WHY?

Besides the nationalist patina, the REAL reasons?

The IMF is a GROUP of countries acting together.since 1949.

The International Monetary Fund began modestly with 29 members.

Today, its 107-nation membership includes almost all non-Communist countries :

Afghanistan, Algeria, Argentina, Australia, Austria, Belgium, Bolivia, Brazil, Burma, Burundi,

Cameroon, Canada, Central African Republic, Ceylon, Chad, Chile, China, Colom bia, Congo,

Congo (Brazzaville), Costa Rica, Cyprus, Dahomey, Den mark, Dominican Republic, Ecuador,

El Salvador, Ethiopia, Finland, France, Gabon, Gambia, West Ger many, Ghana, Greece,

Guatemala, Guinea, Guyana, Haiti, Honduras, Iceland;

India, Indonesia, Iran, Iraq, Ire land, Israel, Italy, Ivory Coast, Jamaica, Japan, Jordan,

Kenya, South Korea, Kuwait, Laos, Lebanon, Liberia, Libya, Luxembourg, Malagasy Republic,

Malawi, Malaysia, Mali, Mauritania, Mexico, Morocco, Nepal, The Netherlands, New Zealand,

Nicaragua, Niger, Nigeria, Norway, Pakistan, Panama, Paraguay, Peru, Philippines;

Portugal, Rwanda, Saudi Arabia, Senegal, Sierra Leone, Singapore, Somali Republic,

South Africa, Spain, Sudan, Sweden, Syria, Tanzania, Thailand, Togo, Trinidad and Tobago,

Tunisia, Turkey, Uganda, United Arab Republic, United Kingdom, United States, Upper Volta,

Uruguay, Venezuela, South Viet Nam, Yugoslavia, Zambia.

This list sure doesn't look overly caucasian does it?

How it works according to the Bank Of Thailand....

Thailand joined the IMF on 3 May 1949 as its 44th member.

http://www.bot.or.th/English/AboutBOT/inde.../IMF_index.aspx

Article 4. Relationship with Thailand

Thailand joined the IMF on 3 May 1949 as its 44th member.

The Bank of Thailand (BOT) represents Thailand in the IMF under the Act Authorizing Operations Relating

to the International Monetary Fund and the International Bank for Reconstruction and Development B.E. 2494 (1951).

In this regard, the governor and a deputy governor of the BOT serve as governor

and alternate governor of Thailand in the IMF respectively.

Thailand’s quota is 1,081.90 million SDR, equivalent to 0.5% of total quotas, corresponding to 11,069 votes (http://www.imf.org/external/np/sec/memdir/members.htm).

As part of an obligation under Article IV of the Articles of Agreement,

Thailand is subject to an annual economic review by the IMF –

a “consultation” between the IMF staff and authorities.

In addition, Thailand has accepted obligations under Article VIII of the Articles of Agreement (http://www.imf.org/external/pubs/ft/aa/aa08.htm)

since 4 May 1990, to impose on restrictions on payments and transfers of current account transactions.

Most recently, Thailand participated in the joint IMF/World Bank Financial Sector Assessment Program 2/ (FSAP) in 2007.

Thailand has borrowed from the IMF under the Stand-by Arrangement 3/ (SBA) five times in total of 4,431 million SDR:

45.25 million SDR in July 1978;

814.5 million SDR (only 345 million SDR drawn) in June 1981;

271.5 million SDR in November 1982;

400 million SDR (260 million SDR drawn) in June 1985; and

2,900 million SDR (only 2,500 million SDR drawn) in August 1997.

Thailand has no financial obligation to the IMF as Thailand completed repayment of the last Stand-By Arrangement in July 2003,

two years ahead of schedule.

Currently, Thailand participates as a potential lender to the Fund under the New Arrangements to Borrow (NAB),

in an amount not exceeding 340 million SDR.

You note the restrictions were voluntarily in place since 1990, not just forced on Thailand in '97...

The time period to payback was ONLY 2 more years,

but that was at the very low interest rate.

To gain more freedom for his ends he mortgaged Thailand FAR into the future,

to Singapore for higher interest rates..... just to save 2 little years.

And now Singapore has money to be made on Thailand

and Thaksin has made Singapore happier.

Singapore has LEVERAGE over Thailand now too.

Not Thailand freed up , but with a NEW major creditor.

A creditor that LIKES to make profits, not acting as a

global assitance fund like IMF, but a FOR PROFIT investor...

But then Thaksin can loan money to Myanmar

and Myanmar can now BUY AIS /Shin Sat

communications technology and make Thaksin richer.

And then make his Shin company much higher in value,

and then he changes the Thai law and he sells next day it to Temasek

of Singapore, again, for a huge amount 78 BILLION

and DOESN'T want to PAY Thailand taxes on the sale.

Do you see a pattern of deceit here?

He sold Thailand debt to Singapore for a long time,

to clear a short term loan from a group Thailand is a long term MEMBER OF,

so he could make his company bigger and then sell it to

Singapore... and stiff the Thai PEOPLE in the process.

Koo, if you do the research ALL the info is out there in black and white.

I have been feeding it to you in spoonfuls so as not to overload you.

But I didn't create or write or invent any of this.

It's in the public domain of information.

If you look at a linear progression of actions,

it all adds up to the same conclusion.

Edited December 14, 2008 by animatic

[Koo82]

Don't try to mislead me

by writing long

and enter every 5 words

to look like a poem.

No one has criticized

why Khun Thaksin finished IMF loan

earlier.

That was the right thing to do.

IMF has members such as countries in Africa!

Having names being members

doesn't mean they have much money in IMF.

Who holds most money?

How can I talk to you

when you don't believe the conditions

Thailand had to accept

is not favorable to Thailand?

If it were good,

why would we have to pay it

asap?

How does that look?

Shall I bold some, underline some, use big font for some?

[Plus]

There wasn't much critisim over IMF repayment because the sum was insignificant anyway. Some said it'd better been spent on productive investment in the country, the profits would have covered IMF interest payments many times over and the country would have gotten something substantial, lasting, and benefitial.

Simply sending money out didn't do Thailand any good.

[TAWP]

I repeat:

Some people will NEVER get caught, because they don't break laws.

Hard to believe is it?

1) Never drove after drinking?

2) Never thrown garbage on the street?

3) Never cashed a check without enough funds to cover it?

4) Never jay-walked?

5) Never drank when they were underage?

6) Never smoked a joint?

7) Never smoked a cigarette when they were too young? Etc.

Everybody has commited crimes.

1) No!

2) Not a crime in my country

3) No!

4) Not a crime in my country

5) No minimum drinking age, only for purchase, so No.

6) No!

7) No minimum age to smoke and I don't smoke...

Not saying I haven't done other things, but your 'test' is clearly not a good one. Says more about you than you think thou'...

[Koo82]

There wasn't much critisim over IMF repayment because the sum was insignificant anyway.

So paying off that IMF loan was not Khun Thaksin's credit. Will that statement satisfy you?

I vote for Khun Thaksin and his parties always.

[Plus]

When the opportunity to pay of IMF loan presented itself there were two alternatives - don't bother and invest in his own country instead, or milk the occasion for all political gain for himself. For Thaksin it was a no brainer really.

[steveromagnino]

There wasn't much critisim over IMF repayment because the sum was insignificant anyway.

So paying off that IMF loan was not Khun Thaksin's credit. Will that statement satisfy you?

I vote for Khun Thaksin and his parties always.

good to hear, I am sure you are pleased with the recent turn of events then.

[animatic]

Don't try to mislead me by writing long and enter every 5 words to look like a poem.

No one has criticized why Khun Thaksin finished IMF loan earlier.

That was the right thing to do.

IMF has members such as countries in Africa!

Having names being members doesn't mean they have much money in IMF.

Who holds most money?

How can I talk to you when you don't believe the conditions

Thailand had to accept is not favorable to Thailand?

If it were good, why would we have to pay it asap?

How does that look?

Shall I bold some, underline some, use big font for some?

Koo, I am not nor have I EVER tried to mis-lead you.

I format like that because it is easier to see individual points,

for me and also for those with less than perfect english skills.

Since there was a LOT of information to absorb,

and I make fewer spelling and grammatical mistakes this way...

I reformatted you above like I might have done it.

There is nothing poetic about any of this.

And it is wider spaced than your parody of my style.

I do understand the conditions Thailand was WILLING to accept.

Why do you think they were so onerous? Who told you this was so?

Did you see about the proportional investment and return clauses for members?

Did you see about the prvious loans paid back with out issue by thailand.

Did you see who BOT is a board member of IMF. By choice?

I am addressing your points with clearly delineated facts, not inuendos or hearsay.

I am getting mostly emotional responses.

And this last is a flaming my style of writing.

Yes Thaksin has been criticised to costing Thailand more money for paying off the loan early

by taking a LONGER term HIGHER interest loan from Singapore.

The individual countries hold the money themselves, in their treasuries,

until they actually loan it in a percentege relating to THEIR size of economy.

How can I talk to you when you won't believe that conditions weren't as bad as you have been told?

Yes, why would Thaksin not want the IMF watching his actions?

Why would HE want the loans paid back sooner even if THAT cost Thailand more?

Maybe because he planned things that were too risky for IMF oversight?

It might have been the right thing to do if he had risky things to do,

but it COST Thailand MORE money. I guess you think THAT is right?

Edited December 15, 2008 by animatic

[Mobi]

At Last!

Thaksin diplomatic passport revoked

Foreign Ministry announced Monday that it has revoked diplomatic passport of ousted premier Thaksin Shinawatra since last Friday.

It said in the statement that it has considered this matter carefully because it concerns some legislative issues.

It said that it has proposed the past three government the revocation of Mr Thaksin's red passport, but was able to do it only after the land deal case against him has been proceeded till the end.

On his ordinary passport, the ministry said it has forwarded the case to the Council of State for consideration.

[samgrowth]

Finally, Thaksin can go to jail now.

[jdinasia]

He still has a passport .. so ....

[Koo82]

And now Singapore has money to be made on Thailand

and Thaksin has made Singapore happier.

......

And then make his Shin company much higher in value,

and then he changes the Thai law and he sells next day it to Temasek

of Singapore, again, for a huge amount 78 BILLION

and DOESN'T want to PAY Thailand taxes on the sale.

When Khun Thaksin sold to Singapore, it was 76. Now about 20. Who is happy? Thailand

According to the law back then and until now, buying and selling in stock market requires no tax paying.

[animatic]

And now Singapore has money to be made on Thailand

and Thaksin has made Singapore happier.

......

And then make his Shin company much higher in value,

and then he changes the Thai law and he sells next day it to Temasek

of Singapore, again, for a huge amount 78 BILLION

and DOESN'T want to PAY Thailand taxes on the sale.

When Khun Thaksin sold to Singapore, it was 76. Now about 20. Who is happy? Thailand

According to the law back then and until now, buying and selling in stock market requires no tax paying.

Koo my apologies for the typo I intended 76 billion.

Never the less the only way get all this as a non-tax sale was by dozens of loop hole manueverings.

Including Ample Rich off shore holdings, involving his children who have been found culpable for their parts.

And await HUGE tax liabilities to be paid. Singapore one room letter drop offices as registered letter head

shill companies, Potamen's secratary and brother Damapong* the THREE already convicted of stock manipulation,

and filing fraudulent back dated documents over illegal assets conceilment pertaining to Shin Corp stock ownerships.

Doesn't it make you wonder how a 22 year old daughter can buy a 7.8 million dollar Hong Kong home

just last week, with no more than a few days a McDonalds on her resume...?

Think SHE made 8 mil on her own?

The object was how to legally take a closely held family owned business and spin it to the stock market

in a controlled fashion, and sell it for a bundle, pay no taxes, and then get it back into family control.

Well they clearly took MANY different angles across the family and servants, and niminies and off shore accounts.

and most of it has proved to be STUPIDLY conceived and the scams have been falling apart.

Bad lawyers or not listening to good legal advice.

My friend's lawyer WAS once a Thaksin lawyer, Totally Unscrupulous was the words I got.

With this utterly tangled web of deceit before them it is NO WONDER that

this 76 bil in assets was frozen by AEC, NCCC, and Attorney general: ALL of those with authority to act

till the FACTS of ALL the transfers and transactions were determined. Enough of them have been

found fraudulent as to put ALL into question.

This all comes down to one source one reason: The families overweening greed.

[hammered]

it bailed Thailand out at a very crucial juncture with a rather generous loan package, which the Chuan govt. negotiated. It was absolute madness to pay it off early, given the low interest rates it attracted, and replace it as Toxin did with far higher interest private loans

In fact, you have far more in common with the more nationalistic elements in the PAD than you would ever care to admit.

You must know that foreigners in that IMF don't just give loan out without conditions. Thailand had no choice back then but had to accept. UK spent 60 years to finish that loan they had during World War II because no conditions were applied to England being a farang country, and back then IMF just started to give loans mainly to help. But Thailand is not a farang country and it's so many years after WWII already.

Caucasians now don't produce and don't earn by being labors. They earn by managing funds.

How can I have anything in common with the PAD terrorists? Why did you say I'm anti-foreigners? No assumption poo lease.

Koo82, do you believe, as many do, that Thaksin knew in advance that the Thai baht would be devalued in the Chavalit government and that he knowingly sold the Thai baht in the Singapore and Hong Kong markets?

I think that the way the baht was held high while the specultaion went on needs mentioning too. The devaluation came about after the currency deals were compeleted by the Thai based speculators. The foreign speculators was always a bit of a red herring. The names involved are not exactly difficult to find out although of course nobody will show the klike sof us any documentation. If investigative journalism were ever practiced in Thailand this would be a nice area for someone to make a name exposing what exactly happened back then.

[JetsetBkk]

...This all comes down to one source one reason: The families overweening greed.

Agree completely. As you say (although you missed out an apostrophe) the "the families' overweening greed".

What a pity that the Assets Examination Committee (AEC), which was installed by the post-coup Junta, scrutinised only the ministers of Thaksin's government.

Just think how much more good they could do scrutinising all those mega-rich families whose wage-earners appear to be making about 100 times what their take-home pay is.

Why is it, do you think, that this AEC is now disbanded?

[samgrowth]

I trade shares all the time. I don't pay tax for any gain because the law said so.

However Thaksin and his family are different. Thaksin and his family should pay tax on their gains in SHIN shares because he is the PM of Thailand. As a PM, he should set a good example to encourage the people to follow (starting paying tax on capital gains).

[Koo82]

I trade shares all the time. I don't pay tax for any gain because the law said so.

However Thaksin and his family are different. Thaksin and his family should pay tax on their gains in SHIN shares because he is the PM of Thailand. As a PM, he should set a good example to encourage the people to follow (starting paying tax on capital gains).

The law does not say that PM must pay tax when trading shares. He just followed the law.

Why picking on him? He's just another Thai who helped many poor Thais improve their lives. His mistake was he did not make the elite and some powers in the dark feel good.

[permanent_disorder]

Doesn't it make you wonder how a 22 year old daughter can buy a 7.8 million dollar Hong Kong home

just last week, with no more than a few days a McDonalds on her resume...?

Think SHE made 8 mil on her own?

so where is the problem here? that the family have money that you don't have? envious?

[Thai at Heart]

it bailed Thailand out at a very crucial juncture with a rather generous loan package, which the Chuan govt. negotiated. It was absolute madness to pay it off early, given the low interest rates it attracted, and replace it as Toxin did with far higher interest private loans

In fact, you have far more in common with the more nationalistic elements in the PAD than you would ever care to admit.

You must know that foreigners in that IMF don't just give loan out without conditions. Thailand had no choice back then but had to accept. UK spent 60 years to finish that loan they had during World War II because no conditions were applied to England being a farang country, and back then IMF just started to give loans mainly to help. But Thailand is not a farang country and it's so many years after WWII already.

Caucasians now don't produce and don't earn by being labors. They earn by managing funds.

How can I have anything in common with the PAD terrorists? Why did you say I'm anti-foreigners? No assumption poo lease.

Koo82, do you believe, as many do, that Thaksin knew in advance that the Thai baht would be devalued in the Chavalit government and that he knowingly sold the Thai baht in the Singapore and Hong Kong markets?

I think that the way the baht was held high while the specultaion went on needs mentioning too. The devaluation came about after the currency deals were compeleted by the Thai based speculators. The foreign speculators was always a bit of a red herring. The names involved are not exactly difficult to find out although of course nobody will show the klike sof us any documentation. If investigative journalism were ever practiced in Thailand this would be a nice area for someone to make a name exposing what exactly happened back then.

Well if people build in baht with repayments for 25 years, but the loan is in months or single years in USD there is always the risk that it won't be rolled over.

George Soros the bogeyman realised that a fixed exchange rate with free capital flows is a recipe for disaster. Economics 101.

Fortunately, domestic Thai business has largely learnt its lesson. It is better to borrow locally at a slightly higher interest rate than to run the risk of repayments and currency fluctuation by borrowing from overseas. Lets hope the FED rate at 0 percent doesn't change that.