Thailand's Real Economic Sector Begins To Feel Effects Of Us Crisis

[dessy]

You must be a lovely human being, thaibkk, not to give a rats for anyone else but yourself.

Why should we care? It's not like the Thais care about us now do they?

if you are in Thailand, you WILL care, believe me.... but of course you are free to choose another country for staying and seeing whether things will be better there...

any crisis here, will effect ALL people living in Thailand - regardless of their nationality...

Exactly after 13 years here I am seriously considering of finding greener pastures.

I agree so many Farangs need to return to their own country and put up with what they left for. Too much greed and satisfactionb of their bellies and what hangs below it.

Euh, first of all no belly here, and second of all greener pastures does not particularly mean my own country.

Suffering a bit of monovision there are we ?

Grow up and stop looking for greener pastures. That is a sign of insecurity and inmaturity. Perhaps one day you may see the gras under you feet.

[dessy]

While this is bad news for Thailand it is also bad news for expats, because we all know where the extra money that is required is going to start coming from.. Anyone want to guess the minimum taxation levels for next year?

What also is quite ironic and frankly amusing is that wasn't it last week that the (places tongue in cheek) most excellent and skillful Thai Banking sector was boasting that Thailand would 'not feel the effects of the global economic slowdown', because of their 'extensive experience in this field' based on the last 15 years or so and the Asian crisis of the 90's....

Which is yet another reason why I don't trust, or use Thai banks for anything other than getting money in and out of the country. Idiots!

1.) i don't trust banks in any country more than i have to do...

2.) i am from austria (living here in bangkok since 1992), and i can remember, that, not a long time ago, also the austrians (government and banks), as well as of course the germans have claimed to be only affected marginally of the (then still mostly us-based) crisis...

seems that the europeans were not really better controlled i their business transactions or better than their american counterparts, expecially the banks - and i wonder, what in this respect will come from the asian financial sector in the next weeks and months...

it's gonna be fun! or maybe not..

From your remarks it seems you wouldn't trust anyone so why live in Thailand

[thailandpeter2]

You must be a lovely human being, thaibkk, not to give a rats for anyone else but yourself.

Why should we care? It's not like the Thais care about us now do they?

if you are in Thailand, you WILL care, believe me.... but of course you are free to choose another country for staying and seeing whether things will be better there...

any crisis here, will effect ALL people living in Thailand - regardless of their nationality...

Exactly after 13 years here I am seriously considering of finding greener pastures.

I agree so many Farangs need to return to their own country and put up with what they left for. Too much greed and satisfactionb of their bellies and what hangs below it.

...not that most of their own countries will really be much 'greener pastures' for the immediate future...

[likewise]

You must be a lovely human being, thaibkk, not to give a rats for anyone else but yourself.

Why should we care? It's not like the Thais care about us now do they?

if you are in Thailand, you WILL care, believe me.... but of course you are free to choose another country for staying and seeing whether things will be better there...

any crisis here, will effect ALL people living in Thailand - regardless of their nationality...

Exactly after 13 years here I am seriously considering of finding greener pastures.

I agree so many Farangs need to return to their own country and put up with what they left for. Too much greed and satisfactionb of their bellies and what hangs below it.

Euh, first of all no belly here, and second of all greener pastures does not particularly mean my own country.

Suffering a bit of monovision there are we ?

Grow up and stop looking for greener pastures. That is a sign of insecurity and inmaturity. Perhaps one day you may see the gras under you feet.

maybe some of us are not that attached to the place they live and and try be "Thai".

Maybe you need a reality check.

BTW, inmaturity spelled correctly is immaturity, maybe time to go back to school.

Edited October 31, 2008 by likewise

[dessy]

While this is bad news for Thailand it is also bad news for expats, because we all know where the extra money that is required is going to start coming from.. Anyone want to guess the minimum taxation levels for next year?

What also is quite ironic and frankly amusing is that wasn't it last week that the (places tongue in cheek) most excellent and skillful Thai Banking sector was boasting that Thailand would 'not feel the effects of the global economic slowdown', because of their 'extensive experience in this field' based on the last 15 years or so and the Asian crisis of the 90's....

Which is yet another reason why I don't trust, or use Thai banks for anything other than getting money in and out of the country. Idiots!

1.) i don't trust banks in any country more than i have to do...

2.) i am from austria (living here in bangkok since 1992), and i can remember, that, not a long time ago, also the austrians (government and banks), as well as of course the germans have claimed to be only affected marginally of the (then still mostly us-based) crisis...

seems that the europeans were not really better controlled i their business transactions or better than their american counterparts, expecially the banks - and i wonder, what in this respect will come from the asian financial sector in the next weeks and months...

it's gonna be fun! or maybe not..

Buy yourself a huge safe I suggest weighing about 20 tonn and slip it under your bed covered by condoms to distract where the safe is. There is no other way to protect your money. Grow up and realize the world has been spending more than they need to. I waqs taught never to get into debt, pity Bush and other Governments didn'y learn this.

[thailandpeter2]

While this is bad news for Thailand it is also bad news for expats, because we all know where the extra money that is required is going to start coming from.. Anyone want to guess the minimum taxation levels for next year?

What also is quite ironic and frankly amusing is that wasn't it last week that the (places tongue in cheek) most excellent and skillful Thai Banking sector was boasting that Thailand would 'not feel the effects of the global economic slowdown', because of their 'extensive experience in this field' based on the last 15 years or so and the Asian crisis of the 90's....

Which is yet another reason why I don't trust, or use Thai banks for anything other than getting money in and out of the country. Idiots!

1.) i don't trust banks in any country more than i have to do...

2.) i am from austria (living here in bangkok since 1992), and i can remember, that, not a long time ago, also the austrians (government and banks), as well as of course the germans have claimed to be only affected marginally of the (then still mostly us-based) crisis...

seems that the europeans were not really better controlled i their business transactions or better than their american counterparts, expecially the banks - and i wonder, what in this respect will come from the asian financial sector in the next weeks and months...

it's gonna be fun! or maybe not..

Buy yourself a huge safe I suggest weighing about 20 tonn and slip it under your bed covered by condoms to distract where the safe is. There is no other way to protect your money. Grow up and realize the world has been spending more than they need to. I waqs taught never to get into debt, pity Bush and other Governments didn'y learn this.

but what do you pit INTO that safe ? money ? won't really help you if it's nothing worth any more. maybe better put the condoms in...

[cecco]

If a basic principle I have always held is true, and if 1 dollar (currency unit) is deposited in an economy, it generates it's influence 8 fold in the local economy.

conversely, if 1 dollar is sucked out of the economy, it sucks out 8 more supportive elements.

If 4 trillion dollars is the base and initial figure of losses due to the sub primes, a new word to my daily vocabulary as of several weeks ago, and if the world wide salary is about 33,000 usd per industrialized nation worker, and we divide 4,000,000,000,000 by 33,000 we come up with a best case job loss figure for the world, if we divide that number by 160 nations (including very poor nations), we come up with a severe economic collapse.

let me show u: (4 000 000 000 000 / 33 000) / 160 = 757 575.758

This figure (757,576 = total number of jobs to be lost per country).

And, this is the BEST CASE Scenario! Actually, it is going to be much much worse (in real life).

isn't this too much of doomsday thinking ?

my main money is still in europe and there it is protected, not like many thai banks here

protected in the way if the bank goes bancrupt, the governement will pay back the saving deposit up to 100.000 euro per account

as us farangs ... we do not own houses or land because this LOL-evely (sarcasm on lovely) country does not allow us to do so ... so what do we care if economy drops or not ?

i don't, that is for sure ...

i am more concerned why my lovely euro is worth 6-8 baht less in conversion according to a few months ago !!!

well, i do not know, what you are doing in thailand, but i guess there will be a lot of farangs affected from any economy downturn here - the ones, who (like me) who own companies here in thailand or work here...

also, this could also have an effect on work permits - if, due by a bad economy, a company with a farang in it would generate a loss for one or several years, this could make problems for the work permit holders in this company (the thai authorities like to see rising profits/turnover for companies with work permit holders)

... besides, i could also possibly imagine that in a really bad economy the thai government would maybe get the idea to protect thai employees, rather than farangs - maybe making it more difficult for us to obtain/renew work permits and trying to replace farang employees by thais?

as for the guarantee for bank accounts, according to the government here there is a blanket guarantee for savings accounts here too, at least until 2011 - so it's the same as in europe. but as to the question, what any government guarantee for savings would be worth in case it gets REALLY bad - i am rather sceptical there, be it in europe or here in thailand...

so, i don't think it's not too much doomsday scenario. fact is, this time we don't really know how bad things can get - maybe all is over in 1-2 years, maybe we are in for a longer 'ride'...

also, in times of bad economic conditions political radicalism and divisions have been growing in affected countries - and currently political rifts already worse in thailand as it ever has been in most of the 16 years i have been living here...

[dessy]

You must be a lovely human being, thaibkk, not to give a rats for anyone else but yourself.

Why should we care? It's not like the Thais care about us now do they?

if you are in Thailand, you WILL care, believe me.... but of course you are free to choose another country for staying and seeing whether things will be better there...

any crisis here, will effect ALL people living in Thailand - regardless of their nationality...

Exactly after 13 years here I am seriously considering of finding greener pastures.

I agree so many Farangs need to return to their own country and put up with what they left for. Too much greed and satisfactionb of their bellies and what hangs below it.

Euh, first of all no belly here, and second of all greener pastures does not particularly mean my own country.

Suffering a bit of monovision there are we ?

Grow up and stop looking for greener pastures. That is a sign of insecurity and inmaturity. Perhaps one day you may see the gras under you feet.

maybe some of us are not that attached to the place they live and and try be "Thai".

Maybe you need a reality check.

BTW, inmaturity spelled correctly is immaturity, maybe time to go back to school.

So..........why did you choose Thailand and if you are so specific about spelling, perhaps you could run Thailand and be successful. Take the rod from your own eye before critising others. Perhaps you would be more successful teacching English than being in what you are doing as I found Thai people are very keen on learning to be up with your standards but you may not want that as it may then be a situation of competition.

[thaibkk]

Edited October 31, 2008 by thaibkk

[dessy]

You must be a lovely human being, thaibkk, not to give a rats for anyone else but yourself.

Why should we care? It's not like the Thais care about us now do they?

if you are in Thailand, you WILL care, believe me.... but of course you are free to choose another country for staying and seeing whether things will be better there...

any crisis here, will effect ALL people living in Thailand - regardless of their nationality...

Exactly after 13 years here I am seriously considering of finding greener pastures.

I agree so many Farangs need to return to their own country and put up with what they left for. Too much greed and satisfactionb of their bellies and what hangs below it.

Euh, first of all no belly here, and second of all greener pastures does not particularly mean my own country.

Suffering a bit of monovision there are we ?

Grow up and stop looking for greener pastures. That is a sign of insecurity and inmaturity. Perhaps one day you may see the gras under you feet.

maybe some of us are not that attached to the place they live and and try be "Thai".

Maybe you need a reality check.

BTW, inmaturity spelled correctly is immaturity, maybe time to go back to school.

So..........why did you choose Thailand and if you are so specific about spelling, perhaps you could run Thailand and be successful. Take the rod from your own eye before critising others. Perhaps you would be more successful teacching English than being in what you are doing as I found Thai people are very keen on learning to be up with your standards but you may not want that as it may then be a situation of competition.

Pity Thai Visa doesn't have a spell check and as I am using a laptop sometimes I push the wrong keys, we can't all be as educated as you but I'd love to know what and how you earn your living, perhaps in spell checking!!!!!!!!!!!!

[cclub75]

well my dear friend, i can not understand that Australia is efected by mealting and Thailand as developing country is not

and yes I do care if my AU dolar is worth only 24BHT instead of 30BHT

You might find an answer to this burning mystery here :

http://thaicrisis.wordpress.com/2008/10/30...ied-to-the-usd/

[likewise]

You must be a lovely human being, thaibkk, not to give a rats for anyone else but yourself.

Why should we care? It's not like the Thais care about us now do they?

if you are in Thailand, you WILL care, believe me.... but of course you are free to choose another country for staying and seeing whether things will be better there...

any crisis here, will effect ALL people living in Thailand - regardless of their nationality...

Exactly after 13 years here I am seriously considering of finding greener pastures.

I agree so many Farangs need to return to their own country and put up with what they left for. Too much greed and satisfactionb of their bellies and what hangs below it.

Euh, first of all no belly here, and second of all greener pastures does not particularly mean my own country.

Suffering a bit of monovision there are we ?

Grow up and stop looking for greener pastures. That is a sign of insecurity and inmaturity. Perhaps one day you may see the gras under you feet.

maybe some of us are not that attached to the place they live and and try be "Thai".

Maybe you need a reality check.

BTW, inmaturity spelled correctly is immaturity, maybe time to go back to school.

So..........why did you choose Thailand and if you are so specific about spelling, perhaps you could run Thailand and be successful. Take the rod from your own eye before critising others. Perhaps you would be more successful teacching English than being in what you are doing as I found Thai people are very keen on learning to be up with your standards but you may not want that as it may then be a situation of competition.

Pity Thai Visa doesn't have a spell check and as I am using a laptop sometimes I push the wrong keys, we can't all be as educated as you but I'd love to know what and how you earn your living, perhaps in spell checking!!!!!!!!!!!!

I could tell you but then I'd have to kill you .

[maxman71]

Well, the Thais that have been living and farming in the countryside may very well be OK; at least they'll have something to eat. And, all the talk during the Boom Times about how these humble folk (I live in the Thai countryside) need to be "uplifted into the 21st century" will probably only serve to cause these people to believe their "old ways" aren't so bad after all. The folks that are really going to be hurting will be the working class Thais whose jobs are dependent on mfg exports and tourism, primarily.

As for the many farangs that are here on a shoestring budget with little or no cash set aside (I have met many of them), time for them to start packing and go home. There is no welfare for Thai people, and even less for you.

As for the rest of us, things could get real dodgy in the big urban areas, so be very careful. With lots of folks out of work, we will become bigger targets than we tend to already be. And, the more we can find ways to help out the locals without giving away the farm, the more they will be receptive to all of us staying here. Just my USD $0.02...which is now worth about 35 THB up from the lows of under 30 THB to the buck. But, I don't think that will last much longer. Better lucky than good.

You must be a lovely human being, thaibkk, not to give a rats for anyone else but yourself.

Why should we care? It's not like the Thais care about us now do they?

if you are in Thailand, you WILL care, believe me.... but of course you are free to choose another country for staying and seeing whether things will be better there...

any crisis here, will effect ALL people living in Thailand - regardless of their nationality...

Exactly after 13 years here I am seriously considering of finding greener pastures.

I agree so many Farangs need to return to their own country and put up with what they left for. Too much greed and satisfactionb of their bellies and what hangs below it.

[Mitker]

so what do we care if economy drops or not ?

i don't, that is for sure ...

i am more concerned why my lovely euro is worth 6-8 baht less in conversion according to a few months ago !!!

Perhaps as a foreign person taking advantage of the lovely Thai people you should go back to where your money is safe and put up with the conditions made you leave and take advantage of another country, you belly and what hangs below it,

A bit sarcastic but true in so many cases...

Anyway, I liked the image

[lovinglife]

A friend of mine in the food industry in UK says they are looking for suppliers in Poland and Ukraine to replace their Thai suppliers due to £ V Baht rate. This is a very big market for Thailand and I am sure EU zone importers are doing the same. This crisis and the strength against European currencies will start to hit hard here next year if no action is taken.

[sendbaht]

Why cares Thaibkk? Some of us unlike yourself care about Thailand. We have Thai wife's, my wife and I have a daughter who after college entered the work force here. I now have one grandson who lives here, so I care. Unlike some who are renting a small room and hang out mostly at bars care about Thailand.

[zorro1]

It wont last forever. Just tighten your belts for a year or two

[meelousee]

Job losses were expected nearly 2 months ago when the economic down turn began. The banks seem stable enough, but when 1million * 7000 Bhat deposits drop there will be some repercussions.

Today in at Lad Krabang Industrial Estates workers at LPS did not get production bonuses and walked out in mass. I was at the market today and saw the traffic suddenly stop and then all the workers came marching down Chalong Krung Road to who-knows-where.

My neighbor head CQ for Honda says more than 30% lay offs today.

He also said to lock-up everything that is not nailed down or too heavy to walk away with.

Sad times coming folks, just be prepared.

One of the solutions that was thrown out for discussion was to devalue the Baht to around 50 ~ 45 that will save some jobs then rebound to a level of 40 to the dollar, it will not take as long as some think. The next rice harvest will push the Baht up, just remember that some second crops were not planted due to fuel cost, Burma lost theirs to mother nature as did Bangladesh and the Philippines.

Thai Rice seems to have lost some 60% in 6 months but Rubber is a big time loser 52 baht a kilo, falling from 98 baht a kilo in only two weeks.

The most active traders in the Baht is Malaysia, Philippines and for some reason Singapore? I understand the first two as they are Thailand's most active competitor in rubber.

Anyway just thinking out loud, you can check up on Rice at: http://beta.irri.org/news/ a good one to watch.

[dessy]

There is an old saying "What is one man's pleasure is another man's poison" My advise to you is look at the good side and be happy with what you have and be thankful you are not living in a country where millions are starving

[chrislarsson]

What the article suggests is correct.

It's time for Thailand to get over the political squabbles and unite for the sake of the economy.

A recession will only further destabilize the country and increase the divide.

Thailand is still lucky.

It seems like the banking sector learned its lessons from the crisis in '97 and are in good shape.

Finances on a national level are also quite healthy. The foreign reserve is now greater than $100 billion, among the largest per capita in the world.

Much of Thailand's exports are in commodities like food. Demands for these are unlikely to go down in a global downturn. People still need to eat, and food is not where their spending will be cut.

Oil prices are going down, which will help save the tourism sector from expensive air tickets.

What is needed now is to get some large projects started to make up for the lower export revenues. These investments will stimulate the economy in the short run and enhance growth in the long run.

[NOKIA6969]

I'M PROPERTY AGENT ORIGINALLY FROM CENTRAL LONDON.

(I LEFT TO COME HERE AS THIS DEBT PROBLEM HAS BEEN ON THE CARDS (NO PUN INTENDED ) FOR SOME TIME, IN FACT IT'S AMAZING IT HASNT HAPPENED SOONER)

I DONT THINK THAILAND WILL BE AS AFFECTED AS MANY ON THIS SITE SEEM TO THINK.

THE PROBLEM IN THE WEST HAS BEEN EQUITY BACKED PERSONAL DEBT THAT HAS BEEN SOLD IN AN ALMOST CRIMINAL WAY. BANKS FROM THE WEST HAVE FORCE FED LOANS AND CREDIT CARDS AND HUGE MULTIPULS ON MORTGAGES FOR YEARS NOW. (CREDIT CARD DEBT HASENT EVEN STARTED TO UNWIND YET!)

YOUNG EARNERS GET THEMSELVES UNDER THE YOKE OF DEBT VERY QUICKLY INDEED, WITH THE SO CALLED SECURITY OF INSURANCE IN CASE OF THE UNFORSEEN!

THAILAND JUST DOSEN'T HAVE THE SAME ISSUES!

IF YOU LOOK ACROSS THE BANGKOK SKYLINE, WHAT PERSENTAGE OF RESIDENTIAL HOMES DO YOU THINK BELONG TO THE BANK?

(LETS FACE IT, IF YOU HAVE A MORTGAGE THE BANK OWNS YOUR PROPERTRY!

EG YOU HAVE A HOUSE WORTH 1,000,000 AND MORTGAGE FOR 600,000 - A YEAR DOWN THE LINE YOUR FORCED TO SELL AT 600,000, WHO DO YOU THINK GETS THE CASH?)

SO OF THE SMALL PROPORTION OF FINACED RESIDENTIAL PROPERTY HERE, WHAT DO YOU THINK IS THE RATIO OF BANK DEBT TO EQUITY?

I WOULD ARGUE THAT IN BOTH CASES THE FRACTIONS ARE TINY COMPARED TO THE WEST. 90% MORTGAGES ARE A VERY RESENT THING HERE. WITH 50% BEING THE NORM

THE RESIDENTIAL MARKET COULD DROP 50% AND AT LEAST 95% OF OWNERS WOULD BE ABLE TO SIT IT OUT. NOT THE CASE IN THE WEST AT ALL!

BASICLY THE BANKS HERE HAVE ACTED MORE LIKE PAWN SHOPS THAN BANKS SINCE 97. (QUOTE FROM A MEMBER OF LARGE BANKING FAMILY HERE)

I BELIVE THE BIGGEST PROBLEM WILL BE THE DROP OFF IN TOURISM AND EXPORTS.

WESTERN BANKS HAVE HAD IT COMING FOR AGES, ITS JUST A SHAME THAT WE ARE BEING HELD TO RANSOME BY THEM. BAILING THEM OUT WILL JUST DRAW OUT THE ENEVITABLE

THE CHINESE ARE THE SHREWEDEST, MOST INDUSTRIOUS NATION, THE NEXT CENTURY WILL BE THERE GROWTH STORY.

WHEN THEY START TO GO ON HOLIDAY , THEY WILL COME HERE, ITS LOGISTICALLY ENEVITABLE.

ADD THAT TO PRICES THAT HAVE BEEN HAMMERED BY POLITICAL UPHEAVAL AND ALREADY REPRESENT THE BEST VALUE IN ASIA. I THINK LONG TERM, YOU CANT GO WRONG HERE. BUT I WOULDN'T LIKE TO BE A DEVELOPER TRYING TO RAISE FINANCE TO BUILD A SKYSCRAPER AT THE MOMENT!

DOMINIC

AKANDO REAL ESTATE

[samuibeachcomber]

If you live and work in thailand,have a thai family.are retired here,then of course you care about thailand and its people.No one knows what really will happen next year,but it certainly does n't look good.Probably many thai's out of work,an increase in crime,robberies etc,and us farang will be soft targets.Tourist areas will suffer and locals working in resorts etc will find themselves unemployed.Yes probably the least affected areas will be the small villages in rural thailand "when you've got nothing you've got nothing to lose,and the strong family ties and commitments will see them through.

The worst to be hit may well be farangs here on work visa/permit and people on a shoe string.The real crazy thing that i do not understand is why western governments still believe that by reducing interest rates the can kick start a recovery.This times its gone too far,there is now a mindset of hunker down and ride this one out.Reducing interest rates this time will not encourage people to go out and spend.This time round it would be better to raise rates to encourage people to save,keep inflation lower,raise taxes to pay for the massive debts govts. have now got and in 2 years get economies in the black,then it will be time to manufacture again,increase employment,and people will feel like spending again.Zero interest rates by greenspan in the USA led to this mess,pools of money with nowhere to go,hence the creation of sub prime mortgage packages etc etc.Just my 2 cents worth...........its all i've got!

[rawbkk]

as for the guarantee for bank accounts, according to the government here there is a blanket guarantee for savings accounts here too, at least until 2011 - so it's the same as in europe.

...keep in mind this rules only for thais...farangs wont get back a single baht if the bank crashes!!!

...but this will tell you your bank only if you ask...either bangkokpost or other media will report about this fact!!!

cheers...

[TAWP]

Reading this thread made my eyes bleed...new members that flame to their hearts delight, people posting in all caps, nested quoting to 10 levels or more...

[lunchbox]

Have any of you seen 'Zeitgeist - Addendum'? If so, how would you compare it to the current situation...why bother bailing out financial institutions when it just leads us down a path to the current state of affairs?

[Huey]

Well I for one will be making several exporters MUCH more happy if the baht hits 38+ too the dollar, as I can afford to buy more from them at that rate.

Also I can take atvantage of the slide to pay off my condo. a Jump from 34 to 37 baht to the dollar saves me like $32,000 us on the total cost.

That buys allot of Kanoms ya know...

TANK TANK I SAY!!!!

[meelousee]

It seems like the banking sector learned its lessons from the crisis in '97 and are in good shape.

Finances on a national level are also quite healthy. The foreign reserve is now greater than $100 billion, among the largest per capita in the world.

Thailand forigen reserve is just under $37 billion not 100

That is unless they just happened to make some $63 billion in the last 6 months

[rayw]

".......the government must attempt every possible concrete measure to drive the economy ahead in the remaining two months of this year."

This is a time when the Government should retrench. Cut back on public spending and stop any new costly developments.

Closed firms pay no profit taxes. Workers whose jobs have become redundant pay no income tax. The Government's income is on the way down.

What a government might do when going into a short recession of the variety that we have previously seen in our lifetimes would be the wrong response to what is coming now.

IMHO the worst thing you can do is cut back on Government spending at this time. This causes more unemployment and thus less buying power and thus less products are sold and more unemployment follows and so on like a chain reaction i.e. it FEEDS a recession. You need to keep public spending at its current level or even increase it a little as long as it does not increase imports of goods required for such public projects and adversely affect the country's balance of payments . So generally speaking road construction and general public construction will create jobs, create a hopefully better environment (better roads etc), not adversely affect the country's balance of payments and this not make the recession worse. Sensible and well thought out public spending should be a big yes right now and has shown to work in the past in many countries. The way I see it in my lifetime is that it is not a policy encouraged much in right wing corporate run countries where they are glad to bring the labour force to its knees to exploit cheaper labour which is despicable, immoral and anti-social. It is though often employed carefully and successfully in more intelligent politically centre run countries where they have no greed driven hidden agendas.

As to unemployment well my wife's Laundry and friends of mine who run restaurants etc have a job getting staff who are reliable and worth employing. It seems that there must be full employment down here in Chonburi and Rayong as nobody seems concerned at keeping relatively well paid jobs as most of my friends pay higher than standard wages too and give more days off than the norm generally. When Thai staff just suddenly do not turn up at work saying they have taken a few days holiday without even asking beforehand then they of course should lose their jobs and rightly so. We need to see a lot more loyalty and respect for jobs (okay I have always agreed that family comes first but your job a close second) and for employers to ensure in return their staff are looked after well, paid at least the going rate for the job or more, with at least one day off per week and improved working conditions. Any staff who turn up just when they want to and take unauthorised leave need sacking immediately IMHO as they would be in the west AND a lot of Asia too. Maybe some good will come of a bad bad thing in that rising unemployment may make Thai staff more responsible in their jobs as long as it does not make Employers bad in their role by under paying and exploiting the situation, I hate folk who do that to other people, treating them as a resource rather than living breathing human beings. Sorry for rant but I hate extreme capitalism and greed (and extreme Socialism and over the top control) which has led to the situation we now all find ourselves in, and mostly being very sadly suffered by those who were innocent of the greed and incompetence that has caused it. What the World really needs now is more caring and thoughtfulness about it's citizens, and controls and restrictions on those who do not care about anyone other than themselves. Until we do we will continue to have these unnecessary problems causing so much suffering in this blatantly sick selfish World we now live in where Money is now the God.

Edited October 31, 2008 by rayw

[lovinglife]

Samui,

The problem with your suggestion that interest rates should be raised is the fact that you would drive most small businesses straight into bankruptcy. They rely heavily on their overdraft facility, especially in hard times when their customers take longer and longer to pay their bills. I agree that reducing rates alone will have little effect now on the recession, but used in conjunction with other stimulus methods we can effect a recovery relatively quickly, next summer all will be starting to look good IMHO.

[thailandpeter2]

as for the guarantee for bank accounts, according to the government here there is a blanket guarantee for savings accounts here too, at least until 2011 - so it's the same as in europe.

...keep in mind this rules only for thais...farangs wont get back a single baht if the bank crashes!!!

...but this will tell you your bank only if you ask...either bangkokpost or other media will report about this fact!!!

cheers...

doesn't really matter, as i believe that in the end nobody will get back any money anyway if it comes to that....maybe some influental customers, but not the majority...call me a cynic...