50 Baht To The Pound..the Dream Is Over..!

[jasonr3255]

Thought I would save build and retire to Thailand, seems the pound has found it's true value. Let's face it, the UK produces and manufactures nothing of any great use to the outside world. Is my dream really over...?

[Bobr]

So sorry. I've watched the dollar go from 44 to 30 and back to 32. We also produce nothing more than used paper. Funny when I first came here I had a funny feeling it was too good to last. Granted I still live here but between increased prices for everything and a lower dollar I don't live like I used to anymore. The sad reality is that the USA and the Uk are both in the process of imploding.

[britmaveric]

Things are cyclic - no doubt UK/USA will see bigger/better days again.

[IMA_FARANG]

I'm 63 years old now. The first time I came to Thailnd the rate was 20 Baht to a dollar. I was happy when it went up to 25 Baht to a dollar.

I've also seen the pound/dollar rate at $1.10 for a pound briefly in the early eighties.

It's cyclic....but I don't ever expect that pound/dollar rate to ever return.

I do expect the baht to go back to around 35 to a dollar...but I don't know when.

[londoedan]

The sad reality is that the USA and the Uk are both in the process of imploding.

Really ? tad hysterical I fancy.

[britmaveric]

pessimism is great isnt it?

[Jingthing]

Things are cyclic - no doubt UK/USA will see bigger/better days again.

In the US anyway, younger people are experiencing and expecting a LOWER standard of living than their parents. That's a big change.

[mommysboy]

Dreams always go wrong!

The pound was overvalued, now it's undervalued. The pound and dollar are at a low ebb, the baht near it's high.

Yes, expect a low pound for some time, but ironically it's the low pound that will sow the seeds of economic recovery. The UK economy is now back in to positive GDP.

UK lost it's industries ages ago, but it's a fallacy about not making anything, and of course the financials are recovering.

[BEENTHEREDONETHAT]

The baht was around 25 to the dollar from 1985 to July of 97, so it's got a ways to go before it reaches it's highs. It was 20 baht to the USD from 73 to 78. Hopefully we will not see those highs again.

[lannarebirth]

Things are cyclic - no doubt UK/USA will see bigger/better days again.

Markets are cyclic, that's true, but being cyclic doesn't preclude the possiblity of lower highs and lower lows.

[mommysboy]

The baht was around 25 to the dollar from 1985 to July of 97, so it's got a ways to go before it reaches it's highs. It was 20 baht to the USD from 73 to 78. Hopefully we will not see those highs again.

It's an argument that's never ending: basically the baht was fixed and probably was never really worth 25, also you have to work inflation in over the years. And that pretty much covers Iannarebirth's posting too, yes extremes aren't fixed but market fundamentals rule in the end.

[tonititan]

No offense to any of you who are suffering because of the exchange rate, but I for one am actually quite happy about it. For many of us working in Thailand and getting paid in baht, we actually want the exchange rate to go down even more! I sent home money every month to cover expenses at home. Sending home 40,000 baht/month used to get me $1000. Now it gets me $1200. I'm happy to pocket that extra $100! Sending home bigger chunks of money shows the difference even more dramatically.

[rgs2001uk]

No your dream isnt over, will just take longer.

Many of us remember about 40 to the £, so anything over is a bonus, depends what you planned and budgeted for.

I still remember the UK trying to reinvent itself as some sort of service based industry, eg selling worthless products noone either needed or understood, som nam na.

[mommysboy]

No your dream isnt over, will just take longer.

Many of us remember about 40 to the £, so anything over is a bonus, depends what you planned and budgeted for.

I still remember the UK trying to reinvent itself as some sort of service based industry, eg selling worthless products noone either needed or understood, som nam na.

Well you can try and tell people til you are blue in the face: Thailand was not an open economy then, and had a fixed exchange rate. The subsequent years led to a catastrophic crash as we know.

The rest of your posting is drivel.

What will happen is your pension won't last for sure, you never earned it anyway!

[rgs2001uk]

No your dream isnt over, will just take longer.

Many of us remember about 40 to the £, so anything over is a bonus, depends what you planned and budgeted for.

I still remember the UK trying to reinvent itself as some sort of service based industry, eg selling worthless products noone either needed or understood, som nam na.

Well you can try and tell people til you are blue in the face: Thailand was not an open economy then, and had a fixed exchange rate. The subsequent years led to a catastrophic crash as we know.

The rest of your posting is drivel.

What will happen is your pension won't last for sure, you never earned it anyway!

Please expand oh enlightened one.

Pension, never mentioned one, IF I ever get one it will be a bonus, but not something I am relying or counting on, in other words, not part of my planning.

The markets dont lie.

[Jonathanpattaya]

No your dream isnt over, will just take longer.

Many of us remember about 40 to the £, so anything over is a bonus, depends what you planned and budgeted for.

I still remember the UK trying to reinvent itself as some sort of service based industry, eg selling worthless products noone either needed or understood, som nam na.

What a load of b*ll*cks!

By the way, what does noone mean?

[Thongkorn]

The sad reality is that the USA and the Uk are both in the process of imploding.

Really ? tad hysterical I fancy.

Thats why the FTS has risen to a high. it is now 5210. it was 3640 back in March, the confidence is begining to come through. the pound will rise again..

[Abrak]

The sad reality is that the USA and the Uk are both in the process of imploding.

Really ? tad hysterical I fancy.

Thats why the FTS has risen to a high. it is now 5210. it was 3640 back in March, the confidence is begining to come through. the pound will rise again..

Dont you agree there is some confidence coming back to the Thai market?

[britmaveric]

Also the yank markets too

[el jefe]

Also the yank markets too

Based on the last 3 posts, there is confidence in the UK markets, the Thai markets and the US markets too. So why would the currency of any one of them appreciate against the other?

It is cyclical, but the long term trends of both sterling and the dollar are down.

[personchester]

Thought I would save build and retire to Thailand, seems the pound has found it's true value. Let's face it, the UK produces and manufactures nothing of any great use to the outside world. Is my dream really over...?

Many of the comments made on this posting are rather amateurish, the USD & GBP are weak due to financial policies introduced by both countries that is to say extremly low interest rates in order stimulate the economy, that is to say create low cost business lending on the one hand, so that companies can survive the depression, and on the other promoting export in order help the economy, PR. Obama and PM. Brown have made it clear that they intent to keep their respective currency low for sometime (perhaps two years) but it might not be possible since a low currency value has also negative aspects, the USD being the global reserve currency (replacing GBP after the war) has immensely benefited from this since major counties have invested trillions in USD, thus helping the US for years to balance their enormous annual budged deficit with the influx of foreign currency, those countries ... the middle east oil giants, China, Russia, India, Japan, are most unhappy with this as they have been suffering havy losses as a result, they are now looking for an alternative global currency more stable that the USD it may take some time but the actions are in progress.

Moreover, the low interest rates of both the USD and GBP will eventually create inflation, which has to be avoided, thus the policy of a low value currency for major economies can

not last and should not last for long, and a global currency balance has to be reached, the FED and No 11 are of course aware of this, and as a result interest rates for their respective currencies will gradually increase and both currencies will rise again against the THB to what extent depends as always on the market in this case the 24/7 FX.

However, Brit expats in Thailand (unlike Americans) have a more serious problem, their state pension is not indexed it stays the same as it started years ago, and due to inflation its value goes down annually and this will have serious repercussion, there is one last chance (apart from the British parliament itself) and that is the European Court of Human Rights the first case there was lost and last month (Sept) the case was presented to the "Grand Chamber" of the Human Right Court, and the verdict is due in March 2010.

Unfortunately, our American friends can not help us with this, the question is will the outcome of the European Court of Human Rights be as successful as our combined landing in Normandy (France 1944) when we saved Europe from tyranny, now will Europe (the EU) in return save us British expat retirees from financial disaster by granting the indexation of our state pension to which we contributed all our working life and thus give us the dignity which we deserve.

[Naam]

Thought I would save build and retire to Thailand, seems the pound has found it's true value. Let's face it, the UK produces and manufactures nothing of any great use to the outside world. Is my dream really over...?

Many of the comments made on this posting are rather amateurish, the USD & GBP are weak due to financial policies introduced by both countries that is to say extremly low interest rates in order stimulate the economy, that is to say create low cost business lending on the one hand, so that companies can survive the depression, and on the other promoting export in order help the economy, PR. Obama and PM. Brown have made it clear that they intent to keep their respective currency low for sometime (perhaps two years)...

i can't think of a more amateurish claim than yours

[tonititan]

Thought I would save build and retire to Thailand, seems the pound has found it's true value. Let's face it, the UK produces and manufactures nothing of any great use to the outside world. Is my dream really over...?

Many of the comments made on this posting are rather amateurish, the USD & GBP are weak due to financial policies introduced by both countries that is to say extremly low interest rates in order stimulate the economy, that is to say create low cost business lending on the one hand, so that companies can survive the depression, and on the other promoting export in order help the economy, PR. Obama and PM. Brown have made it clear that they intent to keep their respective currency low for sometime (perhaps two years) but it might not be possible since a low currency value has also negative aspects, the USD being the global reserve currency (replacing GBP after the war) has immensely benefited from this since major counties have invested trillions in USD, thus helping the US for years to balance their enormous annual budged deficit with the influx of foreign currency, those countries ... the middle east oil giants, China, Russia, India, Japan, are most unhappy with this as they have been suffering havy losses as a result, they are now looking for an alternative global currency more stable that the USD it may take some time but the actions are in progress.

Moreover, the low interest rates of both the USD and GBP will eventually create inflation, which has to be avoided, thus the policy of a low value currency for major economies can

not last and should not last for long, and a global currency balance has to be reached, the FED and No 11 are of course aware of this, and as a result interest rates for their respective currencies will gradually increase and both currencies will rise again against the THB to what extent depends as always on the market in this case the 24/7 FX.

However, Brit expats in Thailand (unlike Americans) have a more serious problem, their state pension is not indexed it stays the same as it started years ago, and due to inflation its value goes down annually and this will have serious repercussion, there is one last chance (apart from the British parliament itself) and that is the European Court of Human Rights the first case there was lost and last month (Sept) the case was presented to the "Grand Chamber" of the Human Right Court, and the verdict is due in March 2010.

Unfortunately, our American friends can not help us with this, the question is will the outcome of the European Court of Human Rights be as successful as our combined landing in Normandy (France 1944) when we saved Europe from tyranny, now will Europe (the EU) in return save us British expat retirees from financial disaster by granting the indexation of our state pension to which we contributed all our working life and thus give us the dignity which we deserve.

You know, most retired expats don't HAVE to remain here in Thailand. It was a personal CHOICE you made, and you're making the CHOICE to stay when many expats are returning home for financial reasons. I'm guessing you moved because life it better for you over here, but you also have to deal with the negative consequences. Do you think that because you worked all your life in Britain, your British pension means that you automatically DESERVE to live the good life in Thailand? Has everyone who has held a steady job in their own country and paid into the system earned the RIGHT to retire somewhere better, somewhere more exotic?

I think the OP was more accurate when he referred to his "dream" to retire in Thailand. That's just it - a dream. And if you can make that dream work for you (including financially), more power to you. But it's a desire, not an automatic right. If it was a right you have earned, there would be a lot more expats around the world. You are lucky to be here. It seems like you have forgotten that.

[ESB7]

Only a month ago it was almost 58, yet a few months back was 48...and just over a year ago 67...up and down all the way...inflation will sson kick in the U.K. interest rates will rise and the pound will regain its value....also messers Brown and King need to keep their mouths shut as they aint doing anyone eny favours with their 1970s socialist policies

[sendbaht]

Jason, for me personally I find every day in every way I feel more and more fortunate and grateful for my life. It will not cost you as much to retire as you think.

"You must be the change you wish to see in the world", Ghandi

[loverboy44]

Sorry but how much arrogance can someone have to think that because some 65 years ago the brits saved Europe that now Europe has to pay this back to the UK?

Isn't this amateurish?

[Naam]

Also the yank markets too

Based on the last 3 posts, there is confidence in the UK markets, the Thai markets and the US markets too. So why would the currency of any one of them appreciate against the other?

It is cyclical, but the long term trends of both sterling and the dollar are down.

please tell us why the Thai Baht appreciated vs. US Dollar:

[chiang mai]

Also the yank markets too

It all depends on what you think the shape of the recession/recovery is/will be - A "V" shape looks likely for much of Asia, including Thailand but a "U" or indeed a "W" seems the best the UK/US will see. But I'm pleased however that you're still keeping the faith although that magical 36 does seem unlikely, this year at least.

[rabcbroon]

Things are cyclic - no doubt UK/USA will see bigger/better days again.

Yes sure! The shipyards are to be dug out again (they have mostly been filled in and houses built over them). All the cranes which were sold to India for 1 pound each are to be returned. The coal mines are to be started up again - again after pulling down the housing estates which have been built over them. The steel industry is to be resurected and be competative with China. Call centers are all to return form overseas. And the Banking sector will flourish again.

Or will there be some miracle my friend - or are you just off the wall??

Edited October 14, 2009 by rabcbroon

[rgs2001uk]

No your dream isnt over, will just take longer.

Many of us remember about 40 to the £, so anything over is a bonus, depends what you planned and budgeted for.

I still remember the UK trying to reinvent itself as some sort of service based industry, eg selling worthless products noone either needed or understood, som nam na.

What a load of b*ll*cks!

By the way, what does noone mean?

What a wonderfully informative post, will be most helpful to the op.

Noone, is a spelling mistake, dont worry I never claimed to be an English teacher, will try and speak proper English now, ok chap.

As for b*ll*cks!, well maybe you are confusing this,

http://www.x-rates.com/d/THB/GBP/hist1998.html

with this, http://www.x-rates.com/d/THB/GBP/hist2004.html

Dont know if you have read the following book, Ten Years Of New Labour, by M Beech and S Lee, the editors are political lecturers at Hull.

The book is a series of essays,

By far the best essay is Simon Lee's `The British Model of Political Economy'. He notes the government's `abandonment of civilian manufacturing industries' and its embrace of the City of London and the property market. Brown's Private Finance Initiatives use our taxes to subsidise private firms. Yet in 2006, business investment fell by 4.7%, despite all the government's aid.

Our trade deficit in 2006 was £50.2 billion. The deficit on trade in goods was £77.4 billion. We had to borrow to finance these growing shortfalls, so liabilities more and more exceeded assets. Since 1995, Britain has had a net liability every year and in 2006 our net liabilities rose by a record £124.8 billion.

The economy is consumer-led and borrowing-driven, not investment-led or savings-driven. By the end of November 2007 personal debt was £1.4 trillion. We owed £213 billion in consumer credit, including £54.9 billion on credit cards. Average household debt was £56,000 (£47,000 mortgages, £9,000 other debts), costing over £3,400 a year to service. Credit and borrowing have become `the principal motive force' behind the economy.

Brown said his model `locked in' stability ending boom-and-bust. Actually he has locked us into what Lee calls `a permanent condition of financial risk, volatility and debt-financed consumption'.

Other government failures include the broken promises over a referendum on the EU Constitution, foundation hospitals, city academies, top-up fees, growing social immobility, the 1.7 million hidden jobless, and the growth in inequalities (incomes for the richest 1% were 400 times the median wage in 2005, as against 20 times in the 1980s).

The above can be found here, http://www.amazon.co.uk/Ten-Years-New-Labo...h/dp/0230574432

As for service based industries, well Bradford & Bingley, Northern Rock and RBOS spring to mind.

The people here no doubt didnt understand what they were being sold, doubt if the target driven salesmen had much understanding either.

http://www.bloomberg.com/apps/news?pid=206...id=afguNMEEu5gU

I must live in a different part of Thailand to you, most of the stores I go to have, apart from the normal Korean or Japanese appliances, Electrolux, Siemens and Phillips on display, not exactly well known British brands.

After a quick glance in the car park, apart from the normal Japanese cars, Audi, Volvo, BMW, Merc, Alfa Romeo and a few Volkswagens, were the main caps parked, couldnt find any British brands, does one exist ?

Anyway I digress, Cool Brittania and Nu Labour my ass, Kier Hardie must be turning in his grave, dont worry, things can only get better.

Wasnt it Mr Brown who once remarked, a weak currency is a sign of a weak government?

Oh for the return of the Deutsche Mark.