PM Abhisit: No Recurrence Of 1997 Financial Crisis

[webfact]

PM: No Recurrence of 1997 Financial Crisis

BANGKOK: The prime minister has expressed confidence that Thailand will not experience another round of the 1997 financial crisis as a result of the implementation of measures to deal with the baht's rise.

Prime Minister Abhisit Vejjajiva expressed confidence that measures to curb the baht's rise will not lead to a recurrence of the financial crisis in 1997 because the state does not intervene with the market's mechanisms.

He added that other measures will be issued to boost imports of machinery and technologies among local manufacturers.

The premier stressed that the government cannot simply inject money into the system to weaken the baht, since a number of countries have done so and have failed to control the value of their currency.

Meanwhile, Finance Minister Korn Chatikavanij said that the baht's value is still relatively low compared to many other currencies.

He explained that the baht has appreciated against the US dollar more than other currencies, because the US economy is currently unstable.

As for measures being taken to limit the impact of the strong baht, Korn said that the government will focus on assisting exporters.

The measures will be aimed at hedging the risk from currency fluctuations and aiding exporters to maintain liquidity.

-- Tan Network 2010-10-16

[Tokay]

It's settled then.

[siampolee]

Fine words, however one needs to remember that the financial system of any sovereign state is controlled by the international band of robbers . Oh sorry speculative currency manipulators, better known as bankers.

[draftvader]

I love a good laugh!

[chantorn]

"Meanwhile, Finance Minister Korn Chatikavanij said that the baht's value is still relatively low compared to many other currencies." Like which one. Care to name some?

[silp1979]

"Meanwhile, Finance Minister Korn Chatikavanij said that the baht's value is still relatively low compared to many other currencies." Like which one. Care to name some?

the mongolian uruthera currency would be one, just to name one

i think it's two satang for half a mongolian uruthera dollar

[asiawatcher]

Fine words, however one needs to remember that the financial system of any sovereign state is controlled by the international band of robbers . Oh sorry speculative currency manipulators, better known as bankers.

Yes and in more ways than we will ever know. Mayer Rothschild said, "Give me the control of the money and I care not about Governments".

[whybother]

"Meanwhile, Finance Minister Korn Chatikavanij said that the baht's value is still relatively low compared to many other currencies." Like which one. Care to name some?

Australian dollar.

[LanxangBillybob]

What a relief! For a moment i was getting worried...

[SergeiY]

Fine words, however one needs to remember that the financial system of any sovereign state is controlled by the international band of robbers . Oh sorry speculative currency manipulators, better known as bankers.

trollololololo.

I smell conspiracy bullshit.

[swissie]

"Meanwhile, Finance Minister Korn Chatikavanij said that the baht's value is still relatively low compared to many other currencies." Like which one. Care to name some?

= Swiss Franc.

[VegasVic]

Fine words, however one needs to remember that the financial system of any sovereign state is controlled by the international band of robbers . Oh sorry speculative currency manipulators, better known as bankers.

Siampolee, You have hit on something here that many thais and expats alike can't seem to get their head around, that is the fact that a small country like Thailand is at the whim of the FOREX traders and the current currency war that is going on between China and the U.S.. The BOT has very few weapons that it can deploy to try and stop the Bahts rapid appreciation and in the end those weapons will be rather ineffectual. Hopefully China will allow the Yuan to appreciate on its own, because if the situation continues the curency war will become a trade war and then all parties lose and smaller countries like Thailand will be left to twist in the wind! With all the spotlight on the U.S. and China I think many people out there don't realize the dire circunstances that Japan is heading for, given the large segment of the population getting ready to retire and thereby no longer being able to buy Japans internal debt, Japans population demographics will crush Japan over the next 5 years and there are very few people talking about the worldwide consequences of that! And yes you are correct, the greed of the international bankers and a handful of the worlds billionaires who have paid off the spineless politicians, have led us to this point in time.

[animatic]

Well if we suddenly get Chavolit "the great brain" for PM again...

all bets are off for avoiding a repeat of '97.

One man's mouth that sank a region.

2nd times the charm. nah, don't think so.

Edited October 16, 2010 by animatic

[LaoPo]

And yes you are correct, the greed of the international bankers and a handful of the worlds billionaires who have paid off the spineless politicians, have led us to this point in time.

Surely you forgot to mention "Wall Street" International Bankers VV ? Maybe you forgot but that's where the crisis started...on Wall Street.

PS: where have you been ? you were dearly missed

LaoPo

[chantorn]

Fine words, however one needs to remember that the financial system of any sovereign state is controlled by the international band of robbers . Oh sorry speculative currency manipulators, better known as bankers.

trollololololo.

I smell conspiracy bullshit.

I believe Korn took a position before issue those statement. He was a financial market junkie before his current post.