If All Foreigners Would Leave This Country...

[Naam]

Khun Mark I think you like new restaurant very much after we eat go home and see my kitty. You know kitty miss you very much.

Lek, did you understand what I said?

Not really, Khun Mark what time you pick me up tonight?

7:00 OK.

OK, khun Mark you want I do banking thing for you?

[Max2010]

Naam,I take notice that you’re a sophisticated investor with a vast knowledge of all sorts of financial instruments. However, I still think that Thai government has a valid reason to restrict the way banking is conducted in their country. They have been burned before from the currency speculators and such and have every right to restrict any transactions which might harm their economy, just like in any country in the world. Perhaps you ought to find a jurisdiction that can allow you to do your investments freely so that you can enjoy the returns of your hard earned currency. However I do recall that the sophisticated investment gurus of Wall Street are mostly responsible for putting us in a financial mess we are experiencing around the world right now with their sophisticated investment instruments. I am very confident that Thai economy is healthy by the way it attracts billions of dollars in FDI and it’s too bad that they have not been able to accommodate YOUR investment needs. I am certain that they have a valid reason for it and doubt if it will cause any damage to their economy in the short or long term by their refusal to accomodate your invetsment requests.

Max2010

[SteeleJoe]

OUCH.

That's gonna leave a mark.

[bangkokcitylimits]

Funny, after a week holiday and off-line this topic is still in the top5, only it became more like an old ladies sewing club, like most topics do

[StreetCowboy]

Naam,I take notice that you're a sophisticated investor with a vast knowledge of all sorts of financial instruments. However, I still think that Thai government has a valid reason to restrict the way banking is conducted in their country. They have been burned before from the currency speculators and such and have every right to restrict any transactions which might harm their economy, just like in any country in the world. Perhaps you ought to find a jurisdiction that can allow you to do your investments freely so that you can enjoy the returns of your hard earned currency. However I do recall that the sophisticated investment gurus of Wall Street are mostly responsible for putting us in a financial mess we are experiencing around the world right now with their sophisticated investment instruments. I am very confident that Thai economy is healthy by the way it attracts billions of dollars in FDI and it's too bad that they have not been able to accommodate YOUR investment needs. I am certain that they have a valid reason for it and doubt if it will cause any damage to their economy in the short or long term by their refusal to accomodate your invetsment requests.

Max2010

I think the Thai government got burned by an unsustainable fixed exchange rate, rather than speculators, who helped realise the loss that the government was sitting upon, and let them put in place a programme of recovery.

One should not maintain such a fixed exchange rate in a free market unless one can and is willing to repay one's entire currency base - as, if I recall correctly, HK was... to the great expense, if I am not wrong, of the speculators, but also at the expense of effecively nationalising the HK stock market. The HK$ was backed by strong foreign reserves and fiscal prudence; the Thai baht was not, at that time.

SC

If we look at data e.g.

unctad.org/en/docs//webdiaeia20111_en.pdf

maybe FDI is not a good measure of a healthy economy, or maybe the Thai economy is not the star that some people here propose

[Naam]

Perhaps you ought to find a jurisdiction that can allow you to do your investments freely so that you can enjoy the returns of your hard earned currency.

please enlighten me Max. why do you think i "ought to find" a jurisdiction which allows me to do my investments more freely than Thailand? there is no such thing like "finding". it would take me too long and it would be too boring to list off hand at least a hundred countries which provide all the freedom an investor can ask for.

the only limitation i can think of is the lack of presence of multinational banks which can carry out virtually any investment instruction worldwide and provide a 24 hour service from monday 0600 hrs till saturday 0400 hrs. even in Switzerland, Luxembourg, Hong Kong and Singapore not all multinational banks provide that service outside domestic working hours and if they do they demand orders which are for substantial amounts in the range (depending on the bank) of 250-500k USD, EUR or CHF.

They have been burned before from the currency speculators and such and have every right to restrict any transactions which might harm their economy, just like in any country in the world.

no theories please, facts only! Thailand had always currency restrictions. these were not introduced after 1997. but that's besides the point. we were discussing services the banks will or are able to provide. in this respect my point was "forget about anachronistic Thai banks and their ridiculous procedures!" nowhere in the world (i have lived and worked in the deepest African bush, in the deserts of the Arabian peninsula and in the swamps in Asia) did i have to submit my passport, sign a photocopy of my passport (one big joke!) and submit my bank book to withdraw even a very modest amount from my account.

case closed, no hard feelings please! :jap: