Papers Suggest Thai Finance Minister Korn As New IMF Head

[timekeeper]

It's a nice compliment for our present Finance minister. And the opposition keep telling us the present government isn't very economically competent

Yes a nice compliment for Korn, but you you should also read what the South China Morning Post thinks about PM Abhisit.

What do they think ? The online edition is for subscriber only ....

what do think jungen?

we are being guided there by Samurai from the underground ''family man expat community '' forum

do you think its gonna be good for Abhisit?

[powderpuff]

Likely IMF Chief Lagarde Makes Comments On Greece That Are The Definition Of Insane

[/url]Some fresh comments from French finance minister Christine Lagarde are hitting Bloomberg (they're from an interview with Austrian newspaper Der Standard) pertaining the situation in Greece.What's she saying? Let's put it this way, if you buy that the definition of insanity is doing the same thing over and over again, and expecting a new result, then this is it.She's adamantly against a restructuring or anything else that's not totally voluntary by banks. Instead, she wants Greece to move faster on reforms in exchange for any more aid.Of course, moving faster on reforms, just means moving faster to the bottom, since the austerity measures taken so far have only made the situation worse on the debt/deficit front.Of course, all this makes her a fine candidate for the IMF position -- where she's tipped as the likely favorite -- since this has been their philosophy forever, with horrible results.

Read more: http://www.businessinsider.com/christine-lagarde-on-greece-2011-5#ixzz1NCYHszI9

----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

She's the perfect candidate because as a French Socialist she is all in favor of bailing out failed states. Anything for them to avoid taking their medicine. Remember the Greece Olympics? When critics said "you don't have the billions of $ needed to stage the games?" The answer is "Yeah but afterward we'll have 100's of new football stadiums & a monorail" which today is being paid for by the Germans.

The bondholders today are sovereigns & their taxpayers are gonna scream bloody murder when the haircuts come. But we have the good old IMF to push that day of reckoning far into the future. Ole`

[samurai]

It's a nice compliment for our present Finance minister. And the opposition keep telling us the present government isn't very economically competent

Yes a nice compliment for Korn, but you you should also read what the South China Morning Post thinks about PM Abhisit.

What do they think ? The online edition is for subscriber only ....

SCMP is always pesky with some human right issues. Nothing what The Nation would turn into a headline as long it is about Abhisit.

[samurai]

The editorial pages of both the Japan Times and the South China Morning Post yesterday named Finance Minister Korn Chatikavanij as a possible candidate to replace Dominique Strauss-Kahn as head of the International Monetary Fund (IMF) for "his deep understanding of financial markets".

Time to read these opinion articles of the Japan Times and SCMP, right?

http://www.scmp.com/portal/site/SCMP/menuitem.2c913216495213d5df646910cba0a0a0/?vgnextoid=c11f5b7062d00310VgnVCM100000360a0a0aRCRD&vgnextfmt=teaser&ss=Columns+%26+Insight&s=Opinion

http://search.japantimes.co.jp/cgi-bin/eo20110519a2.html

In case you cannot find the reference to Korn, because Korn isn't the only one suggested as the next IMF Head in these editorials, his name is shortly mentioned in one of the last paragraphs.

"Asia has two finance ministers with deep understanding of financial markets: Tharman Shanmugaratnam gained his through being managing director of the Monetary Authority of Singapore, and British-born and Winchester and Oxford-educated Korn Chatikavanij of Thailand was previously head of J.P. Morgan in that country."

That's all. Still good for a big headline in The Nation.

Interesting, and on checking I see that the articles in the Japan Times and South China Morning Post are identical and written as an independent opinion by an expatriate journalist, not a mainline editorial at all.Yet the Nation has puffed this up to suggest regional opinion is moving behind Korn. Looks rather shoddy journalism to me.

Amazing, isn't it.

Some will never notice because they just read headlines.

[timekeeper]

The editorial pages of both the Japan Times and the South China Morning Post yesterday named Finance Minister Korn Chatikavanij as a possible candidate to replace Dominique Strauss-Kahn as head of the International Monetary Fund (IMF) for "his deep understanding of financial markets"

Time to read these opinion articles of the Japan Times and SCMP, right?

http://www.scmp.com/...sight&s=Opinion

http://search.japant...20110519a2.html

In case you cannot find the reference to Korn, because Korn isn't the only one suggested as the next IMF Head in these editorials, his name is shortly mentioned in one of the last paragraphs.

"Asia has two finance ministers with deep understanding of financial markets: Tharman Shanmugaratnam gained his through being managing director of the Monetary Authority of Singapore, and British-born and Winchester and Oxford-educated Korn Chatikavanij of Thailand was previously head of J.P. Morgan in that country."

That's all. Still good for a big headline in The Nation.

Interesting, and on checking I see that the articles in the Japan Times and South China Morning Post are identical and written as an independent opinion by an expatriate journalist, not a mainline editorial at all.Yet the Nation has puffed this up to suggest regional opinion is moving behind Korn. Looks rather shoddy journalism to me.

Amazing, isn't it.

Some will never notice because they just read headlines.

i would not venture to say its amazing myself

Jayboy is just terribly pedantic about irrelevant details such as this........

[krangeek]

The last time a Thai was the head of an international body, Supachai Panitchpakdi, WTO, it was a complete disaster. Thais say foreigners don't understand Thailand, maybe it's Thais who don't understand the rest of the world.

Prize goes to JurgenC for the understatement of the bloody year.

[Thai at Heart]

I would love to see an Asian head of the IMF lecturing the West about their lack of fiscal responsibility, lack of transparency in lending, and irresponsible social systems. I am sure he would love to put the boot in after the lecturing that Asia got in 1997.

That said, the only reason I would like to see him get it (which would remove his services from his current job) would be if they come up with Gordon Brooooon as the candidate. Please god no!!!!!!

[eezergood]

No-one had ever heard of the French guy untill now this maybe true, BUT how many of us know the worlds best Chess Grand Masters? or croquette champion?? Not me, but thats not to say they arent good at what they do or not well known within their "circle"!

As for ethnicity of the next leader, I am sure the non corrupt govts of Europe would be more than happy to relinquish their monopoly!

[JetsetBkk]

Amazing, isn't it.

Some will never notice because they just read headlines.

i would not venture to say its amazing myself

Jayboy is just terribly pedantic about irrelevant details such as this........

"The devil is in the details" - very well spotted, Jayboy.

From Mr Rafferty's article printed in both papers:

There are tens of good candidates from Africa, Asia and Latin America, who would be worth testing through a thorough, preferably public, interview. Two obvious favorites, Egyptian Mohamed El-Erian of the global investment management firm Pimco and Indian Montek Singh Ahluwalia, are over the normal 65 years age limit. Latin America can offer Eduardo Aninat or Arminio Fraga. Trevor Manuel, South Africa's finance minister, and Ngozi Okonji-Iweala, former finance minister of Nigeria now Robert Zoellick's deputy at the World Bank, have deceptively mild exteriors masking tough minds.

Asia has two finance ministers with deep understanding of financial markets: Tharman Shanmugaratnam gained his through being managing director of the Monetary Authority of Singapore, and British-born and Winchester and Oxford-educated Korn Chatikavanij of Thailand was previously head of J.P. Morgan in that country.

Whoever makes the short list should be asked, "What is your worldview?" and "What do you do if your country's interests conflicts with those of the world and IMF?"

Kevin Rafferty was managing editor at the IMF's sister organization, the World Bank.

[samurai]

Interesting, and on checking I see that the articles in the Japan Times and South China Morning Post are identical and written as an independent opinion by an expatriate journalist, not a mainline editorial at all.Yet the Nation has puffed this up to suggest regional opinion is moving behind Korn. Looks rather shoddy journalism to me.

Amazing, isn't it.

Some will never notice because they just read headlines.

i would not venture to say its amazing myself

Jayboy is just terribly pedantic about irrelevant details such as this........

Did you take some time and read the article at the Japan Times? Jayboy did.

http://search.japantimes.co.jp/cgi-bin/eo20110519a2.html

Is it really that hot issue as The Nation tries to push it?

Is jayboy just just terribly pedantic about irrelevant details such as this? I don't think so. These details are not irrelevant and it isn't pedantic.

Is the Nation terrible imprecise with relevant details and just over euphoric about an irrelevant also-ran? Yes and yes.

Edited May 23, 2011 by samurai

[JurgenG]

I noticed too that the article were the same in the two news paper but didn't realize at the time the implication.

The Nation is just terribly biased and wants us to believe that both Japan and Hong Kong / China endorse the candidature of Korn to the IMF. And without jayboy we would have almost believed it, well spotted !

Nothing to worry about our favorite Englishman, I don't think he's going to move to New York anytime soon

[Thai at Heart]

I noticed too that the article were the same in the two news paper but didn't realize at the time the implication.

The Nation is just terribly biased and wants us to believe that both Japan and Hong Kong / China endorse the candidature of Korn to the IMF. And without jayboy we would have almost believed it, well spotted !

Nothing to worry about our favorite Englishman, I don't think he's going to move to New York anytime soon

If he keeps going and the rest of the world keeps borrowing up to the eyeballs, half of Bangkok might be able to afford to move to New York or London in not too long a time.

[samran]

A diversion, and nothing more.

Korn is Democrat party leader in waiting.

As an ex investment banker, I suspect he plays hardball quite well. He'll be a perfect opposition leader (unfortunately I suspect). He's probably the best credentialed person to run Thailand for the next 5 years.

[animatic]

Thailand is a full dues paying founding member of the International Monetary Fund.

And as such has every right to field a qualified candidate. Korn is qualified.

Likely Lagarde will take the post, but Korn is a viable candidate,

and great for Asia if he takes it. A loss for Thailand if he does also....

Probably Devakula is qualified too, but was found too close to Thaksin when he vilified

the IMF for 'nationalist reasons' and to get their 'fiscal responsibility' controls out of his books. So he could diddle the books without watchdogs peering in.... Two birds / one stone.

Such a charade it was too,

a full founding and IMF voting member uses the IMF as an evil whipping boy,

and pretends to pay off an easy tio handle loan early. Yet as soon as the loan was paid

Thailand continued to pay INTO the IMF, in % of gross domestic product,

for those lean days when insurance to protect the Thailand economic system is needed.

The hypocrisy was breath taking in hindsight.

Edited May 23, 2011 by animatic

[Thai at Heart]

Thailand is a full dues paying founding member of the International Monetary Fund.

And as such has every right to field a qualified candidate. Korn is qualified.

Likely Lagarde will take the post, but Korn is a viable candidate,

and great for Asia if he takes it. A loss for Thailand if he does also....

Probably Devakula is qualified too, but was found too close to Thaksin when he vilified

the IMF for 'nationalist reasons' and to get their 'fiscal responsibility' controls out of his books. So he could diddle the books without watchdogs peering in.... Two birds / one stone.

Such a charade it was too,

a full founding and IMF voting member uses the IMF as an evil whipping boy,

and pretends to pay off an easy tio handle loan early. Yet as soon as the loan was paid

Thailand continued to pay INTO the IMF, in % of gross domestic product,

for those lean days when insurance to protect the Thailand economic system is needed.

The hypocrisy was breath taking in hindsight.

What you mean to say, it wasn't Soros that did it, but rather crazy mismatched lending to people to go off and build apartments and buildings, with an unsustainable exchange rate that caused the crash? Say it aint so!

In fact, seems as though the rest of the world just took what the Thais managed in 1997, and gave us the new improved version over the last few years. Crafty beggars these bankers aren't they.

[metisdead]

Some bickering posts have been removed.

[jayboy]

A diversion, and nothing more.

Korn is Democrat party leader in waiting.

As an ex investment banker, I suspect he plays hardball quite well. He'll be a perfect opposition leader (unfortunately I suspect). He's probably the best credentialed person to run Thailand for the next 5 years.

Happy on this occasion to be in full agreement with you.But do I take it from what you say that you think Yingluk will be able to form a government and that Abhisit will give way to Korn as leader of the Dems?

[JurgenG]

It's a given fact that Korn is going to replace Abhisit as the leader of the democrat party. Now, will it be as premier or opposition leader ?

There is a thread running in the general forum "My sister-in-law is a medium", maybe we should move the discussion there ?

Edited May 23, 2011 by JurgenG

[Thai at Heart]

It's a given fact that Korn is going to replace Abhisit as the leader of the democrat party. Now, will it be as premier or opposition leader ?

There is a thread running in the general forum "My sister-in-law is a medium", maybe we should move the discussion there ?

If he doesn't get the job of leading the Dems, he can always play basketball. Strewth he is tall for a Thai.

[animatic]

Thailand is a full dues paying founding member of the International Monetary Fund.

And as such has every right to field a qualified candidate. Korn is qualified.

Likely Lagarde will take the post, but Korn is a viable candidate,

and great for Asia if he takes it. A loss for Thailand if he does also....

Probably Devakula is qualified too, but was found too close to Thaksin when he vilified

the IMF for 'nationalist reasons' and to get their 'fiscal responsibility' controls out of his books. So he could diddle the books without watchdogs peering in.... Two birds / one stone.

Such a charade it was too,

a full founding and IMF voting member uses the IMF as an evil whipping boy,

and pretends to pay off an easy tio handle loan early. Yet as soon as the loan was paid

Thailand continued to pay INTO the IMF, in % of gross domestic product,

for those lean days when insurance to protect the Thailand economic system is needed.

The hypocrisy was breath taking in hindsight.

What you mean to say, it wasn't Soros that did it, but rather crazy mismatched lending to people to go off and build apartments and buildings, with an unsustainable exchange rate that caused the crash? Say it aint so!

In fact, seems as though the rest of the world just took what the Thais managed in 1997, and gave us the new improved version over the last few years. Crafty beggars these bankers aren't they.

Well that was 4-5 years earlier. And 10+ years later.

Soros was the whipping boy for Malaysias Matahir Mohamad.

He did it for similar nationalist reasons, blame any westerners rather than a neighbor and his own banking system. The Asian Tiger was ripe to fall because of their own arrogance.

The hand in glove sweetheart loans to Thai old boys club set the stage,

and then Chavalit, with Thaksin standing 1 step behind him, succeeded in bringing

the whole house of cards down in super quick time.

Thaksin of course made out well.... Profited while most all collapsed...

Gee wiz... how'd he do dat?

The IMF loans were the logical solution to saving the regional economies,

but the local puyais weren't gonna like being 'over-seen' by westerners,

even if THEY were ALSO 100% IMF members.

Chuan ran well under the IMF loans, and then pulled the plug at year 3, not the agreed on year five, and Thaksin ONLY paid off the last few remaining installments early, by refinancing through Temasek for longer time at lower interest, but no scrutiny and actually long term Temasek makes more, and Thaksin also set the stage from their purchase of Shin.

This is all put in contrast with how Korn has operated.

PTP has tried repeatedly to throw mud and nothing has stuck at all.

Edited May 23, 2011 by animatic

[samurai]

I noticed too that the article were the same in the two news paper but didn't realize at the time the implication.

The Nation is just terribly biased and wants us to believe that both Japan and Hong Kong / China endorse the candidature of Korn to the IMF. And without jayboy we would have almost believed it, well spotted !

I want that credit.

The lazy boy jayboy didn't searched for the original articles at both papers and didn't post the links in this thread.

I did and I recommended to read them to find out what has inspired the Nation to come up with this hot news.

But okay meanwhile I gave just a hint, jayboy pointed out what I thought would be obvious for everyone who takes the time to look at the links, noticed the author's name and read the articles.

[jfchandler]

All I can say is...based on the track record of the past incumbent in the IMF job, it would do wonders for Korn's sex life if he was chosen.

[thaikahuna]

Great for Korn and Thailand should he win the post, but for the good of the world, go for the Singaporean.

:jap: Agreed!

[Johpa]

And what do you know about the Singaporean guy, did you know that Singapore is one of the most corrupt governments in the world... Singapore`s banking system runs on dirty moneys.. nearly all of the Burmese Junta`s cash is invested through Singapore, and Singapore is the world hub for Heroin, and always has been..

Singapore is not that corrupt for every day living, but the banks there are indeed where the money from the ruling military junta in Burma deposits into their personal accounts the cash so graciously provided by the local natural gas consortium led by Chevron and Total S.A. Singapore has also overtaken Thailand as the depository of choice for heroin money as a result of the relocation of the heroin trade back to South Asia. But the international banking system as a whole and not just Chinese bankers, with the IMF as part of that system, cares not a whit about illegal gain just as long as the money gets deposited back into the system where it can be loaned out again ten times over. Its called fractional banking and for every $1 on deposit they get to loan out at least $10.

[jdinasia]

Moreover, it was mentioned that the position should not be limited to candidates exclusively from the US and the European Union, as there were many good personalities from Africa, Asia and Latin America

No, it perhaps shouldn't be limited to Euro, US, more that the person is fit for the job wherever they're from and not from Asia because the Asians somehow deserve a shot.

The people that fund the IMF are not going to turn over the organization to anyone from the developing world. Not now. The IMF is heavily involved in Latin & South America and the EU now and there is no way someone not attentive to their needs will be selected. Does Minister Korn even know where Portugal or Spain is? Has he ever been to Latin America? Mr. Korn may be a big fish in his region, but he is an insignificant player in the big leagues of international finance.

Then again .. you've been wrong before.

The question is .. would Korn accept it if offered?

It would be a huge feather in his cap, in the Dem's cap .. and yes in Thailand's cap!

[jayboy]

The question is .. would Korn accept it if offered?

It would be a huge feather in his cap, in the Dem's cap .. and yes in Thailand's cap!

If I may say a rather fatuous post.

Actually that's not the question.The question is why the Thai press has dishonestly misrepresented regional opinion.I'm as big a fan of Korn as anyone but he has no chance at all.Even among the non European candidates he is not mentioned as a serious contender.For those who understand the requirements of the IMF chairmanship - and this thread shows there aren't many on this forum - it's also obvious he doesn't yet have the necessary experience compared with someone like Manuel from South Africa.

[alyx]

Moreover, it was mentioned that the position should not be limited to candidates exclusively from the US and the European Union, as there were many good personalities from Africa, Asia and Latin America

No, it perhaps shouldn't be limited to Euro, US, more that the person is fit for the job wherever they're from and not from Asia because the Asians somehow deserve a shot.

The people that fund the IMF are not going to turn over the organization to anyone from the developing world. Not now. The IMF is heavily involved in Latin & South America and the EU now and there is no way someone not attentive to their needs will be selected. Does Minister Korn even know where Portugal or Spain is? Has he ever been to Latin America? Mr. Korn may be a big fish in his region, but he is an insignificant player in the big leagues of international finance.

I second that . I do not see how this could happen, irrelevantly of the qualities of the candidates

The first in line is Michelle Lagarde (French) who has been on the international scene for years, is a respected economist, has a clean record (until one is found of course) , has ties with heads of states, and , above all, higly appreciated by India and other countries on the go

Before anyone should consider a candidate in the area, one should look at Brazil who is the one bailing out Greece and Portugal ......

Edited May 23, 2011 by alyx

[Thai-Aust]

and British-born and Winchester and Oxford-educated Korn Chatikavanij of Thailand

Korn was actually born in Thailand, had his first few years in Thai school before went on to England.

Abhisit was born and bred in England.

Edited May 23, 2011 by Thai-Aust

[samurai]

and British-born and Winchester and Oxford-educated Korn Chatikavanij of Thailand

Korn was actually born in Thailand, had his first few years in Thai school before went on to England.

Abhisit was born and bred in England.

Was actually not my statement, but a quote from the Japan Post.

And it looks like that Korn is indeed British-born. That is at least that what he says about himself on his website:

I was born in London on 19 February 1964 into a family with a long and established record in public service.

http://www.korndemocrat.com/en/about.html

[softgeorge]

A thai politician with his fingers in one of the biggest pots of gold. Just glad that Thailand has not been built on scams and corruption or else the International community may be in trouble.