'PM's Policies Are Toxinomics'

[george]

'PM's policies are Toxinomics'

The latest issue of Far Eastern Economic Review warns that Prime Minister Thaksin Shinawatra's conflicts of interest have endangered Thailand's economic recovery.

The magazine's February 19 issue said Thaksin's conflicts of interest were undermining his economic leadership.

It said Thailand needed new policies, but Thaksin's existing economic strategy was linked too closely with his family businesses to change easily.

Unless he sacrificed Shina-watra company interests for the good of the country, the article advised, previously helpful policies would turn harmful, and the recovery would falter.

The Hong Kong-based magazine described Thaksin's potentially poisonous policy mix as "Toxinomics", rather than Thaksinomics.

It said that several key platforms of the government - cheap credit, a strong baht, stimulation of consumption and stock-market support - directly benefited Shin and other consumer-based businesses.

Both Toxinomics and the Shin group, the magazine said, maintained a special focus on consumption.

Thaksin had carefully crafted policies to put money in the hands of those Thais most likely to spend it, and consumption had boomed.

It said Shin's mobile-phone arm Advanced Info Service - the largest provider of Thailand's hottest consumer item - had profited hugely from the resulting shopping spree.

Since Thaksin was elected prime minister in January 2001, its subscriber base had jumped six-fold, it added.

The magazine said Thaksin's cheap-credit strategy further boosted the Shin empire.

Monetary easing and aggres-sive state-bank lending had pushed interest rates to all- time lows. In this environment, Shin's new consumer-finance company would enjoy cheap financing and sustained customer demand.

It said that Thaksin's promotion of the stock market helped Shin more than other busi- nesses. As one of Thailand's biggest consumers of equity finance, Shin benefited from the bull market more than most firms.

--The Nation 2004-02-15

[markt]

Yeah yeah yeah. But does he still wanna buy Fulham?

[Axel]

Yeah yeah yeah. But does he still wanna buy Fulham?

No choice, Chelsea is gone...

[huski]

Yeah yeah yeah. But does he still wanna buy Fulham?

and he would probably try to coach also

[Martin]

Methinks that there is an element of the FEER pandering to its readers' prejudicies in this.

For years now I have been uneasy about the way the Western press seeks to put the most unsympathetic, even subtly racist, slant on its stories and editorials about the East.

In Singapore I wondered why the British press were only interested in what they could portray in such a way as to denigrate Singapore's success. Ultimately I came to feel that there is an (understandably) ingrained guilt in British minds over the way Britain let down Singapore so badly 60+ years ago. And that 'knocking' Singapore was a subconscious result of that.

But, more generally, is there a lurking fear of the East in the collective mind of the West?. Faced with a situation that "They're as bright as us, and there's more of them than there are of us" it would be understandable that news of any of their failings would appeal to Western readerships.

Last week I had this 'brightness' underlined. In hospital (not in Bangkok, but out in 'BanNawkLand') I was really impressed by the sheer intellectual-horsepower, as well as factual knowledge and social skills, of the fourth-year medical students. Especially the young women.

As I talked with them to try to find out if there was particularly good teaching or mentoring at the bottom of it, I found that it was largely due to them using the Internet to network with the brightest young medical students all round the world. I used to wonder why people reckoned that the Internet was going to be a big thing, but the light is dawning on me. Maybe it won't be long before a Far West Economic Review is looking from here to there and puncturing a few posturings!

[markt]

Ultimately I came to feel that there is an (understandably) ingrained guilt in British minds over the way Britain let down Singapore so badly 60+ years ago.

Yeah, that's on my mind all the time.

Bloody Japs. .....

[ChiangMaiThai]

Martin, you may have a point, but I honestly believe that the majority of Thai reporters would be writing similar things if they weren't well aware that Toxin would shut them down the next day.

[samran]

Good thing to notice though, is that peoples attitiudes here in BKK are starting to shift and they are seeing him for what he is actually stands for (himself). They will still support him to his face, but now that he doesn't look so perfect, they will slowly give him more rope to hang himself.....and thats how Dear Leader will fail.

Dear Leader will still win the next election, based on his maids and drivers deap pockets.

But now that the Taxi drivers REALLY don't like him anymore (and are willing to call him to my face a "yet" this and a "kuay" that) you know there is a shifting of the sands happening.

[parryhandy]

Methinks that there is an element of the FEER pandering to its readers' prejudicies in this.

For years now I have been uneasy about the way the Western press seeks to put the most unsympathetic, even subtly racist, slant on its stories and editorials about the East.

In Singapore I wondered why the British press were only interested in what they could portray in such a way as to denigrate Singapore's success. Ultimately I came to feel that there is an (understandably) ingrained guilt in British minds over the way Britain let down Singapore so badly 60+ years ago. And that 'knocking' Singapore was a subconscious result of that.

But, more generally, is there a lurking fear of the East in the collective mind of the West?. Faced with a situation that "They're as bright as us, and there's more of them than there are of us" it would be understandable that news of any of their failings would appeal to Western readerships.

Last week I had this 'brightness' underlined. In hospital (not in Bangkok, but out in 'BanNawkLand') I was really impressed by the sheer intellectual-horsepower, as well as factual knowledge and social skills, of the fourth-year medical students. Especially the young women.

As I talked with them to try to find out if there was particularly good teaching or mentoring at the bottom of it, I found that it was largely due to them using the Internet to network with the brightest young medical students all round the world. I used to wonder why people reckoned that the Internet was going to be a big thing, but the light is dawning on me. Maybe it won't be long before a Far West Economic Review is looking from here to there and puncturing a few posturings!

absolute rubbish .The article is coming down on Thailand because Taskin and his policies is a great example of why businessmen should not become politicians.Of course they will use their power for themselves who wouldnt afterall business is all about getting an edge.But with no real competion and choice how can intelligence which you rightly pointed out that Thais have ever be rewarded and encouraged.Simply it cant and you end up with a kind of capatilist / comunist soceity.

Just imagine have proved yourself a brilliant student only to find you can work for one man paying crap wages.What do you do ?

Also you knock the western media and then later go on to praise it. Where did the internet come from? Is it not a western media/commuication creation.Will it not be that the willingness of mainly western students to share their ideas and knowledge through western media be the reason why these Thai medical students are showing such promise.

[KenUdon]

absolute rubbish .The article is coming down on Thailand because Taskin and his policies is a great example of why businessmen should not become politicians.Of course they will use their power for themselves who wouldnt afterall business is all about getting an edge.But with no real competion and choice how can intelligence which you rightly pointed out that Thais have ever be rewarded and encouraged.Simply it cant and you end up with a kind of capatilist / comunist soceity.

Just imagine have proved yourself a brilliant student only to find you can work for one man paying crap wages.What do you do ?

Also you knock the western media and then later go on to praise it. Where did the internet come from? Is it not a western media/commuication creation.Will it not be that the willingness of mainly western students to share their ideas and knowledge through western media be the reason why these Thai medical students are showing such promise.

Absolutely correct Parry. The Economic Review has no axe to grind, so there is no reason to denigrate its findings at all. They have it right, and it is a sign of the times that the Thai press are unable, out of fear of reprisals, to report in an impartial way. Certainly, I am sure they would agree with most of what the Review says given the chance, however painful it would be to admit to.