webfact Posted May 17, 2013 Share Posted May 17, 2013 Rising baht could trigger crisis: ThaksinThe NationBANGKOK: -- Former prime minister Thaksin Shinawatra warned yesterday that a lack of cooperation between the central bank and the Finance Ministry in reining in the strengthening baht could lead to a new financial crisis for Thailand.Thaksin said the current economic indexes were worrying. "I like looking at different indexes and often get alarmed," he said."During the crisis, only the paranoid survived," he added, quoting Andrew Grove, former chief executive of computer-chip maker Intel.The latest message on his Facebook account (www.facebook.com/thaksinofficial) posted yesterday afternoon said that Japan was able to achieve a GDP growth of 3.5 per cent in the first quarter because the Bank of Japan works directly with the Japanese government. He said Thailand's problem was that the Bank of Thailand was independent, and he accused the central bank of refusing to listen to the government."They [the Japanese] have a holistic approach to dealing with their economic problems. Their monetary policy and their fiscal policy are united," Thaksin said.He also noted that the Japanese government made the yen 20-per-cent weaker and printed more banknotes under a quantitative easing policy aimed at revitalising the economy.Thaksin, who is believed to be pulling the strings behind the ruling Pheu Thai Party, said a law issued after the 2006 coup made the Thai central bank independent from the government. "They do not listen to the government. This is worrying because both sides use their own policies and believe in their own," he said.The ex-leader went on to say that a capital influx into Thailand was worrying and could lead to a bubble in asset pricing."Will there be any joint measures between the Finance Ministry and the Bank of Thailand? I am worried. We may not have to worry, if we look at the future in the short term. But if we look at the next few years, there is cause for alarm," he said.Thaksin said that as Thailand's GDP relies heavily on exports, an increase in baht's value of an additional Bt1 per US dollar would result in a loss of 0.7 per cent in GDP.He said that when serving as foreign minister between 1994 and 1995, he had cautioned the central bank and the Finance Ministry "every time" he attended meetings of the bank's Exchange Equalisation Fund, but his warnings were not heeded and the financial crisis of 1997 ensued.-- The Nation 2013-05-18 Link to comment Share on other sites More sharing options...
Popular Post waza Posted May 17, 2013 Popular Post Share Posted May 17, 2013 (edited) Hmmm so you send your clone PM/Salesperson around the world selling Thai debt bonds for foreign currency. Then force the Baht to devalue by say 25% and you have made a pretty penny. High Baht low rice prices the losses just keep coming, the cabinet, CC and BOT are out of control. " but his warnings were not heeded and the financial crisis of 1997 ensued." Cry me a river............. FIGJAM Edited May 17, 2013 by waza 12 Link to comment Share on other sites More sharing options...
Popular Post dcutman Posted May 17, 2013 Popular Post Share Posted May 17, 2013 He said Thailand's problem was that the Bank of Thailand wasindependent, and he accused the central bank of refusing to listen tothe government. You are wrong T. The Central Bank has been listening to the Govt., and laughing at the stupidity that comes out of it. 13 Link to comment Share on other sites More sharing options...
Ragzilb Posted May 17, 2013 Share Posted May 17, 2013 Lets make one thing clear...DONT LISTEN TO THAT MAN 1 Link to comment Share on other sites More sharing options...
Popular Post NongKhaiKid Posted May 17, 2013 Popular Post Share Posted May 17, 2013 HE who must be obeyed has spoken so now there will be some action taken even if it's just to make matters worse. 5 Link to comment Share on other sites More sharing options...
NongKhaiKid Posted May 17, 2013 Share Posted May 17, 2013 Hmmm so you send your clone PM/Salesperson around the world selling Thai debt bonds for foreign currency. Then force the Baht to devalue by say 25% and you have made a pretty penny. High Baht low rice prices the losses just keep coming, the cabinet, CC and BOT are out of control. " but his warnings were not heeded and the financial crisis of 1997 ensued." Cry me a river............. Thaksin crying.jpg FIGJAM luckily he doesn't need the luxury of hindsight because he's always right. Link to comment Share on other sites More sharing options...
Popular Post whybother Posted May 17, 2013 Popular Post Share Posted May 17, 2013 He also noted that the Japanese government made the yen 20-per-cent weaker and printed more banknotes under a quantitative easing policy aimed at revitalising the economy. Why does the economy need revitalising? PTP and all their supporters keep saying that it's going just fine. 6 Link to comment Share on other sites More sharing options...
Mosha Posted May 18, 2013 Share Posted May 18, 2013 He also noted that the Japanese government made the yen 20-per-cent weaker and printed more banknotes under a quantitative easing policy aimed at revitalising the economy. Why does the economy need revitalising? PTP and all their supporters keep saying that it's going just fine. Because the paymaster has thought, so PTP must do. 2 Link to comment Share on other sites More sharing options...
Popular Post bigbamboo Posted May 18, 2013 Popular Post Share Posted May 18, 2013 Sounds like there's even more unsold rice than we thought. 3 Link to comment Share on other sites More sharing options...
Popular Post LuckyLew Posted May 18, 2013 Popular Post Share Posted May 18, 2013 Why do they only refer to him as "Former prime minister Thaksin Shinawatra" It should be "Ousted Former prime minister Thaksin Shinawatra who is a convicte felon currently on the lam" 6 Link to comment Share on other sites More sharing options...
Popular Post kotsak Posted May 18, 2013 Popular Post Share Posted May 18, 2013 Title should read Rising Thaksin could trigger baht crisis 3 Link to comment Share on other sites More sharing options...
H555 Posted May 18, 2013 Share Posted May 18, 2013 What's the problem just make some cheap lao khow from all that rotting rice and give as an after rice box treat for all the red shirts Link to comment Share on other sites More sharing options...
Thai at Heart Posted May 18, 2013 Share Posted May 18, 2013 I think it goes without saying that an independent central bank is on the whole a good thing. Comparing japans crisis and Thailand is a very very big stretch. 1 Link to comment Share on other sites More sharing options...
NeverSure Posted May 18, 2013 Share Posted May 18, 2013 The Emperor has no clothes. Link to comment Share on other sites More sharing options...
chiangmaikelly Posted May 18, 2013 Share Posted May 18, 2013 Title should read Rising Thaksin could trigger baht crisis Thaksin wants the baht to decrease in value. You want the baht to go up more and the pound and dollar to go down some more? 1 Link to comment Share on other sites More sharing options...
Thai at Heart Posted May 18, 2013 Share Posted May 18, 2013 Title should read Rising Thaksin could trigger baht crisis Thaksin wants the baht to decrease in value. You want the baht to go up more and the pound and dollar to go down some more? Indeed all the thaksin haters should be cheering him on surely? 1 Link to comment Share on other sites More sharing options...
apetley Posted May 18, 2013 Share Posted May 18, 2013 Title should read Rising Thaksin could trigger baht crisis Thaksin wants the baht to decrease in value. You want the baht to go up more and the pound and dollar to go down some more?Indeed all the thaksin haters should be cheering him on surely? Yes indeed. Politics is a fickle game for sure:-) Sent from my GT-I9003 using Thaivisa Connect Thailand mobile app Link to comment Share on other sites More sharing options...
Pib Posted May 18, 2013 Share Posted May 18, 2013 "They [the Japanese] have a holistic approach to dealing with their economic problems. Their monetary policy and their fiscal policy are united," Thaksin said. Yea right, that's why the Japanese economy has done absolutely great since the early 90's....wait, wait, but the Japanese economy has been mired in the mud since the early 90's and the many different ensuring Japanese governments tried their own holistic approach which had little impact and only in the last year shown promising signs under Abeconomics. But it does seem Abeconomics and Bank of Japan's quantitative easing (QE) program, which is also having the effect of depreciating the yen, is having the desired effect in getting the economy pulled out of the mud. Just hope Japan can afford the QE tow truck bill. I also hope Thailand can afford the billions (or is it trillions now) of baht the PTP government plans to borrow. Buy hey, many western nations like numerous European countries and the U.S. are borrowing "billions and trillions" each year, so why shouldn't Thailand. Link to comment Share on other sites More sharing options...
Thai at Heart Posted May 18, 2013 Share Posted May 18, 2013 "They [the Japanese] have a holistic approach to dealing with their economic problems. Their monetary policy and their fiscal policy are united," Thaksin said.Yea right, that's why the Japanese economy has done absolutely great since the early 90's....wait, wait, but the Japanese economy has been mired in the mud since the early 90's and the many different ensuring Japanese governments tried their own holistic approach which had little impact and only in the last year shown promising signs under Abeconomics. But it does seem Abeconomics and Bank of Japan's quantitative easing (QE) program, which is also having the effect of depreciating the yen, is having the desired effect in getting the economy pulled out of the mud. Just hope Japan can afford the QE tow truck bill. I also hope Thailand can afford the billions (or is it trillions now) of baht the PTP government plans to borrow. Buy hey, many western nations like numerous European countries and the U.S. are borrowing "billions and trillions" each year, so why shouldn't Thailand. Problem is. Right now the printed yen are flying into the jap stock market. Just wait until this tsunami starts rippling out into Asia. It's going to push the baht and other regional currencies even higher. This is why the bot is keeping its powder dry. 2 Link to comment Share on other sites More sharing options...
chiangmaikelly Posted May 18, 2013 Share Posted May 18, 2013 "They [the Japanese] have a holistic approach to dealing with their economic problems. Their monetary policy and their fiscal policy are united," Thaksin said.Yea right, that's why the Japanese economy has done absolutely great since the early 90's....wait, wait, but the Japanese economy has been mired in the mud since the early 90's and the many different ensuring Japanese governments tried their own holistic approach which had little impact and only in the last year shown promising signs under Abeconomics. But it does seem Abeconomics and Bank of Japan's quantitative easing (QE) program, which is also having the effect of depreciating the yen, is having the desired effect in getting the economy pulled out of the mud. Just hope Japan can afford the QE tow truck bill. I also hope Thailand can afford the billions (or is it trillions now) of baht the PTP government plans to borrow. Buy hey, many western nations like numerous European countries and the U.S. are borrowing "billions and trillions" each year, so why shouldn't Thailand. Problem is. Right now the printed yen are flying into the jap stock market.Just wait until this tsunami starts rippling out into Asia. It's going to push the baht and other regional currencies even higher. This is why the bot is keeping its powder dry. Would not it make more sense for the Japanese to invest in the NYSE? Link to comment Share on other sites More sharing options...
chainarong Posted May 18, 2013 Share Posted May 18, 2013 Can you imagine this guy returning to Thailand under their amnesty law, you would never be able to shut him up , then again there are some people ,I am sure ,that would just love to shut he's mouth, for good. 1 Link to comment Share on other sites More sharing options...
NeverSure Posted May 18, 2013 Share Posted May 18, 2013 "They [the Japanese] have a holistic approach to dealing with their economic problems. Their monetary policy and their fiscal policy are united," Thaksin said.Yea right, that's why the Japanese economy has done absolutely great since the early 90's....wait, wait, but the Japanese economy has been mired in the mud since the early 90's and the many different ensuring Japanese governments tried their own holistic approach which had little impact and only in the last year shown promising signs under Abeconomics. But it does seem Abeconomics and Bank of Japan's quantitative easing (QE) program, which is also having the effect of depreciating the yen, is having the desired effect in getting the economy pulled out of the mud. Just hope Japan can afford the QE tow truck bill. I also hope Thailand can afford the billions (or is it trillions now) of baht the PTP government plans to borrow. Buy hey, many western nations like numerous European countries and the U.S. are borrowing "billions and trillions" each year, so why shouldn't Thailand. Problem is. Right now the printed yen are flying into the jap stock market.Just wait until this tsunami starts rippling out into Asia. It's going to push the baht and other regional currencies even higher. This is why the bot is keeping its powder dry. Would not it make more sense for the Japanese to invest in the NYSE? Many Japanese corporations are doing very well while the government struggles. They are of course separate. This fools a lot of people (not you) into thinking that the US government problems are necessarily visited on the corporations who are the private sector. The big corporations are global and many are having record profits including in other countries such as Japan. Toyota, Nissan, Honda, Kubota are all doing well and their stocks are at or near record highs. You can, for instance, buy Toyota on either the Tokyo, London or NYSE. Link to comment Share on other sites More sharing options...
Popular Post smutcakes Posted May 18, 2013 Popular Post Share Posted May 18, 2013 Whatever he says business wise, i would tend to listen. For all his faults, as a business man he blows everyone out of the water when it comes to investment decisions and getting things done. Its one of the reasons he is voted in by big business, he actually gets things done rather than procrastinate for 4 years. 9 Link to comment Share on other sites More sharing options...
moe666 Posted May 18, 2013 Share Posted May 18, 2013 Seems to be the opening shot of making the BOT less than independant. 1 Link to comment Share on other sites More sharing options...
smutcakes Posted May 18, 2013 Share Posted May 18, 2013 Seems to be the opening shot of making the BOT less than independant. Yes if you want to read it that way, and it suits your opinion. I will go get my tin foil hat. Link to comment Share on other sites More sharing options...
rubl Posted May 18, 2013 Share Posted May 18, 2013 "Thaksin said a law issued after the 2006 coup made the Thai central bank independent from the government."Obviously that's bad, the situation before which enabled in part the 1997 shenanigans was good. Thaksin said so Link to comment Share on other sites More sharing options...
smutcakes Posted May 18, 2013 Share Posted May 18, 2013 "Thaksin said a law issued after the 2006 coup made the Thai central bank independent from the government." Obviously that's bad, the situation before which enabled in part the 1997 shenanigans was good. Thaksin said so Why do you have that in quote marks? he did not say that. But you know that. Link to comment Share on other sites More sharing options...
dcutman Posted May 18, 2013 Share Posted May 18, 2013 "Thaksin said a law issued after the 2006 coup made the Thai central bank independent from the government." Obviously that's bad, the situation before which enabled in part the 1997 shenanigans was good. Thaksin said so Why do you have that in quote marks? he did not say that. But you know that. You might want to re read the op. That is exactly what he said. Link to comment Share on other sites More sharing options...
Thai at Heart Posted May 18, 2013 Share Posted May 18, 2013 "They [the Japanese] have a holistic approach to dealing with their economic problems. Their monetary policy and their fiscal policy are united," Thaksin said.Yea right, that's why the Japanese economy has done absolutely great since the early 90's....wait, wait, but the Japanese economy has been mired in the mud since the early 90's and the many different ensuring Japanese governments tried their own holistic approach which had little impact and only in the last year shown promising signs under Abeconomics. But it does seem Abeconomics and Bank of Japan's quantitative easing (QE) program, which is also having the effect of depreciating the yen, is having the desired effect in getting the economy pulled out of the mud. Just hope Japan can afford the QE tow truck bill. I also hope Thailand can afford the billions (or is it trillions now) of baht the PTP government plans to borrow. Buy hey, many western nations like numerous European countries and the U.S. are borrowing "billions and trillions" each year, so why shouldn't Thailand. Problem is. Right now the printed yen are flying into the jap stock market.Just wait until this tsunami starts rippling out into Asia. It's going to push the baht and other regional currencies even higher. This is why the bot is keeping its powder dry. Would not it make more sense for the Japanese to invest in the NYSE? The Japanese stock market so far this year is way way up because of the money flying around. The tsunami is coming soon. Link to comment Share on other sites More sharing options...
smutcakes Posted May 18, 2013 Share Posted May 18, 2013 "Thaksin said a law issued after the 2006 coup made the Thai central bank independent from the government." Obviously that's bad, the situation before which enabled in part the 1997 shenanigans was good. Thaksin said so Why do you have that in quote marks? he did not say that. But you know that. You might want to re read the op. That is exactly what he said. Did he? really? Can you read? Link to comment Share on other sites More sharing options...
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