Rising Baht Could Trigger Crisis: Thaksin

[whybother]

"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.

It's in quote marks because it's a quote from the OP.

[A Member]

Seems to be the opening shot of making the BOT less than independant.

Yes and there's more than an element of face involved I'm sure. The Governor of the BoT wants to run things his way and may well know what he's doing but lined up against him is well known blunderer and publicity hound Kittirat he wants to prove he's the man. The end product is a scrap where the original situation is ignored while the combatants fight just to be on top no matter what.

[dcutman]

"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?

Yes. Yes. Yes, but only English.

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.

Edited May 18, 2013 by metisdead
Posting in all capitals or in all bold, and using large or unusual fonts and colors is bad netiquette.

[Neilly]

"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.

It's in quote marks because it's a quote from the OP.

I think he’s just out for a Saturday morning troll stroll

[rixalex]

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.

Vast majority of Thaksin's empire has been built on monopoly contracts. Before his first one with the police department, arranged in no small part thanks to his wife's family connections, all his business ideas achieved little or nothing. Born in a Western style free market economy, i suggest he'd be a complete nobody right now, business-wise anyway.

[pmugghc]

Thaksin just doesn't like independent agencies. He showed that before when he was the PM, now we have the attacks on the judiciary and the BoT. The reds want to have full control, "they won the vote", right, so they must be able to rule everything! No checks and balances. That's their mentality.

[geriatrickid]

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.

Yes it is. In fact, a finance minister that attempts to meddle with the central bank risks destroying his country's credit rating.

The central bank must operate at arm's length and must be apolitical.

[geriatrickid]

Thaksin just doesn't like independent agencies. He showed that before when he was the PM, now we have the attacks on the judiciary and the BoT. The reds want to have full control, "they won the vote", right, so they must be able to rule everything! No checks and balances. That's their mentality.

It is not restricted to Thaksin. Unfortunately, it is common in the developing world. Many political leaders have considered the central bank to be a personal bank.

[centrala]

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?

Perhaps the lack of cheering is because a few more satang is difficult to balance against a murderous despot.

[centrala]

Seems to be the opening shot of making the BOT less than independant.

Classic Thaksin tactic.

Neutralize any independent entity.

Dis-empower any organization that doesn't kow tow to him.

Bank Of Thaksin has a better ring to it for him.

[virtualtraveller]

Well ,Takky, that's precisely the point. Let the economy spin out of control, ruin the reputation of the govt and confine business-guru THaksin to the trash heap of history where he belongs. If you hadn't embarked on suicidal populist spending to buy even more popularity the baht might not be overcooking itself. Only when the poor feel the backlask in their pockets will this country finally wake up to the 'Shinawatra' nightmare of this era. Let there be a crisis, harsh medicine to cure a sick country of Peau Thai disease.

[smutcakes]

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.

Vast majority of Thaksin's empire has been built on monopoly contracts. Before his first one with the police department, arranged in no small part thanks to his wife's family connections, all his business ideas achieved little or nothing. Born in a Western style free market economy, i suggest he'd be a complete nobody right now, business-wise anyway.

If its that easy, everyone would do it. I am not denying corruption, monopoly etc whatever you want to allege, but in a country like Thailand when people would sell their own mother for a few baht, you need to be a pretty shrewd operator to come out on top. How much did he make from Manchester City?

If you think he is a nobody you are extremely naive.

[whybother]

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.

Vast majority of Thaksin's empire has been built on monopoly contracts. Before his first one with the police department, arranged in no small part thanks to his wife's family connections, all his business ideas achieved little or nothing. Born in a Western style free market economy, i suggest he'd be a complete nobody right now, business-wise anyway.

If its that easy, everyone would do it. I am not denying corruption, monopoly etc whatever you want to allege, but in a country like Thailand when people would sell their own mother for a few baht, you need to be a pretty shrewd operator to come out on top. How much did he make from Manchester City?

If you think he is a nobody you are extremely naive.

Reading problem again??

"Born in a Western style free market economy, i suggest he'd be a complete nobody right now, business-wise anyway." Which is a lot different than "thinking he IS a nobody".

In addition to that, for everyone that has rich families, marry into richer families, and have connections with police and government to get sweet heart corrupt deals, it is that easy.

Unfortunately, not everyone has that money or those connections.

[smutcakes]

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.

Vast majority of Thaksin's empire has been built on monopoly contracts. Before his first one with the police department, arranged in no small part thanks to his wife's family connections, all his business ideas achieved little or nothing. Born in a Western style free market economy, i suggest he'd be a complete nobody right now, business-wise anyway.

If its that easy, everyone would do it. I am not denying corruption, monopoly etc whatever you want to allege, but in a country like Thailand when people would sell their own mother for a few baht, you need to be a pretty shrewd operator to come out on top. How much did he make from Manchester City?

If you think he is a nobody you are extremely naive.

Reading problem again??

"Born in a Western style free market economy, i suggest he'd be a complete nobody right now, business-wise anyway." Which is a lot different than "thinking he IS a nobody".

In addition to that, for everyone that has rich families, marry into richer families, and have connections with police and government to get sweet heart corrupt deals, it is that easy.

Unfortunately, not everyone has that money or those connections.

So a billionaire in dollar terms is a nobody now. Would like to know what you consider successful? What do you do?

Your analogy regarding money in families etc is one of the laziest generalizations i have ever read. Why don't some of the other 20K policeman do it? Are you really saying any old tom dick or harry policeman could of built up AIS and sold it for X billion baht! ? I will ask my gf to become a policewomen if it is that easy.

[chiangmaikelly]

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. I think that is about correct. Does anyone disagree?

[centrala]

Indeed all the thaksin haters should be cheering him on surely?

Perhaps the lack of cheering is because a few more satang is difficult to balance against a murderous despot.

Well go home then.

What on earth does that have to do with my post as to why posters aren't switching their dislike of Thaksin simply because he advocates a weaker baht.

I think he’s just out for a Saturday morning troll stroll

He certainly seems to be, Neilly.

He's not even making sense.

[rubl]

What happened?

"Strong Baht: Meeting With Kittiratt Eases Bank Of Thailand Pressure"
http://www.thaivisa.com/forum/topic/639252-strong-baht-meeting-with-kittiratt-eases-bank-of-thailand-pressure/

[pmugghc]

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.  I think that is about correct.  Does anyone disagree?

I don't know but the higher baht has benefits too, cheaper import of oil etc as well as easier for the government and private sector to pay off US$ loans.

Sent from my Nexus 4 using Thaivisa Connect Thailand mobile app

[whybother]

Reading problem again??

"Born in a Western style free market economy, i suggest he'd be a complete nobody right now, business-wise anyway." Which is a lot different than "thinking he IS a nobody".

In addition to that, for everyone that has rich families, marry into richer families, and have connections with police and government to get sweet heart corrupt deals, it is that easy.

Unfortunately, not everyone has that money or those connections.

So a billionaire in dollar terms is a nobody now. Would like to know what you consider successful? What do you do?

Your analogy regarding money in families etc is one of the laziest generalizations i have ever read. Why don't some of the other 20K policeman do it? Are you really saying any old tom dick or harry policeman could of built up AIS and sold it for X billion baht! ? I will ask my gf to become a policewomen if it is that easy.

.

READ!!! No one is saying that he IS a nobody!!!

It wasn't an analogy regarding money in families or a generalisation. It was a fact. Thaksin's and his (ex-)wife's families are some of the richest in Chiang Mai. Before Thaksin got the police computer deal and the AIS monopoly, he had a number of failed businesses.

How many of the other 20K policemen are part of rich families and marry in to rich families?

[JetsetBkk]

<snip>

FIGJAM

FIGJAM - very good!

I had to look that one up.

[rubl]

"The ex-leader went on to say that a capital influx into Thailand was worrying and could lead to a bubble in asset pricing."

Thaksin seems to loose touch somehow. In a recent discussion here I was reassured by knowledgable members there is no chance at all of a bubble bursting.

BTW it may be that by now Thaksin read this article from 2013-03-09 which was posted before here but ignored by most.
Thailands economic bubble another asian crisis?
http://www.121-international.com/thailands-economic-bubble-another-asian-crisis/

[webfact]

UPDATE:

Political battle on Facebook
The Nation

BANGKOK: -- Countering a Facebook post by former prime minister Thaksin Shinawatra, former Finance Minister Korn Chatikavanij said Thaksin's thinking is "both wrong and dangerous".

On his Facebook page, Korn directly attacked Thaksin for saying that Bank of Japan is subjected to the government’s control.

He also explained that BoJ decided to resort to monetary easing, as the low rate policy has failed to lift the economy from long-time recession. Though, this is apparently in response to the government’s order.

Korn furthered that the Bank of Thailand does not contain absolute power as Thaksin said. Indeed, the revision in the Bank of Thailand Act diminished the central banker’s power.

"I think Khun Thaksin’s the most troubled by the fact that the government is barred from dismissing the central banker at will," he said.


-- The Nation 2013-05-18

[Roadman]

"I think Khun Thaksin’s the most troubled by the fact that the government is barred from dismissing the central banker at will," he said.

The stink of the fugitive convicted criminal Thaksin's corrupt dictatorial attempt to control is everywhere. Very impressive how Khun Korn with good thai grace can still label the piece of scum with Khun.

[chiangmaikelly]

Just to help an old fellow, is the topic of this thread A rising baht could trigger crisis or how bad Thaksin is?

Given that it was Thaksin that said "Rising Baht could trigger crisis", they're both topics.

So the messenger is a topic as well as the message? What is the internet word for that? Ad hominem?

This isn't a "message". It is his opinion. There is plenty of history to discuss as to why he has that opinion.

He said, "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." Do you think he is wrong?

[JetsetBkk]

Countering a Facebook post by...

Facebook wars.

Jesus Wept.

[metisdead]

Off topic and nonsensical posts and replies have been removed.

[whybother]

He said, "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." Do you think he is wrong?

.

I don't know. What do you think?

The only thing I have questioned is that PTP supporters have said the economy is going great guns ... but Thaksin doesn't seem to agree.

Edited May 18, 2013 by whybother

[hellodolly]

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.

You are wrong T. The Central Bank has been listening to the Govt., and laughing at the stupidity that comes out of it.

Just another grab at him for controlling all of Thailand. He has the Parliament the Cabinet and the police under his thumb and is seeking a way to get the BOT under his thumb.

[dcutman]

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.

You are wrong T. The Central Bank has been listening to the Govt., and laughing at the stupidity that comes out of it.

Just another grab at him for controlling all of Thailand. He has the Parliament the Cabinet and the police under his thumb and is seeking a way to get the BOT under his thumb.

Absolutely! He would love to be able to order the Central Bank around, almost as much as he wants to control the Constitutional Court.

[bigbamboo]

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.

You are wrong T. The Central Bank has been listening to the Govt., and laughing at the stupidity that comes out of it.

Just another grab at him for controlling all of Thailand. He has the Parliament the Cabinet and the police under his thumb and is seeking a way to get the BOT under his thumb.

Absolutely! He would love to be able to order the Central Bank around, almost as much as he wants to control the Constitutional Court.

He wants control.... and it's worryingly similar to what was happening prior to 2006. Then he started to mess with the armed forces annual promotion junket and not long afterwards it all kicked off. Will it happen again?