Higher-Than-Expected Losses Negative For Thailand's Rating: Moody's

[Thai at Heart]

....... and there goes the Dollar above 30 now.

One has to known that Moody's is control by Soros remember him ( the little old man with a very young GF) who is raiding the baht as before He is betting it will go to 60

Well it won't go there, unless these so called politicians in power screw the pooch completely and create the situation for it to go there. Soros has made boat loads from fixed exchange rates over valuing a currency. Where is the Thai Baht fixed exchange rate now? Nowhere to be seen.

Lay of the Fox News a little. Soros can't move the market magically on his own, unless the Thai's create a fundamental imbalance in the market that no one else notices.

[OzMick]

I believe Moody's rather than the bullxxxx figures the Govt puts out every day. For those supporters of this scheme (and others) and this Government, open your eyes and see how far down the road to ruin they are taking this country. It won't be long before there is no coming back from it.

Moodys is control by Soros I believe the Government not a month piece for Soros

Right - it's not simple government corruption and incompetence, it's a conspiracy of world bankers controlled by the secret world government.

[ratcatcher]

I believe Moody's rather than the bullxxxx figures the Govt puts out every day. For those supporters of this scheme (and others) and this Government, open your eyes and see how far down the road to ruin they are taking this country. It won't be long before there is no coming back from it.

Moodys is control by Soros I believe the Government not a month piece for Soros

"I believe the government".......................

[bigbamboo]

I would really love to have seen if there was any structured idea ever put together about how the government intended to hold the global buyers to ransom and get them to buy this overpriced product?

Of course the government has a plan; it is entitled "wishful thinking".

Although the Big Boss prefers to call it 'manipulating world prices for two or three years', and seems to regard it as eminently feasible and acceptable, so what do any of us plebs know ?

The Big Boss seems to forget that whereas Thailand was 'his oyster' the rest of the world is a quite different place.

[Thai at Heart]

I would really love to have seen if there was any structured idea ever put together about how the government intended to hold the global buyers to ransom and get them to buy this overpriced product?

Of course the government has a plan; it is entitled "wishful thinking".

Although the Big Boss prefers to call it 'manipulating world prices for two or three years', and seems to regard it as eminently feasible and acceptable, so what do any of us plebs know ?

The Big Boss seems to forget that whereas Thailand was 'his oyster' the rest of the world is a quite different place.

A commodity like this, cannot be manipulated if you allow the supply to INCREASE. They put in the susbsidy, but didn't limit the volume. That of course doesn't preclude any of the other suppliers to increase their supply. Of course, they could be using the fact that half of it will go off, but that means they have to declare the loss and put it on the books.

I reckon they have never intended to sell it, but the fact that all the other major rice producers have had good crops doesn't help.

[NeverSure]

....... and there goes the Dollar above 30 now.

One has to known that Moody's is control by Soros remember him ( the little old man with a very young GF) who is raiding the baht as before He is betting it will go to 60

Link please?

[NeverSure]

Unfortunately, Moody's can work only with figures the Thai government gives it. Moody's is in the dark.

Why don't they audit and do a thorough stress test on the Agricultural Bank before they make any pronouncements?

[harryfrompattaya]

I believe Moody's rather than the bullxxxx figures the Govt puts out every day. For those supporters of this scheme (and others) and this Government, open your eyes and see how far down the road to ruin they are taking this country. It won't be long before there is no coming back from it.

Moodys is control by Soros I believe the Government not a month piece for Soros

Right - it's not simple government corruption and incompetence, it's a conspiracy of world bankers controlled by the secret world government.

Right on you understand the power of Soros and the Scret world government Soon 60 to dollar.

[OzMick]

In its earlier incarnation, this policy was PROVEN to be a hot-bed of corruption and an abject failure, but it wasn't in place long enough to cause major losses and flow-on effects.

That the policy was re-instated without change (primarily as a vote-buying exercise) was bad enough. If there had been some cosmetic changes, perhaps freezing rents on rice growing land and limiting price increases of fertilizer, some claim to improvement could be made. But no, Thaksin's abortionate baby was re-birthed at just the wrong time for a squeeze on this commodity.

It has proved to be as bad a policy as before, ineffective in its stated aims and causing huge losses of taxpayer's funds. Persisting with it, and lying to conceal how bad things really are, is a CRIMINAL waste, internationally recognised and now causing damage of the nation's status and credit rating.

That alone should be enough for this government's downfall. Proof that government members have profited from this policy (IMHO as likely as the sun coming up tomorrow) should see their corruption rewarded with incarceration or worse. The Nuremburg defence won't work.

[OzMick]

I believe Moody's rather than the bullshit figures the Govt puts out every day. For those supporters of this scheme (and others) and this Government, open your eyes and see how far down the road to ruin they are taking this country. It won't be long before there is no coming back from it.

Moodys is control by Soros I believe the Government not a month piece for Soros

Right - it's not simple government corruption and incompetence, it's a conspiracy of world bankers controlled by the secret world government.

Right on you understand the power of Soros and the Scret world government Soon 60 to dollar.

I see the silent black helicopters too.

[smutcakes]

Thai Visa is funny, can anyone find the thread where one of these agencies upgraded the Thai rating? It was met with scorn and ridicule and comments to the affect that how could these no nothing chumps who failed to predict the Banking collapse possibly be fit to rate the Thai system.

Scroll on a few months and because they have done something which the naysayers and doomsayers of Thailand can hang on to, the opinion has changed dramatically!

[CrisRMenumate]

The Chickens come home to roost eventually... you reap what you sow... anything else...

[Thai at Heart]

This is so funny, Soros was in cahoots with the government at the time to devalue the baht, and Thaksin was in some way grateful to Soros for having created the situation for this to happen? Oh my lord.

If anything, possibly Chavalit tipped him off a few days before the fall came. Do you think Thaksin all of a sudden moved bazillions in a couple of days to take advantage? Do you know how many of Thaksin's political allies were put utterly in the poop by that devaluation, and yet remain loyal to him still today? The Thai exchange rate structure created the possibility for it to happen, not some wonderous conspiracy from Soros or anyone else. The best economic minds on all sides of the political spectrum in Thailand ALL got it wrong.

[allan michaud]

I would really love to have seen if there was any structured idea ever put together about how the government intended to hold the global buyers to ransom and get them to buy this overpriced product?

Probably not, but it was the big T's idea and he was quoted as saying his plan was that he expected a global catastrophe over the next few years that would enable Thailand to make a killing from feeding the worlds starving people.

What a wonderful person he is, great advert for Thailand.

[Thai at Heart]

I would really love to have seen if there was any structured idea ever put together about how the government intended to hold the global buyers to ransom and get them to buy this overpriced product?

Probably not, but it was the big T's idea and he was quoted as saying his plan was that he expected a global catastrophe over the next few years that would enable Thailand to make a killing from feeding the worlds starving people.

What a wonderful person he is, great advert for Thailand.

Oh yeah. How many years off into the distance did he think this was going to happen, because he doesn't seem to understand that keeping rice in 40c and 80% humidity is quite difficult.

[AleG]

I would really love to have seen if there was any structured idea ever put together about how the government intended to hold the global buyers to ransom and get them to buy this overpriced product?

Probably not, but it was the big T's idea and he was quoted as saying his plan was that he expected a global catastrophe over the next few years that would enable Thailand to make a killing from feeding the worlds starving people.

What a wonderful person he is, great advert for Thailand.

You know, I wouldn't be surprised if astrology was a part of this boondoggle's decision process.

[trainman34014]

I would really love to have seen if there was any structured idea ever put together about how the government intended to hold the global buyers to ransom and get them to buy this overpriced product?

Of course the government has a plan; it is entitled "wishful thinking".

No; it's called..' Sod the people, let us and our cronies get richer quicker'

[apetley]

I would really love to have seen if there was any structured idea ever put together about how the government intended to hold the global buyers to ransom and get them to buy this overpriced product? 

Probably not, but it was the big T's idea and he was quoted as saying his plan was that he expected a global catastrophe over the next few years that would enable Thailand to make a killing from feeding the worlds starving people.

What a wonderful person he is, great advert for Thailand.

Well som nom na for listening to the Mayans and thinking the world was heading for catastrophy last year.

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[robertson468]

Like many others on this Forum, I do did not study higher economic mathematics, however I have experienced a little tremor of financial angst for Thailand lookingwho , taking in to account the rice predging scheme, grants to new car buyers who are buying on HP, Moody's exposure of the Government fudging and to top it all a what is becoming, a somewhat shakey Government who at the moment have three rather serious cases against them that could prove terminal for the ruling party. Selfishly, rather glad to see Sterling rise against the baht; roll on the days of 75 baht to £1

[how241]

....... and there goes the Dollar above 30 now.

+1

[metisdead]

A flame post has been removed as well as the replies. Other off topic nonsense posts have been removed as well.

[tragickingdom]

As if governments care.At least the money is now used to sponsor ordinary people. Abhisit wasted the money on bomb scanners, armored vehicles and a Zeppelin that were useless.

[Skywalker69]

I'm sure the usual TV pundits who are government supporters will be quick to respond and point out for us why Moody's have got it wrong.

I have noticed that the usual suspects no longer show up in support of the rice scam I mean scheme. I would love for GK to come and explain it all away about a year ago he wrote a long opinion on why the rice scam would be successful.

.

Who is GK?

GK (Geriatrickid is a Thai Visa member.

[Sunderland]

As if governments care.At least the money is now used to sponsor ordinary people. Abhisit wasted the money on bomb scanners, armored vehicles and a Zeppelin that were useless.

Funny. Which ordinary people are being sponsored? They're all in debt or will be very soon.

[hellodolly]

I would really love to have seen if there was any structured idea ever put together about how the government intended to hold the global buyers to ransom and get them to buy this overpriced product?

I know in China they had to buy x number of pads each of which had to have the Chinese government needless useless seal of approval on it at an extras price of course.

Don't know what hold they had on the Ivory coast maybe it was such a cheap price that 20% going bad was still a good deal. The government dosen't have to disclose government to government prices so it could well be at market value less 25%.

But that still dosen't answer your question about global buyers the for profit ones are not going to come near Thailand.

[hellodolly]

I believe Moody's rather than the bullxxxx figures the Govt puts out every day. For those supporters of this scheme (and others) and this Government, open your eyes and see how far down the road to ruin they are taking this country. It won't be long before there is no coming back from it.

Moodys is control by Soros I believe the Government not a month piece for Soros

Right - it's not simple government corruption and incompetence, it's a conspiracy of world bankers controlled by the secret world government.

Right on you understand the power of Soros and the Scret world government Soon 60 to dollar.

I really really really wish you had a clue about what you are talking about 60 baht to the $ U S

wow We have hit the jackpot.

Any day now the retiree's will be flooding in on your great news.

[hellodolly]

In its earlier incarnation, this policy was PROVEN to be a hot-bed of corruption and an abject failure, but it wasn't in place long enough to cause major losses and flow-on effects.

That the policy was re-instated without change (primarily as a vote-buying exercise) was bad enough. If there had been some cosmetic changes, perhaps freezing rents on rice growing land and limiting price increases of fertilizer, some claim to improvement could be made. But no, Thaksin's abortionate baby was re-birthed at just the wrong time for a squeeze on this commodity.

It has proved to be as bad a policy as before, ineffective in its stated aims and causing huge losses of taxpayer's funds. Persisting with it, and lying to conceal how bad things really are, is a CRIMINAL waste, internationally recognised and now causing damage of the nation's status and credit rating.

That alone should be enough for this government's downfall. Proof that government members have profited from this policy (IMHO as likely as the sun coming up tomorrow) should see their corruption rewarded with incarceration or worse. The Nuremburg defence won't work.

Well I agree with you in what you say.

How ever here in Thailand they have a different penal system. They take people like you have described and offer them positions in the cabinet or other positions of authority. In one notable case they recommend that the man stay out of Thailand until they can change some laws to legalize corruption. but in the mean time continue to receive instructions from him on Skype and occasional visits to him.

[whybother]

As if governments care.At least the money is now used to sponsor ordinary people. Abhisit wasted the money on bomb scanners, armored vehicles and a Zeppelin that were useless.

The bomb scanners were bought under Thaksin!

[waza]

Heads roll over the embarrassing leaked report of the massive losses incured so far by the rice pledging scam.

BANGKOK, 4 June 2013 (NNT) - Prime Minister Yingluck Shinawatra has instructed the Ministry of Finance to provide Thailand’s economic information for Moody’s before it downgrades the country’s credit rating. Ms Yingluck on Tuesday said she had asked the Ministry of Finance to closely monitor Moody’s analysis and confirmed that the government was ready to provide the agency with complete information prior to the rating downgrade. Asked why the government did not clarify the rice pledging scheme’s loss of profit to the public, the premier said the loss was still unofficial, adding that she had not yet received the loss figures from the Ministry of Commerce. http://thainews.prd.go.th/centerweb/newsen/NewsDetail?NT01_NewsID=WNECO5606040010006

Seems that Yingluck isnt disputing that the rice scam is making losses, she is disputing the size of those losses. Based apon some new information that Yingluck has recieved from her finance minister.

BANGKOK, 3 June 2013 (NNT) - Deputy Prime Minister and Finance Minister Kittiratt Na-Ranong declines to comment on Moody’s plan to decrease Thailand’s credit rating after the Thai government’s rice pledging scheme made a loss of hundreds of billions of baht.

Mr Kittiratt said at the moment he could not provide information about Thailand’s credit rating downgrade as he had not yet been informed of the matter in detail. http://thainews.prd.go.th/centerweb/newsen/NewsDetail?NT01_NewsID=WNECO5606030010011

Tuesday, Jun 04, 2013......Continuing the programme and bearing further costs would have major credit implications, it said. Previous estimates of losses for the 2011-12 harvest year were equal to 1.0 per cent of gross domestic product, but the current estimate puts the cost at 1.7 per cent of GDP or 7.8 per cent of total expenditure in 2012...... http://news.asiaone.com/News/AsiaOne%BNews/Asia/Story/A1Story20130604-427262.html

Sound like good advice, time to cut your losses...........But This is Thailand.

Wednesday May 29 2013. AS was widely anticipated by the market, Thailand has renewed its rice paddy pledging scheme for a third year, despite the scheme driving up Thai rice prices on the international market and costing the country its previously held position as the world's number one exporter. "We will be continuing with the scheme, with which we aim to go on supporting farmers. At this stage, we see no change in the intervention," said Thai commerce minister Boonson Teriyapirom. http://www.agra-net.com/portal2/pl/home.jsp?template=newsarticle&artid=20018048607&pubid=ag047

Edited June 4, 2013 by waza

[livinthailandos]

Not sure on this part so if anyone can clarify let me know.

Rice scheme is for a 3rd year it seems. because of how thai government procedes thailand gets a downgrade in terms of credit rating. I assume these will effect fdi possibly? Now the amount of interest to pay back increases. considering this and recklessness of how things are heading. could thailand at some point earn a junk bond rating? maybe to far ahead

is it possible that the massive amount of rice gets sold into the thai market place?

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