Thai bank clarifies why it has no money to pay rice farmers

[Dario]

The ones who are duped the most are the ones who cut the farmer's rice (one of them is my wife), because farmers will only pay after they have sold the rice. We advance everything for the farmer, gasoline, salaries to the workers, commission to the one who bring us the customers, repairs, 3 meals per day for all the workers including whiskey, etc, etc. And now we have to wait even 45 days longer. But who believes the BAAC will get the money within the time frame they publish? This is Thailand after all.

Edited November 22, 2013 by Dario

[wolf5370]

Everyone's missing the point here......the farmers have their Farmer's Bank ( BAAC ) credit cards so they don't need the cash immediately . They use their credit cards and pay interest so that by next year, the bank will have plenty of money to pay them so in a roundabout way, the banks will pay the farmers with the money the farmers have paid them. I think it will be a good idea to buy shares in the banks because they charge for everything,, transactions, ATM cards, loans etc., even if you are in credit. Let's face it, banks never give anything away or lose.....

.....oh, sorry. I forgot that when I opened a new bank account with SCB depositing a large near-7-figure-sum, they gave me..........................................

a GLASS

Should have gone BKK Bank - I got 3 umbrellas (all broken now) and a love-heart shaped cushion

[wolf5370]

Do like what the US did. Print more money and devalue the currency.

Yes, that is the reason why for example the price for a tin of mackerel fish increased from 10 baht to 14 baht.

That's a whopping 40% price increase for a basic food product.

anomaly.

Inflation is very very much subdued at the moment

agree, offical figures are around 2,5 to 3,5.

But for our personal shopping basket, we are this year far above.

Really must agree - just about all staples have risen in price - well above 3.5% - certainly double figures. Some items are nearly double the price as of last year - and I'm not talking about imported stuff, of which I purchase very little food-wise. Inflation is much higher than has been published, that's for sure.

[tomacht8]

The ones who are duped the most are the ones who cut the farmer's rice (one of them is my wife), because farmers will only pay after they have sold the rice. We advance everything for the farmer, gasoline, salaries to the workers, commission to the one who bring us the customers, repairs, 3 meals per day for all the workers including whiskey, etc, etc. And now we have to wait even 45 days longer. But who believes the BAAC will get the money within the time frame they publish? This is Thailand after all.

Sorry to hear.

They driving this beautiful country with high speed against the wall.

Better to give the voters the purple bill direct as always.

But now they plunder the public finances and burn the money in a breathtaking speed.

It seems to be that no one in this country knows, how high the daily losses are from this program.

Looks like that this program has become a pure loan program and can not be fed from the household budget.

Edited November 22, 2013 by tomacht8

[MAJIC]

"it is lacking enough quiddity"

Seriously. Is this a hint that they want help from the Brits? (It literally says quiddity under the picture.)

It's not the Aliens problem!

[Ulic]

The only numbers I believe in this whole farce is there is no money to pay the farmers.

Otherwise they would be paid and the boat would rock a little less.

[Robby nz]

News elsewhere this morning is that the Govt will dip into NEXT years budget to the tune of 82 billion B to pay the farmers.

A deputy minister of finance has said if they do that the scheme will be " Financially Manageable"

How about "A Financial Disaster" Mr deputy minister.

[MAJIC]

"However he said that the bank has now advised all staff to go to see the farmers and to clarify them urgently the reason and also to assure them that the payment will soon be made in the next one and a half month."

BAAC may have some job vacancies after those visits

Hmm yes!, the government have sent a Proxy Agent,(The Banks) to cover up, and take the ear bashing,how pathetic does it get? The pawns are lined up to Save Face,for the Government who have no idea how to run a Country,and I won't even ask where the allocation of Rice money for the Farmers (who worked hard to produce) has now disappeared,and drastically reduced from the original Pay out to the Farmers,who sadly have been used once again!

[metisdead]

Off topic posts as well insulting and inflammatory posts and replies have been removed.

[scorecard]

Well I guess, big big picture there's no problem, because very soon every person in Thailand will be rich, as promised.

[Arkady]

Good news for the millers and other middle men who get to buy rice from the farmers who need cash immediately for B6,000 a tonne and pledge it for B15,000 a moth later.

BAAC is already up to the limit it can borrow with a government guarantee and must now borrow without a guarantee at higher interest rates. What a mess!

[Bagwan]

Bank clarifies why it has no money to pay farmers

So, money really doesn't grow on trees.

So much for the oft heard mantra that Buddha will provide.

[zydeco]

Bank clarifies why it has no money to pay farmers

So, money really doesn't grow on trees.

So much for the oft heard mantra that Buddha will provide.

Buddha's Bowl? Saw that on an episode of Relic Hunter about a decade ago.

[EyesWideOpen]

Smart posters have said on these rice scam threads that this will all end in a trail

of tears. Seems to already be happening.... Sorry the farmers have to feel a bit of

pain, but hopefully this will wake them up and speed up the overthrow of this

government of fools.....

[MJP]

I reckon a big round of QuanTITative Easing is on its way from Thailand's central bank. They have exchange rates on their side at the moment to do this. It's not as though Thailand would lose a Triple-A credit rating as a consequence.

[GentlemanJim]

So, no money to pay for the first car rebate scheme scam for tens of thousands of people, No money to pay the farmers for the rice scheme scam for tens of thousands of people. It seems the piggy bank is empty because all the little piggy's have stashed all the money away somewhere else.

There was a guy speaking at the rally on TV tonight who was from Thai Airways, said he had had enough about all the BS that Thai Airways couldn't make a profit, he said he had documented evidence that on one occasion the board wrote down a 3 Billion baht purchase of aircraft as 6 Billion baht, 3 Billion simply disappeared. No wonder this lot want amnesty. The country and Government officials are so scared that the golden time is coming to an end that the frenzy to raid the coffers is out of control. Can one honest man come along and save this country....please. Put the crooks in jail and just save the country. I wait for a true honest political party with the slogan 'One Nation, One People, One Law' ! Ooops, i just woke up again...damn! Can the red apologists please provide an explanation why all this is good and legal and OK, we need some entertainment.

[MJP]

So, no money to pay for the first car rebate scheme scam for tens of thousands of people, No money to pay the farmers for the rice scheme scam for tens of thousands of people. It seems the piggy bank is empty because all the little piggy's have stashed all the money away somewhere else.

There was a guy speaking at the rally on TV tonight who was from Thai Airways, said he had had enough about all the BS that Thai Airways couldn't make a profit, he said he had documented evidence that on one occasion the board wrote down a 3 Billion baht purchase of aircraft as 6 Billion baht, 3 Billion simply disappeared. No wonder this lot want amnesty. The country and Government officials are so scared that the golden time is coming to an end that the frenzy to raid the coffers is out of control. Can one honest man come along and save this country....please. Put the crooks in jail and just save the country. I wait for a true honest political party with the slogan 'One Nation, One People, One Law' ! Ooops, i just woke up again...dam_n! Can the red apologists please provide an explanation why all this is good and legal and OK, we need some entertainment.

These are my feelings about the whole thing. It seems like the last big grand robbery before collapse or perhaps just change.

The poster Thailiketoo made an excellent observation in another thread about the transition Thailand is undergoing from feudalism to democratic meritocracy. It could be the feudal overlords see this as unstoppable now, hence the last grab of anything and everything they can steal on the way out and, for many, likely into exile.