Rice farmers join PDRC in Phichit blockade

[casualbiker]

I've taken time to speak to many Thai friends in the northeast..., from Korat to Udon Thani, Buriram and Chiang Mai. This story seems a bit bloated as they report the matter at hand in their area is not with the government but the banks not releasing monies they are chartered to dispense under the scheme. And they all report it to be isolated at that. So I now question the validity in reports of large scale and proportion in the matter. Not saying it isn't happening..., just now wondering how extensive it really is at this time. Could it be the fault of banks?

Welcome feedback as I know it's a critical thing for many. Especially those who have fallen prey to the "loan sharks".

The bank cannot release funds that they don't have .. that's the problem. The government have not been "revolving " the fund. And therefore had to inject funds from elsewhere .. but they could not find an "elsewhere " who would give them the money ... hence the situation now were they are trying to miss appropriate funds from the bank assets. All the time blaming everyone else for the problem .. and it is far from isolated as over 55 billion baht is outstanding!

Sent from my XT1032 using Thaivisa Connect Thailand mobile app

[darren84310]

Aren't the farmers getting exactly what they voted for?..... never mind if they get the money they will go back to loving Thaksin, even if it is robbed directly from the accounts of their fellow citizens or even from their own friends.

[gabruce]

He said most local customers had withdrawn their deposits in a panic,

A source said that customers, who were not farmers, had already started withdrawing their deposits, with one of |them taking out Bt30 million in one go.

Has the Govt started a run on the bank ?

Sounds like it is a possibility. I would be concerned that if there is a run at BAAC because of worries about the government forcing using of Bank Assets (depositors money) that it might spread to other banks. After all, if they are willing to use money from the BAAC and that fails because the bank collapses, people would be concerned that GSB might be next. Cypress is still pretty recent history. Runs are difficult to stop (well easy, just close the doors).

[kurtgruen]

Well, I don't know about elsewhere, but people are withdrawing their money, here in Chiang Dao, locals are not taking any chances. They are withdrawing from BACC, Government Savings Bank and Khrung Thai Bank, as we speak. Everyone we spoke to, has taken their money out already or is going to. This could turn out to be very interesting. I suggested, they put it in Bangkok Bank or Siam Commercial, but they are all hiding it in cash.

if this trend continues, it will put quite a strain on the banks. Thanks a lot, Ms. Yingluck

[icare999]

The rice farmers must be mad. The unelected electoral commission are responsible for this not the government. If they think the PRDC are going to support rice farmers they are sadly deluding themselves

its hardly worth replying to your dribble BS many have not been paid for 5 months and money is simply gone

[allan michaud]

The rice farmers must be mad. The unelected electoral commission are responsible for this not the government. If they think the PRDC are going to support rice farmers they are sadly deluding themselves

No, the govt had time to pay them but didn't have the money, which is why they were so dependent on getting the 2.2trillion loan passed. As soon as that failed (thank Buddha!) they had no way to pay. Yes, the EC have since then done everything possible to stop them paying the farmers, which I do not agree with, but the fact remains the govt lost massive amounts of money on this scam, seemingly upwards of $10billion, and were unable to pay their bill to the farmers when it was due. All the lies about govt to govt deals have not helped, PTP caused this and thankfully they were stopped from plunging the country into decades of debt.

[SICHONSTEVE]

The rice farmers must be mad. The unelected electoral commission are responsible for this not the government. If they think the PRDC are going to support rice farmers they are sadly deluding themselves

There's always one!!! Are the PRDC going to do worse than not paying for 6 month's (non) income when you have already handed over the goods??

Now why am I not surprised that you are a Millwall fan??.

What does surprise me is that you are apparently boasting about the fact when others would probably be hiding this or even denying it!!

Edited January 21, 2014 by SICHONSTEVE

[tezzainoz]

PTP biased red shirts here are blaming the demonstrators of not wanting an election

This is far from the truth

The want an election after the 180 days that the government can give taskin his get out of jail free card

The PTP on the other hand know that if this is allowed, so much of there curruption will be open to the public they will be lucky to get a small vote from the red shirts

The end and truth has already started to reveal it self

but there are those who are her that want to cover u her corruption.

although I not know why

[Scamper]

As the Yingluck administration's Bonnie and Clyde campaign of plundering the banks continues, and customers withdraw their deposits en masse in anticipation that the administration is now - in effect - staging their own Great Depression - the farmers are now joining the PDRC protests.

[Thai at Heart]

The rice farmers must be mad. The unelected electoral commission are responsible for this not the government. If they think the PRDC are going to support rice farmers they are sadly deluding themselves

The farmer who rents my wifes paddy has been waiting for his money since November as has my Father in law.

Other farmers where we live have been waiting up to 4 months.

The EC are not to blame the Govt has run out of money because they have been unable to sell enough of their stockpile simple as that.

The baac has run out of money, not the government.

They have screwed it up with their lies about the thing being self financing. They didn't and now can't refinance the bank. Biiig mess.

[animatic]

He said most local customers had withdrawn their deposits in a panic,

A source said that customers, who were not farmers, had already started withdrawing their deposits, with one of |them taking out Bt30 million in one go.

Has the Govt started a run on the bank ?

Sounds like it is a possibility. I would be concerned that if there is a run at BAAC because of worries about the government forcing using of Bank Assets (depositors money) that it might spread to other banks. After all, if they are willing to use money from the BAAC and that fails because the bank collapses, people would be concerned that GSB might be next. Cypress is still pretty recent history. Runs are difficult to stop (well easy, just close the doors).

Remember folks, back in '97 Thaksin was standing 1 row behind Chavalit when

he said he would never devalue the baht, and 4 days later floated the baht,

and crashed the entire asian tiger economy in months flat.

Of course Thaksin came out smelling like a rose and his financial enemies smashed...

There is precedent for Thaksin being involved with bank shenanigans on a grand scale

and not giving a hoot where or how many chips may fall, as long as he gets his.

"The IMF is not my father."*

" Democracy is not my aim...*

* that Kuhn T.

Edited January 21, 2014 by animatic

[fab4]

Remember folks, back in '97 Thaksin was standing 1 row behind Chavalit when

he said he would never devalue the baht, and 4 days later floated the baht,

and crashed the entire asian tiger economy in months flat.

Of course Thaksin came out smelling like a rose and his financial enemies smashed...

There is precedent for Thaksin being involved with bank shenanigans on a grand scale

and not giving a hoot where or how many chips may fall, as long as he gets his.

Wait a minute. So Thaksin standing behind Chavalit when he announced the baht would not be devalued 3 days before Chavalit announced that it would, thus precipitating the Thai Financial crisis is supposed to indicate some involvement by Thaksin in manipulating the economy? Chavalit had been denying the devaluation of the baht since the middle of May, a couple of months earlier.

A slowing economy, exports down sharply, stock market at an 8 year low and foreign speculators gambling on the baht, including one George Soros with a hedge fund bet of 4 Billion dollars that the baht would fall, had nothing to do with it?

It was Thaksin?

Give me a break.

Edited January 21, 2014 by fab4

[khunken]

Remember folks, back in '97 Thaksin was standing 1 row behind Chavalit when

he said he would never devalue the baht, and 4 days later floated the baht,

and crashed the entire asian tiger economy in months flat.

Of course Thaksin came out smelling like a rose and his financial enemies smashed...

There is precedent for Thaksin being involved with bank shenanigans on a grand scale

and not giving a hoot where or how many chips may fall, as long as he gets his.

Wait a minute. So Thaksin standing behind Chavalit when he announced the baht would not be devalued 3 days before Chavalit announced that it would, thus precipitating the Thai Financial crisis is supposed to indicate some involvement by Thaksin in manipulating the economy? Chavalit had been denying the devaluation of the baht since the middle of May, a couple of months earlier.

A slowing economy, exports down sharply, stock market at an 8 year low and foreign speculators gambling on the baht, including one George Soros with a hedge fund bet of 4 Billion dollars that the baht would fall, had nothing to do with it?

It was Thaksin?

Give me a break.

He didn't say what you imply (distort?). The rest of your post is mostly rubbish too.

The economy was is bad shape - yes - but the crisis had nothing to do with foreign speculators. The Soros accusation (Mahathir's diversion attempt) was never proven and even if it was, it wasn't the cause.

The finance houses & some banks were in deep shit over well-past-due loans, Thai companies had speculated by taking out dollar loans due to cheaper interest rates and the construction bubble burst.

I don't know whether Thaksin profited from insider knowledge but there have been many accusations (never investigated) that he did.

All of that is off topic, so to the topic.

Much of the unpaid money for the farmers dates back well before the current protests. The government had run out of budgeted money to pay the BAAC, who pay the farmers. They have tried to persuade the BACC to dip into their reserves (which apparently they did, partially) and/or use employee pension funds to pay the farmers.

They have consistently lied about G-to-G 'deals' which have never happened or were actually to a Thai company with Issan Rambo links. Hopefully the NACC will reveal that one.

Having consistently rubbed up the EC the wrong way, that body is insisting that proper documentation is issued for any extra borrowing. It's all very murky with the farmers suffering. They are just victims of - mainly - PTP incompetence and lies. A way needs to be found to pay them but it's hard to see any real urgency by Kittirat or whoever.

[SICHONSTEVE]

Remember folks, back in '97 Thaksin was standing 1 row behind Chavalit when

he said he would never devalue the baht, and 4 days later floated the baht,

and crashed the entire asian tiger economy in months flat.

Of course Thaksin came out smelling like a rose and his financial enemies smashed...

There is precedent for Thaksin being involved with bank shenanigans on a grand scale

and not giving a hoot where or how many chips may fall, as long as he gets his.

Wait a minute. So Thaksin standing behind Chavalit when he announced the baht would not be devalued 3 days before Chavalit announced that it would, thus precipitating the Thai Financial crisis is supposed to indicate some involvement by Thaksin in manipulating the economy? Chavalit had been denying the devaluation of the baht since the middle of May, a couple of months earlier.

A slowing economy, exports down sharply, stock market at an 8 year low and foreign speculators gambling on the baht, including one George Soros with a hedge fund bet of 4 Billion dollars that the baht would fall, had nothing to do with it?

It was Thaksin?

Give me a break.

He didn't say what you imply (distort?). The rest of your post is mostly rubbish too.

The economy was is bad shape - yes - but the crisis had nothing to do with foreign speculators. The Soros accusation (Mahathir's diversion attempt) was never proven and even if it was, it wasn't the cause.

The finance houses & some banks were in deep shit over well-past-due loans, Thai companies had speculated by taking out dollar loans due to cheaper interest rates and the construction bubble burst.

I don't know whether Thaksin profited from insider knowledge but there have been many accusations (never investigated) that he did.

All of that is off topic, so to the topic.

Much of the unpaid money for the farmers dates back well before the current protests. The government had run out of budgeted money to pay the BAAC, who pay the farmers. They have tried to persuade the BACC to dip into their reserves (which apparently they did, partially) and/or use employee pension funds to pay the farmers.

They have consistently lied about G-to-G 'deals' which have never happened or were actually to a Thai company with Issan Rambo links. Hopefully the NACC will reveal that one.

Having consistently rubbed up the EC the wrong way, that body is insisting that proper documentation is issued for any extra borrowing. It's all very murky with the farmers suffering. They are just victims of - mainly - PTP incompetence and lies. A way needs to be found to pay them but it's hard to see any real urgency by Kittirat or whoever.

Without doubt the urgency is there as their voters are slip sliding away!!

It's just that Thaksin put someone who is incompetent in the finance ministry who is prone to the odd lie and he is paying the price of this foolish action as Kittirat is a donkey that couldn't manage his kiddies saving account let alone the finance ministry!!!!

The whole issue was as easy to predict as the sun going down in the evening - you send in the clowns and sometime soon everyone is going to be laughing at them!!

[kimamey]

I suspect when the farmers are paid - with interest, and perhaps a bonus, and more promises they will be back shouting the Shin family praises of love for "poor folk."

Absolutely..... But where exactly is this 'payment', 'interest' and 'bonus' going to come from?

Maybe investments in palm oil or real estate? I'm sure Suthep and his son can provide some advice.

Red sycophant ploy #3 - change the subject

Obviously "deny, deny, deny" and "blame someone else" aren't working, and it's too soon for "rewrite history".

I suspect there was a certain amount of humour based on facts in GK's post.

[Basil B]

I think it is fair to say, some people are trying to orchestrate a run on the bank, now who would be doing that? my guess is the government, if there is a run on the bank and it has to close, how can they pay the farmers (with the money they have not got)?

I think anyone with any intelligence would have removed their money from this bank days ago.

[Fat Haggis]

Seems like the farmers are Fecked either way, No money from the Government at present, and they will still be in the same boat if/when the PDRC step in with their "peoples council" ..where does the money to pay them come from??

If the current Governemnt can't find the money, where the <deleted> is Suthep and Co going to conjur it from??

[Cuchulainn]

..................Meanwhile, about 1,000 farmers gathered outside city hall in Chiang Rai and demanded immediate payment for their long-overdue subsidy................

Well, you voted them in, so what are you bleating about? Som nam naa.

[seajae]

The rice farmers must be mad. The unelected electoral commission are responsible for this not the government. If they think the PRDC are going to support rice farmers they are sadly deluding themselves

hate to burst your bubble(not really) but this payment is months overdue and the ptp have blown the allocated funds elsewhere. This has nothing to do with the EC , the fact that the ptp made up rice sales is already a proven, the EC have rightly stopped them from getting more loans to cover their <deleted>. This should have been done before the govt left office but as usual they stuffed up by putting all the funds into personal slush funds. Pity you lot can only sprout innuendo and lies and not actually think for yourselves but that would require you to have a brain.

[Fat Haggis]

nobody taking me up on my question? If the Governement can't pay them, how do the "peoples council" expect to pay them?

[daboyz1]

nobody taking me up on my question? If the Governement can't pay them, how do the "peoples council" expect to pay them?

Why should the so called people's council pay them? They didn't make any promises to them.

[englishoak]

nobody taking me up on my question? If the Governement can't pay them, how do the "peoples council" expect to pay them?

Why should the so called people's council pay them? They didn't make any promises to them.

Silly comment, there will be no peoples council but any new government are obliged to settle previous agreements.

[englishoak]

double post deleted

Edited January 21, 2014 by englishoak

[daboyz1]

nobody taking me up on my question? If the Governement can't pay them, how do the "peoples council" expect to pay them?

Why should the so called people's council pay them? They didn't make any promises to them.

but any new government are obliged to settle previous agreements.

No they're not.

[englishoak]

nobody taking me up on my question? If the Governement can't pay them, how do the "peoples council" expect to pay them?

Why should the so called people's council pay them? They didn't make any promises to them.

but any new government are obliged to settle previous agreements.

No they're not.

lol yes they are or no incoming gov would ever be trusted, this is the case all over the world with bad policies they have to be honoured but can be halted from there on. This is the real world not fantasy land

[daboyz1]

No they're not.

lol yes they are or no incoming gov would ever be trusted, this is the case all over the world with bad policies they have to be honoured but can be halted from there on. This is the real world not fantasy land

You can lol all you want. There's 1000s of examples worldwide and I'm sure quite a few in Thailand where new governments don't honor agreements made by previous governments.

[MAJIC]

The rice farmers must be mad. The unelected electoral commission are responsible for this not the government. If they think the PRDC are going to support rice farmers they are sadly deluding themselves

I believe the govts. hands are tied. They can't spend the money while an election is pending per the rules. Granted the election commission could allow it, but why should they? The whole rice pledging scam was just one big vote buying enterprise in the first place.

they can't spend money they don't have - the EC has nothing to do with this debacle

Let me rephrase. They can't borrow money while an election is pending.

The money due to the Farmers for their Rice,was in Jeopardy,of default,long before the present crisis,the Banks warned of just this scenario months ago! as for not being able to borrow money while an election is pending? if the PTP didn't have that excuse to save them,no doubt it would be something else!

[englishoak]

No they're not.

lol yes they are or no incoming gov would ever be trusted, this is the case all over the world with bad policies they have to be honoured but can be halted from there on. This is the real world not fantasy land

You can lol all you want. There's 1000s of examples worldwide and I'm sure quite a few in Thailand where new governments don't honor agreements made by previous governments.

"sigh" Rice already given will have to be paid for, its as simple as that. Accounts outstanding have to be paid up, I laugh because your claims are ridiculous and just scaremongering. Youll see no matter how long it takes they will be paid.

Edited January 21, 2014 by englishoak

[Bluespunk]

The rice farmers must be mad. The unelected electoral commission are responsible for this not the government. If they think the PRDC are going to support rice farmers they are sadly deluding themselves

How can the EC be responsible for payments that have not been made since October? The govt does not have the money to pay the farmers what this disastrous, moronic rice policy promised them, hence their attempts to steal the assets of the BAAC (and those who invested their money in the bank) to pay the farmers. The farmers know this govt can't pay, they have been betrayed by PT and as a result are now in a vicious circle of debt and having to borrow from loan sharks to survive. Any farmer who still believes the hollow promises of this inept govt is the deluded one.

Edited January 21, 2014 by Bluespunk