Thai Commerce Minister says govt needs 180 billion baht to pay rice farmers

[fleeing]

Perfect time for the elite to start purchasing land from the cash strapped farmers who have debt to pay.

Very sad.

Indeed very sad, but it's OK because it will be the 'good' PTP elite buying the land at rock bottom prices and not the 'evil' Bangkok elite.

[Baerboxer]

..a drop in the ocean relative to reserves ( not that I support the scheme as structured)

So why bother commenting?..........The fact is that this Government swore blind they had the money to pay the farmers, but the truth is they did not/have not, hence the panic to try and borrow $6 Billion, an amount that is not to be considered small. We were told by the same Ministry two weeks ago that the 'BAAC had the "liquidity" to pay the Farmers', or has everyone forgotten that blatant lie as well. The Government are desperate to divert all attention away from themselves in some wicked attempt to try and absolve themselves of their sins against the Thai people. Heads should roll.

Under the current situation everyone should really stop worrying about a Military coup, in fact it would be a blessing to have one, because the predicament Thailand now finds itself in is the stuff of revolution! Fill your cupboards with rice and canned fish folks!

Filling every cupboard with rice? That would solve the liquidity issue in a flash. Wouldn't go for the fish unless you have a cat or 2. the world is not going to end over this...there will be a negotiated solution in the next couple of weeks (IMHO)

Do you have any comment on Jim's reference to the blatant lies told by government ministers about having enough money to pay, the broken promises to pay by various dates, and lies about G2G sales not actually being real?

Or are these lies also "just a drop in the ocean".

How you can defend these incompetents, and possible fraudsters, beggars belief.

[Robby nz]

The Royal Irrigation Department (RID) has voiced concerns over severe water shortages in the Chao Phraya River Basin as the amount of off-season rice being cultivated has exceeded the target by a large margin.

Was thinking this the other day when I was sat by the river having a fish.

The CP river is at the lowest I have ever seen it and its not even close to the dry season.

Everywhere for miles around the paddy is in full production, some getting close to harvest, with pumps pumping flat out from the klongs.

Not that long since they harvested the last crop then they started working the paddy up straight away to get as many crops in as possible.

As they haven't been paid for the last one they have no show of getting paid for the one in the ground.

[inzman]

I think poster " prbkk" is really a plant to get us riled up, really, can anybody be so daft?

Edited January 21, 2014 by inzman

[SICHONSTEVE]

..a drop in the ocean relative to reserves ( not that I support the scheme as structured)

If it's such a drop in the ocean as you imply then why don't they pay the farmers out???

Simple question - so simple answer required!!! Please bring it forth.

No hiding amongst the other topics now.

Edited January 21, 2014 by SICHONSTEVE

[Sydebolle]

Catch 22

Yingluck made election promises paid by the TAXpayer and PRIVATE INDUSTRY.

Salary increases affected most businesses with 25% - 30% across the board without any increase in efficiency. So happened in my business.

Subsidies for rice is the burden of the tax payer; guess that quite a few x-thousand if not x-hundertthousand tons of rice listed in the books were never harvested/delivered. I just LOVE the idea of those cheated farmers who want their rice back. Give it back to them and they might start to understand the scam as well.

I am so sick and tired of all this crap. Who in this country pays taxes to start with? Who is NOT cooking the books?

Get Yingluck and her cronies to pay for all that damage which goes on her account. If not, kick her out and ensure she is promoted to an Ugandan or Nicaraguan diplomatic passport like the puppet master ………

[scorecard]

Seriously Thailand has a unique opportunity to take the High moral ground.Feed the hungry.

The fact this relatively wealthy nation is still a beggar rather than donor says alot about compassion and application of the sufficiency economy.

The rice scheme to be wound down or administered by a non political agency e.g. UN

Of course no skims,scams or rake offs will ensure this fails.

In the long run if growing surplus rice does not provide necessary income, either diversification, or become productive in other areas. I doubt if young Thais want a wages rae to the bottom with Indian Vietnamese or Lao peasants.

Today very few natives pick crops in UK or USA because its too hard work for an obese urban welfare recipients.

Sadly low no-brain nations often find wars to distract young fit males from the failures of their fathers.

We will know when this a succesful economy when Thais go to Australia for pleasure and farmers daughters no longer service foreigners,

As a recurrent agrricultural policy it is madness and there are many other ways to boost rural income,productivity for example removing the money lenders midle men and illegal lotteries,usurers and gambling that are the curse of villages nationwide.Sinsod the chicken fight yabba scourge etc.

Fact 1 .See University of Queensland Video below in link

Published on 26 Dec 2013

Over the past six weeks the UN has reported food riots in Egypt, Yemen, Ethiopia, Cameroon, Bangladesh, Malaysia, Indonesia, Cote d'Ivoire, Mauritania, Mozambique and Senegal. In the worst case in Haiti, five people died and prime minister Jacques-Edouard Alexis was forced from office.

Rice shortages have led to Cambodia and Egypt banning rice exports, China imposing heavy export taxes and many other countries including Malaysia, Singapore, Sri Lanka and the Philippines begin stockpiling.

Manila has also asked fast-food multinationals such as McDonald's to serve half-portions of rice, while Pakistan and Russia have raised wheat export taxes by 35 per cent and 40 per cent respectively.

Other countries with new restrictions on grain exports include Brazil, Argentina and Vietnam. India has blocked export of all rice except premium basmati, while Guinea has banned the export of all foodstuffs.

According to the US Commodity Futures Trading Commission, the price of rice over the past 12 months has soared a staggering 122 per cent. For wheat, the increase has been 95 per cent, for soybeans 83 per cent and corn 66 per cent. The World Bank estimates that prices for all foods have risen 83 per cent in the past three years.

This week, UN food envoy Jean Ziegler blamed these price explosions on Wall Street, saying a herd of market traders, speculators and financial bandits had "turned wild and constructed a world of inequality and horror". But greed and opportunism on financial markets is only part of the story.

Food inflation is also about recent droughts in Australia and Russia; changing eating patterns in China and India, where the burgeoning middle classes want to eat more grain-fed meat and dairy products; the chronically weak US dollar; flawed alternative energy policies in the US and EU; and the blowout in the cost of fuel and fertiliser.

Above all else, food inflation is about the hunger of the poor, and if there's one anecdote that drives home the desperate suffering, it's the story of mothers in Haitian slums who have been feeding their children mud pies mixed with oil and sugar to try to make their hunger pangs go away.

"There's something really massively wrong when people are forced to eat mud," says Seton Hall University law professor and freedom from hunger activist Frank Pasquale. "The world simply cannot sit and watch this happen. People like (Indian economist) Amartya Sen might say there has never been a famine in a democracy but what we're seeing here could be a world first.

"I mean, we've had food riots in relatively well-ordered societies like Egypt and Malaysia. That tells us there could be a huge challenge just ahead."

Treasurer Wayne Swan was struck by the same realisation at the International Monetary Fund's recent meeting in Washington. Expecting conversations away from the formal agenda to revolve around the troubles in the US housing and credit markets, Swan was surprised to find food inflation the dominant topic.

When he sat next to Indian Finance Minister Shri Chidambaram at lunch on the final day, the subject was rice shortages, not Australian uranium.

http://www.youtube.com/watch?v=DY7unqi2miE

Keeping in mind that the plan was to hoard rice to reduce the supply thus increasing the price (which of course would increase the food crisis) and also try and benefit from a global catastrophe to peddle their overpriced rice, I don't think any humanitarian thoughts ever passed through Thaksin's head, morals just don't get into it.

He'd sooner nail his ##ck to a tree and set the tree on fire than giving away "his" rice for free.

Further, a good possibility that his ego didn't recognize that other countries are also in the rice business, and for the last 5 years or so, ready to take over the spot of biggest producer / seller of rice.

[Gulfsailor]

EC just announced that they won't stop government from taking out a loan to pay farmers, but that will have to take the responsibility for it.

Basically asking a cop if you are allowed to park somewhere and the cop says. Up to you, see what happens if you do. Hahahaha

[marcusd]

..a drop in the ocean relative to reserves ( not that I support the scheme as structured)

You like TS cannot get your mind's off Thailand's foreign reserves, why is that?

Because some people like to raise the speculation that Thailand cannot meet its debts. It can...plenty of reserves, a healthy bottom line, even in the context of some bad policies. This not like the govts following the last coup...they ran mega deficits of hundreds of billions of Baht

but can we trust the accounting figures and that they do ACTUALLY. Hold such reserves?

Sent from my RM-892_apac_laos_thailand_219 using Tapatalk

[wealth]

Perfect time for the elite to start purchasing land from the cash strapped farmers who have debt to pay.

Very sad.

loan-sharking, 2%/day, is also run by a man in Dubai to crab land.

Besides that ...

I'm currently in contact with biologists and scientists who have successfully developed organic methods to recreate soil to it's original status in 6 weeks and is 30-40% cheaper than 'common' fertilizing and 100% natural.

A few pilot projects have been completed here in TH with great success.

This will be saving mankind ... and farmers ...

--- DON'T GIVE UP YOUR LAND' ---

(anybody interested can contact me via pm)

Edited January 21, 2014 by wealth

[WitawatWatawit]

The huge foreign reserves mentioned earlier cannot by law be used for domestic purposes. So it's pointless even referring to them as some kind of saviour. Thaksin, Yingluck et al are stuck at the bottom of a very dry well that they have dug themselves. In the years to come, I hope Thai students are taught to regard Thaksin and his sycophants as the most shameful creatures to ever breathe air in this country.

[SheungWan]

The Thai Commerce Minister is deep in doo-doo if he is reduced to begging. The key to this story is that the government is trying yet again to do a raid on the banks after being rebuffed the first time round. The Thaksin spirit of looting the state to meet political objectives (and the rice scheme has been the political disaster trademark of this Thaksin regime) is unraveling. Keep an eye on those bank deposits lads. They might be needed one day. In the national interest of course. You do understand.

[Robby nz]

The huge foreign reserves mentioned earlier cannot by law be used for domestic purposes. So it's pointless even referring to them as some kind of saviour. Thaksin, Yingluck et al are stuck at the bottom of a very dry well that they have dug themselves. In the years to come, I hope Thai students are taught to regard Thaksin and his sycophants as the most shameful creatures to ever breathe air in this country.

Think I remember reading that a couple of months back the foreign reserves stood at around $US175 billion and just now someone has said they are 162 billion

Also seem to remember reading they when PT took office they were over 200 billion.

If this is correct where have these reserves gone ?

Same place as the rice money ?

[rebelplatoon]

"Finding" a 180 billion.... MMmmm let me think? Thaksin's backyard in Sankhampaeng??!

[skorchio]

No 'foreign source' is going to lend the Govt of a State which is at the precipice of annarchy monies to pay off a corrupted populist scheme 3 weeks before an election which is going to be a disaster. They are already shoving the blame to the EC, believe me if they thought they could pay this off they would have done so already. Continuing to frustrate the farmers is bad press, there is nothing to be gained in waiting, PTP needs those votes. They do not need an erosion of the support base, not 3 weeks before an election. Personally I believe there is no access to any money, I think Suthep's backers have set this up from the beginning, and I see it as a delicious piece of political manouvering, worthy of Thaksin himself (who I consider to be the undisputed Master of political manouvering). He may have met his match here though. I have said it for months, rice scham has potential to take this Govt down, which is such a ffffing beautiful manifestation of that famous Thai saying 'som nom ffffing naaaaaaa'!!!

[penwithcris]

180 billion baht may seem more than the average bar bill but it's not a sum to get overly alarmed about. A host of countries are much more exposed to debt than Thailand. America, the Eurozone, the UK are trillions of dollars in debt but President Obama or Angela Merkel are not preparing to plunge from high rise buildings as a consequence

Had Suthep and his cohorts not disturbed the workings of government in the way they have, I am sure the payments owed to rice farmers would have been paid by now even though the whole pledging scheme appears to have been ill thought out and unworkable.

Perhaps Thailand needs to reinstate Thaksin as Prime Minister so he can use his considerable business expertise to elevate the economy beyond where it stands at the moment

[Robby nz]

180 billion baht may seem more than the average bar bill but it's not a sum to get overly alarmed about. A host of countries are much more exposed to debt than Thailand. America, the Eurozone, the UK are trillions of dollars in debt but President Obama or Angela Merkel are not preparing to plunge from high rise buildings as a consequence

Had Suthep and his cohorts not disturbed the workings of government in the way they have, I am sure the payments owed to rice farmers would have been paid by now even though the whole pledging scheme appears to have been ill thought out and unworkable.

Perhaps Thailand needs to reinstate Thaksin as Prime Minister so he can use his considerable business expertise to elevate the economy beyond where it stands at the moment

You should be posting in the jokes page, what you mean is if the amnesty bill had been allowed to proceed everything would have been wonderful, right.

News for you sport, the 180 billion is not the countries debt it is the amount the Govt should have paid the farmers but through their incompetence and stupidity now can not.

[AleG]

180 billion baht may seem more than the average bar bill but it's not a sum to get overly alarmed about. A host of countries are much more exposed to debt than Thailand. America, the Eurozone, the UK are trillions of dollars in debt but President Obama or Angela Merkel are not preparing to plunge from high rise buildings as a consequence

Had Suthep and his cohorts not disturbed the workings of government in the way they have, I am sure the payments owed to rice farmers would have been paid by now even though the whole pledging scheme appears to have been ill thought out and unworkable.

Perhaps Thailand needs to reinstate Thaksin as Prime Minister so he can use his considerable business expertise to elevate the economy beyond where it stands at the moment

First of, just because your neighbours house is on fire doesn't mean that it's a good idea to soak the couch in petrol and take on smoking.

Second, Thaksin's considerable business expertise is what created this Mongolian Cluster**ck of a scheme in the first place. I would say you are misguided, but misguided people may feel too insulted.

[whybother]

Perfect time for the elite to start purchasing land from the cash strapped farmers who have debt to pay.

Very sad.

It's actually the rich northern/north eastern business men and pooyais that will be doing that. They're been doing it for decades.

[Basil B]

Maybe they should be printing bank notes instead of ballot papers...

[WitawatWatawit]

The huge foreign reserves mentioned earlier cannot by law be used for domestic purposes. So it's pointless even referring to them as some kind of saviour. Thaksin, Yingluck et al are stuck at the bottom of a very dry well that they have dug themselves. In the years to come, I hope Thai students are taught to regard Thaksin and his sycophants as the most shameful creatures to ever breathe air in this country.

Think I remember reading that a couple of months back the foreign reserves stood at around $US175 billion and just now someone has said they are 162 billion

Also seem to remember reading they when PT took office they were over 200 billion.

If this is correct where have these reserves gone ?

Same place as the rice money ?

I'm no expert on these matters, but essentially the reserves in currencies, gold bullion and what have you are used to stabilise a cureency by buying that currency (I think - hmmm). Anyway, the amount fluctuates. If what I understand is correct, there's no way Thaksin and his den of thieves can get their filthy hands on it. And that must be ever so frustrating for them. :):):):)

[mrtoad]

Thaksin and his cronies games up, if they can't use public money to pay off the people have voted for them, then it's all over.

This is another example of Thaksins greed, cronyism and stupidity. Hence, now the need to place a SOE as they know full well the shit is about to hit the fan, as there greasy little hands have been found in the somtam tray.

I hope they all rot in hell.

[Emster23]

This whole thing is stupid and defies the laws of economics 101. Almost as stupid as the bank bail out the US did a few years back....

[klauskunkel]

The commerce minister begged the EC

He also begged the state bank unions

Thai politics, a Beggar's Soap Opera;

I have no sympathy whatsoever for any of the beggars, be they government, banks or farmers.

I eat NOODLES!

[Baerboxer]

180 billion baht may seem more than the average bar bill but it's not a sum to get overly alarmed about. A host of countries are much more exposed to debt than Thailand. America, the Eurozone, the UK are trillions of dollars in debt but President Obama or Angela Merkel are not preparing to plunge from high rise buildings as a consequence

Had Suthep and his cohorts not disturbed the workings of government in the way they have, I am sure the payments owed to rice farmers would have been paid by now even though the whole pledging scheme appears to have been ill thought out and unworkable.

Perhaps Thailand needs to reinstate Thaksin as Prime Minister so he can use his considerable business expertise to elevate the economy beyond where it stands at the moment

First of, just because your neighbours house is on fire doesn't mean that it's a good idea to soak the couch in petrol and take on smoking.

Second, Thaksin's considerable business expertise is what created this Mongolian Cluster**ck of a scheme in the first place. I would say you are misguided, but misguided people may feel too insulted.

Please be fair AleG. Thaksin has increased his wealth by 450% during the same period his sisters government lost a far greater absolute amount, which seems to remain unaccounted for.

Clearly, he performs better than them. Thaksin thinks, PTP does. Hmmm, something seems to have been lost in the implementation.

[Baerboxer]

The commerce minister begged the EC

He also begged the state bank unions

Thai politics, a Beggar's Soap Opera;

I have no sympathy whatsoever for any of the beggars, be they government, banks or farmers.

I eat NOODLES!

Well done. And most noddles eaten in Thailand are made from .................................................... ?

[klauskunkel]

The commerce minister begged the EC

He also begged the state bank unions

Thai politics, a Beggar's Soap Opera;

I have no sympathy whatsoever for any of the beggars, be they government, banks or farmers.

I eat NOODLES!

Well done. And most noddles eaten in Thailand are made from .................................................... ?

Buckwheat..............!

[aimbc]

Does the amount seem to be increasing? Didn't they ask for 130 millon from EC. And didn't they said they had 65 billion in bonds they couldn't raise. Now 180 Billion. That is rediculous. That is why they should not be able to request more until they bring all the finances in order and a full audit of the project is conducted. If they can't YS and the people in charge should go to jail.

[SheungWan]

Perfect time for the elite to start purchasing land from the cash strapped farmers who have debt to pay.

Very sad.

It's actually the rich northern/north eastern business men and pooyais that will be doing that. They're been doing it for decades.

They would be the very same businessmen who are the allies of Thaksin.

[surangw]

what will his cut be?