Is Our Money Safe in a Thai BanK?

[CaptainPeacock]

Phuket Customers Rush Bank to Prevent Government 'Saving' Farmers

By Chutima Sidasathian

Monday, February 17, 2014

PHUKET: Customers were withdrawing their money from the Government Savings Bank today to foil a bid to prop up the caretaker Government.

The run on the ''pink'' bank came after GSB officials announced they would try to help the government provide loans to rescue farmers.

Staff dressed in black in protest at the bank's branches as customers queued to withdraw their support and their money.

By this afternoon, cash supplies had run out and cashiers' cheques were being offered.

One staff member at a Phuket branch told Phuketwan: ''We are angry at the way this has been done. We're dressing in black because the government shouldn't do this.

''The money for this project should come from sale of the rice stocks, not from our customers' accounts.''

The CEO of the bank, which has 13 branches on Phuket, has links to Thaksin Shinawatra. Huge queues formed at some Phuket branches.

At Takuapa, north of Phuket, Phuketwan was able to confirm withdrawals of 16 million baht within hours of the GSB opening. There was a ''run'' taking place on the banks' cash all across southern provinces and in Bangkok.

In Trang, 10 million baht was taken out in just one hour. Celebrities across Thai social networks announced their withdrawals.

GSB president and chief executive Worawit Chailimpamontri said the bank's credit committee had approved five billion baht in an inter-bank loan to the Bank for Agriculture and Agricultural Cooperatives. Khun Worawit said BACC could borrow up to 20 billion baht if needed.

The reaction of customers appeared likely to quickly put the plan into reverse. The move came as Bangkok protest leader Suthep Thaugsuban marched with hundreds of protesters to surround Government House to prevent caretaker Prime Minister Yingluck Shinawatra's planned return to her office there.

***

Just searched this story as my wife (Thai) called to say its all over the social networks today...

Gordon Bennett ... my stash is in the Government Housing Bank ...no doubt this bank could be next..?

Oh well better get there early in the morning and withdraw and stick it in the bangkok bank or maybe i should head to china town and stock up on GOLD...

Edited February 17, 2014 by CaptainPeacock

[CaptainPeacock]

AH!

Found the story here:

http://www.thaivisa.com/forum/topic/704977-thailand-gsb-baac-unions-protest-loan-to-pay-rice-farmers/

[h90]

The question is easy.....remember when Chavalit and Thaksin played with the money 1997.....

Baht dropped to half the value...

[RecklessRon]

Form two orderly queues, preppers, doomers and conspiracy theorists on the left and thinking people on the right, no pushing and shoving please - my, isn't that left line long!

"Ah, how the seeds of cockiness blossom when soiled in ignorance." STEVE ALTEN, The Loch

Open you eyes bro. But you have to be a thinker and one who is aware and can see.... Oh, I forgot, you're in the right line.

Think that you haven't already been robbed? Try this: You were robbed if you were in Thailand in 2009. Here, let me prove it to you--it's easy.

Find a one baht coin dated 2008 or earlier. Then find another dated 2010 or later. Hold each up to a magnet--the one on your fridge will work just fine.

The 2008 coin will stick. The 2010 coin will fall.

"On February 2, 2009, the Treasury Department announced changes to several circulating coins. The composition of the one-baht coin will change from cupronickel to nickel-clad iron, reducing the mass from 3.4 grams to 3.0 grams. The obverse image has also been updated to a more recent portrait of the king."

Consider this: The 2008 1 baht coin's value if melted is exactly $0.0297. There are 32.75 baht to the US$ today, so 32.75 x $0.0297 = $0.97. Therefore one US$ turned into pre 2009 1 baht coins has a true metal value at today's nickel and copper market value of $0.97.

But 33 1 baht coins issued after 2009 is worth exactly: $0.0077, that's at $210/ton for steel. Let's round that $0.0077 to $0.01. Therefore the old coins have a true melt value of 97 times the true melt value of the new coins.

Inversely, just recently, the Thai 1 baht coin just got devalued by 99%.

Think about that. Think about the fact that the entire world has systematically debased its currency to valueless (though the US nickel (5 cent piece) is still valuable--but Canada went the same route--their nickel, recently 80% Copper and 20% Nickel is now mere nickel plated steel.

Since 1964 America has devalued its currency over 95%.

C'mon--you're a self-admitted "thinking person." Think about it. So Mr Thinker--tell us please-----What's next?

That is complete nonsense. What metal the coins are made of is irrelevant. They could be made of paper - all the large amounts of money in every currency are! What matters is how much the coin is worth to spend, not to melt down and sell.

Edited February 18, 2014 by RecklessRon

[Naam]

Form two orderly queues, preppers, doomers and conspiracy theorists on the left and thinking people on the right, no pushing and shoving please - my, isn't that left line long!

"Ah, how the seeds of cockiness blossom when soiled in ignorance." STEVE ALTEN, The Loch

Open you eyes bro. But you have to be a thinker and one who is aware and can see.... Oh, I forgot, you're in the right line.

Think that you haven't already been robbed? Try this: You were robbed if you were in Thailand in 2009. Here, let me prove it to you--it's easy.

Find a one baht coin dated 2008 or earlier. Then find another dated 2010 or later. Hold each up to a magnet--the one on your fridge will work just fine.

The 2008 coin will stick. The 2010 coin will fall.

"On February 2, 2009, the Treasury Department announced changes to several circulating coins. The composition of the one-baht coin will change from cupronickel to nickel-clad iron, reducing the mass from 3.4 grams to 3.0 grams. The obverse image has also been updated to a more recent portrait of the king."

Consider this: The 2008 1 baht coin's value if melted is exactly $0.0297. There are 32.75 baht to the US$ today, so 32.75 x $0.0297 = $0.97. Therefore one US$ turned into pre 2009 1 baht coins has a true metal value at today's nickel and copper market value of $0.97.

But 33 1 baht coins issued after 2009 is worth exactly: $0.0077, that's at $210/ton for steel. Let's round that $0.0077 to $0.01. Therefore the old coins have a true melt value of 97 times the true melt value of the new coins.

Inversely, just recently, the Thai 1 baht coin just got devalued by 99%.

Think about that. Think about the fact that the entire world has systematically debased its currency to valueless (though the US nickel (5 cent piece) is still valuable--but Canada went the same route--their nickel, recently 80% Copper and 20% Nickel is now mere nickel plated steel.

Since 1964 America has devalued its currency over 95%.

C'mon--you're a self-admitted "thinking person." Think about it. So Mr Thinker--tell us please-----What's next?

That is complete nonsense. What metal the coins are made of is irrelevant. They could be made of paper - all the large amounts of money in every currency are! What matters is how much the coin is worth to spend, not to melt down and sell.

why spoil a nice tale with boring facts?

[pistachios]

No.

Worldwide there are about 60 trillion US dollar equivalent in derivatives.

All banks are insolvent, at least the large ones.

In 2012 the Gross Domestic Product for the entire world--everything made, all services--not just product: 71.67 trillion USD (2012) That's PRODUCT, not "net."

All Ponzi schemes fail. The question is simple: When?

The big Thai banks are right up there with the rest of the game players:

See: http://www.risk.net/asia-risk/feature/2298283/bank-of-the-year-thailand-siam-commercial-bank

The Cyprus "bail-in" will be what happens if (when) systemic contagion occurs.

In the US people believe that the FDIC (Fed Deposit Insurance Corp) will save them.

Well--it will--unless, and this is a big "unless," more than 1% of banks fail--because that is all that is in the FDIC corp coffers.

And if the burp is, let's say a mere 5% of derivative notional value or a mere 3 trillion--do seriously think that Obama and his cronies are going to pump that into the system--and if so--what happens then.

Same with stocks: I challenge ANYONE here,. c'mon--one single person--pipe up--to say that they own 1 single share. Let someone come forth and say: "I do--the shares I own are REGISTERED IN MY NAME!" I do not believe that a single person, of the many that own stock here can say that. If you think you own 100 shares Apple--you do not--the brokerage owns it and you own A PROMISE--the same promise made to the electric company and the garbage collector that serves the brokerage. (Unless the shares are registered in your name). Brokerages no longer charge much. In the 70's a small trade was $40, today it should be $120--what is it? Maybe $2.50 - $9.99--why--because the brokerage houses do not want your fees--they want your stock to play with as, yup, you guessed it--derivatives.

We are screwed...but again...when? A year, two, three... who knows....

Read up on Cyprus. Then read on verbiage about bail-ins in Canada and Euroland. And consider Obama's new savings plan called MYRA (some refer to it as my raped...well, you fill in the blanks). If (when) the brown stuff hits the fan just maybe MYRA won't be optional...read up on Poland's recent seizure of ALL Bonds in retirement accounts.

Remember it is axiomatic that near the end--governments turn on their own people.

I own a few directly registered Air Liquide shares, have been for a long time. Gets me some perks (10% bonus on dividend/free shares).

[thailandbeachisland]

Finally in one sentence, is our money safe ?

[MAJIC]

In troubled times like this,it would be best to keep the bulk of your money in a safer and more stable Country. Who knows what will happen?

[SheungWan]

Finally in one sentence, is our money safe ?

I would suggest that it is safe, but a little less safe than it was. Your bigger visible risk is exposure to the baht. Last April your 1000 pounds got you ~43,500 baht. Now ~ 54,000 baht. That's a significant increase/decline depending on which side of the fence you want to face.

[SheungWan]

Finally in one sentence, is our money safe ?

Yes, its safe.