Nod to Bt20 bn partial payout to rice farmers

[webfact]

RICE PLEDGING
Nod to Bt20 bn partial payout to rice farmers
Petchanet Pratruangkrai
The Nation


Farmers move from in front of the Commerce Ministry offices to the Air Force Club on Vibhavadi-Rangsit Road yesterday after discovering that caretaker Prime Minister Yingluck Shinawatra was holding a Cabinet meeting at the club.

EC ratification needed for govt-approved proposal from National Rice panel

BANGKOK: -- The caretaker Cabinet yesterday approved a short-term allocation of Bt20 billion from the central budget to pay off debt owed to rice farmers, following a proposal by the National Rice Policy Committee.

However, the decision to allocate the funds - just part of the Bt110 billion required to pay more than 1.4 million farmers under the rice-pledging scheme - requires the Election Commission's ratification.

Caretaker Deputy Commerce Minister Yanyong Phuangrach said after the Cabinet meeting that the government would request the EC's approval for the Bt20 billion.

The rice committee proposed that the central budget should be used to partially pay for the rice pledged under the programme, while the Commerce Ministry sells rice from its stockpiles and the Finance Ministry seeks a bridging loan to meet the remaining debt.

The Bank for Agriculture and Agricultural Cooperatives will tomorrow convene a meeting aimed at seeking measures to help the cash-starved farmers.

However, the bank insisted that it would not spend its reserves in paying off the debt instead of the government.

Five provinces

The EC has allowed the government to spend Bt712 million from the central budget to make overdue pledging payments to 3,971 farmers in five provinces: Chachoengsao, Prachin Buri, Uthai Thani, Phetchabun and Ayutthaya.

EC member Somchai Srisuthiyakorn said that farmers in those provinces should get the money soon. If they do not do so, then they should ask the caretaker government to make the payments. He added that if the government required additional budgetary funding, it would have to ask the EC to consider the matter again.

Meanwhile, the Government Pension Fund yesterday said it would not buy government bonds.

In a separate press conference, the University of the Thai Chamber of Commerce suggested that the next government should directly subsidise the cost of production for rice farmers, instead of employing a pledging scheme.

Aat Pisanwanich, director of the university's Centre for International Trade Studies, said the government could spend Bt196 billion on helping lower the production costs for 2 million farming households.

It should, therefore, be able to save costs and avoid over-subsidisation if it focused on easing farmers' production costs, he added.

To date, the government has spent more than Bt300 billion a year on the subsidy scheme, which is a large fiscal burden and runs the risk of the Kingdom breaching World Trade Organisation rules.

Aat said Thai rice farmers now faced higher production costs than any of their Asean rivals.

The average cost for Thai rice farmers is Bt9,763 per tonne, while Vietnamese farmers face a production cost of Bt4,070 and those in Myanmar, Bt7,121.


-- The Nation 2014-02-26

[ikurauni]

Thailand is heading into a financial crisis after this non-working rice scheme. Investment risks with Thailand is even higher than the risks of the neighboring countries.

It is important that the farmers get paid even it is a partial payment. We don't want them to come to Bangkok to close the airports.

However the government should pay them in full ASAP.

The government can print the money just like China does.

Baht has been strong for the past several years but it will be nice to see US$1 = 40 THB again.

[ramrod711]

Meanwhile, the Government Pension Fund yesterday said it would not buy government bonds.

That's encouraging, the pension fund doesn't trust the governments ability to pay. They must have been talking to the farmers.

[Mister Max]

I can't believe that any government could be that incompetent. The army needs to take over so the adult can run the country.

[KillerMan]

This was all tried before and the EC rejected it, then we get a week of public threats to sue the EC for various issues relating to the fail elections that the government have a huge hand in that matter.

Obviously a prelude to forcing a positive decision out of the EC. This is what their answer is to the farmer problem?

The EC has allowed the government to spend Bt712 million from the central budget to make overdue pledging payments to 3,971 farmers in five provinces: Chachoengsao, Prachin Buri, Uthai Thani, Phetchabun and Ayutthaya.

So these were all the farmers that were on their way to swampy airport last week.

So there we have a strong message going out to the remaining of the 1.4 million farmers.

If you want your money, take the airport.

This government are making a rod for their own backs constantly and then blaming everyone else when it goes wrong time after time. I hope the EC tell them they can't do it, and as far as the bonds are concerned, I doubt they would fetch 5 Bn, they are as worthless as the farmer's vouchers.

Print more money? Have you any idea of the fallout from doing that? The USA may do it, but they have the finest economical minds on the matter and they know how to offset the effects of it. Does Thailand have anyone of any caliber to be able to run fiscal system to recover?,,, they are hardly of the mentality of 'best man for the job'... They only have nepotism, cronyism and cash for favors that put bums on seats, never do they go for the best person for the job which is why everything here is a complete mess.

[phantomfiddler]

A drop in the bucket, and the bucket is leaking faster than the drops are filling it Get rid of these clowns !

[retarius]

What the hell is this all about...why report it, you know the EC will say no, so why even ask. The opposition don't want the farmers to be paid anytime soon.

[tominbkk]

20Bn? That is just a drop in the bucket, and the way these things work, only ~5bn would make it to the farmers.

[allan michaud]

<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

This was all tried before and the EC rejected it, then we get a week of public threats to sue the EC for various issues relating to the fail elections that the government have a huge hand in that matter.

Obviously a prelude to forcing a positive decision out of the EC. This is what their answer is to the farmer problem?

The EC has allowed the government to spend Bt712 million from the central budget to make overdue pledging payments to 3,971 farmers in five provinces: Chachoengsao, Prachin Buri, Uthai Thani, Phetchabun and Ayutthaya.

So these were all the farmers that were on their way to swampy airport last week.

So there we have a strong message going out to the remaining of the 1.4 million farmers.

If you want your money, take the airport.

This government are making a rod for their own backs constantly and then blaming everyone else when it goes wrong time after time. I hope the EC tell them they can't do it, and as far as the bonds are concerned, I doubt they would fetch 5 Bn, they are as worthless as the farmer's vouchers.

Print more money? Have you any idea of the fallout from doing that? The USA may do it, but they have the finest economical minds on the matter and they know how to offset the effects of it. Does Thailand have anyone of any caliber to be able to run fiscal system to recover?,,, they are hardly of the mentality of 'best man for the job'... They only have nepotism, cronyism and cash for favors that put bums on seats, never do they go for the best person for the job which is why everything here is a complete mess.

Thailand does have Mr White Lies!

I have to say claiming the US has the 'finest' economic minds is a bit of a stretch, the US (western) banking system is also completely screwed up and utterly corrupt. However Thailand is just plain incompetent.

[moe666]

When ever the rice scam is discussed the red supporters are usually missing

[Phuket Stan]

When ever the rice scam is discussed the red supporters are usually missing

It's a bit beyond most of their intellects

[personchester]

This was all tried before and the EC rejected it, then we get a week of public threats to sue the EC for various issues relating to the fail elections that the government have a huge hand in that matter.

Obviously a prelude to forcing a positive decision out of the EC. This is what their answer is to the farmer problem?

The EC has allowed the government to spend Bt712 million from the central budget to make overdue pledging payments to 3,971 farmers in five provinces: Chachoengsao, Prachin Buri, Uthai Thani, Phetchabun and Ayutthaya.

So these were all the farmers that were on their way to swampy airport last week.

So there we have a strong message going out to the remaining of the 1.4 million farmers.

If you want your money, take the airport.

This government are making a rod for their own backs constantly and then blaming everyone else when it goes wrong time after time. I hope the EC tell them they can't do it, and as far as the bonds are concerned, I doubt they would fetch 5 Bn, they are as worthless as the farmer's vouchers.

Print more money? Have you any idea of the fallout from doing that? The USA may do it, but they have the finest economical minds on the matter and they know how to offset the effects of it. Does Thailand have anyone of any caliber to be able to run fiscal system to recover?,,, they are hardly of the mentality of 'best man for the job'... They only have nepotism, cronyism and cash for favors that put bums on seats, never do they go for the best person for the job which is why everything here is a complete mess.

Your last "para" about money printing in Thailand is incorrect, Thailand has an independent currency and therefore free of any rule from an other country, the negative aspects of Q.E. (quantitative easing) will of course be some national inflation and a reduction of THB in FX. value.

During the financial problems of the western countries which began in 2008 the US and the UK printed many, many billions of their currencies in order to solve their financial mishaps of their country and matters began to be resolved,

Other western counties with the same financial problems could not print money for themselves because their currencies was the EURO, as a result they had to ask the E.C.B. and the I.M.F. for money and they all received many billions in order to save their country financially, economically, and above all morally.

If sufficient money is not available in Thailand to pay the farmers in order solve the farming problem, then Thailand can create a certain sum by implementing "Q.E" - if they do not wish to do that then they can and could contact "I.M.F". in order get the needed amount of money.

But there might also be an other solution, Thailand is morally close to China, and they might ask China to help them in their current financial problem.

[JRSoul]

"Cabinet yesterday approved a short-term allocation of Bt20 billion"

This would be the first time in my experience that after a 'short time' the money comes back. FROM WHERE? It has been spent.

[JRSoul]

Your last "para" about money printing in Thailand is incorrect, Thailand has an independent currency and therefore free of any rule from an other country, the negative aspects of Q.E. (quantitative easing) will of course be some national inflation and a reduction of THB in FX. value.

During the financial problems of the western countries which began in 2008 the US and the UK printed many, many billions of their currencies in order to solve their financial mishaps of their country and matters began to be resolved,

Other western counties with the same financial problems could not print money for themselves because their currencies was the EURO, as a result they had to ask the E.C.B. and the I.M.F. for money and they all received many billions in order to save their country financially, economically, and above all morally.

If sufficient money is not available in Thailand to pay the farmers in order solve the farming problem, then Thailand can create a certain sum by implementing "Q.E" - if they do not wish to do that then they can and could contact "I.M.F". in order get the needed amount of money.

But there might also be an other solution, Thailand is morally close to China, and they might ask China to help them in their current financial problem.

DOH! This is a caretaker government. They do not have the right to borrow from the IMF, China, Banks, Thaksin or anybody else.

[geriatrickid]

I can't believe that any government could be that incompetent. The army needs to take over so the adult can run the country.

Thank you for joining Thai Visa and providing your opinion.

I suggest you read up on the history of military dictatorships in Thailand. I also suggest you consider a remedial course in civics, starting with the concept of civilian rule vs. dictatorships.

[boomerangutang]

"Aat Pisanwanich, director of the university's Centre for International Trade Studies, said the government could spend Bt196 billion on helping lower the production costs for 2 million farming households."

That's 98,000 baht per farmer - to help lower production costs ?!? What does 'lower production costs' mean? Sounds more like a payment for votes and a hefty bribe to not demonstrate in Bkk.

"However, the bank insisted that it would not spend its reserves in paying off the debt instead of the government."

Whomever believes what a bank prez says, particularly one who is beholden to the Shinawatres, is gullible or naive, to put it nicely.

Edited February 26, 2014 by boomerangutang

[geriatrickid]

When ever the rice scam is discussed the red supporters are usually missing

It's a bit beyond most of their intellects

I see. When the "discussion" starts off with baiting terms such as "scam" and is then followed up by a derogatory comment as to "intellects", it should not come as a surprise that many people avoid such a thread. It is impossible to have a rational discussion of the subject as Thai Visa doesn't screen its members as to their competency to opine on the subject. As amusing as it is to have a retired office clerk weigh in on such a complex subject, it usually isn't informative, and it can be a tad tedious.

Farm subsidy programs are a fixture in the developed world, as are price controls and agriculture protectionism. Billions of currency are spent on these efforts. I'm not a big believer in farm subsidies, but then I have money and can afford higher food costs. I also do not have a business dependent upon farmers. Although, I am able to walk around beggers, I don't know how welcoming or pleasant Thailand would be if another 25% of the population was pushed back below subsistence income levels. I'll leave it to the intellectual giants to engage is a self congratulatory group ego stroke to "discuss".

Edited February 26, 2014 by geriatrickid

[gemini81]

I can't believe that any government could be that incompetent. The army needs to take over so the adult can run the country.

Thank you for joining Thai Visa and providing your opinion.

I suggest you read up on the history of military dictatorships in Thailand. I also suggest you consider a remedial course in civics, starting with the concept of civilian rule vs. dictatorships.

Accepting that red shirt supporting civilians want a dictatorship to continue in the form of Pheua thai's feudal fiefdom in the false presentation of the name 'democracy,' explains a lot of the core of the problem. At least the ones who got scammed started to wake up, and take a stand against this.

The military response is in reaction to situations out of control, due to nepotism and cronyism on part of politicians, is where the dictatorship lies. The above suggests Thailand has an all out junta, which doesn't fit, as the armed forces are making decisions and sham policies like rice schemes, first time home/car etc. are they?

Edited February 26, 2014 by gemini81

[rickirs]

<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

Thailand is heading into a financial crisis after this non-working rice scheme. Investment risks with Thailand is even higher than the risks of the neighboring countries.

It is important that the farmers get paid even it is a partial payment. We don't want them to come to Bangkok to close the airports.

However the government should pay them in full ASAP.

The government can print the money just like China does.

Baht has been strong for the past several years but it will be nice to see US$1 = 40 THB again.

"Investment risks with Thailand is even higher than the risks of the neighboring countries." Patently untrue so far. Reveiwing credit ratings by Standards & Poors, Fitch, and Moody there are no ratings for Mynamar and Cambodia from Fitch and Moody; S&P also has no rating for Mynamar. All three credit rating organizations (CRO's) rate Thailand higher than Indonesia and Vietnam. S&P rates Thailand higher than Cambodia. Fitch rates Thailand equal to Malaysia while S&P and Moody rate Thailand one level lower than Malaysia.

Thailand like every country in the world can print money; but like every country it does so through the backing of proceeds from the sale of treasury bonds, in essence proceeds are borrowed funds that must be paid back to bond holders with interest. The interest rate is influenced by CRO ratings and in turn affected by the percent of debt to Gross Domestic Product.

[rickirs]

<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

This was all tried before and the EC rejected it, then we get a week of public threats to sue the EC for various issues relating to the fail elections that the government have a huge hand in that matter.

Obviously a prelude to forcing a positive decision out of the EC. This is what their answer is to the farmer problem?

The EC has allowed the government to spend Bt712 million from the central budget to make overdue pledging payments to 3,971 farmers in five provinces: Chachoengsao, Prachin Buri, Uthai Thani, Phetchabun and Ayutthaya.

So these were all the farmers that were on their way to swampy airport last week.

So there we have a strong message going out to the remaining of the 1.4 million farmers.

If you want your money, take the airport.

This government are making a rod for their own backs constantly and then blaming everyone else when it goes wrong time after time. I hope the EC tell them they can't do it, and as far as the bonds are concerned, I doubt they would fetch 5 Bn, they are as worthless as the farmer's vouchers.

Print more money? Have you any idea of the fallout from doing that? The USA may do it, but they have the finest economical minds on the matter and they know how to offset the effects of it. Does Thailand have anyone of any caliber to be able to run fiscal system to recover?,,, they are hardly of the mentality of 'best man for the job'... They only have nepotism, cronyism and cash for favors that put bums on seats, never do they go for the best person for the job which is why everything here is a complete mess.

Your last "para" about money printing in Thailand is incorrect, Thailand has an independent currency and therefore free of any rule from an other country, the negative aspects of Q.E. (quantitative easing) will of course be some national inflation and a reduction of THB in FX. value.

During the financial problems of the western countries which began in 2008 the US and the UK printed many, many billions of their currencies in order to solve their financial mishaps of their country and matters began to be resolved,

Other western counties with the same financial problems could not print money for themselves because their currencies was the EURO, as a result they had to ask the E.C.B. and the I.M.F. for money and they all received many billions in order to save their country financially, economically, and above all morally.

If sufficient money is not available in Thailand to pay the farmers in order solve the farming problem, then Thailand can create a certain sum by implementing "Q.E" - if they do not wish to do that then they can and could contact "I.M.F". in order get the needed amount of money.

But there might also be an other solution, Thailand is morally close to China, and they might ask China to help them in their current financial problem.

Just a minor point regarding the US printing currency to cover its financial collapse. US economic collapse was primarily caused by the loss of access to any credit that in turn was triggered by the huge loss in equity in every commercial and private sector in the US. The US chose a strategy of monetary infusion into the economy to create a short-term artificial bubble of credit through the sales of treasury bonds with ZERO to NEGATIVE interest rates in order to revive economic growth. And the world investment community couldn't beat a path fast enough to purchase those bonds that enabled the U.S. Treasury to print currency backed by proceeds from the treasury bonds.

[JRSoul]

I see. When the "discussion" starts off with baiting terms such as "scam" and is then followed up by a derogatory comment as to "intellects", it should not come as a surprise that many people avoid such a thread. It is impossible to have a rational discussion of the subject as Thai Visa doesn't screen its members as to their competency to opine on the subject. As amusing as it is to have a retired office clerk weigh in on such a complex subject, it usually isn't informative, and it can be a tad tedious.

Farm subsidy programs are a fixture in the developed world, as are price controls and agriculture protectionism. Billions of currency are spent on these efforts. I'm not a big believer in farm subsidies, but then I have money and can afford higher food costs. I also do not have a business dependent upon farmers. Although, I am able to walk around beggers, I don't know how welcoming or pleasant Thailand would be if another 25% of the population was pushed back below subsistence income levels. I'll leave it to the intellectual giants to engage is a self congratulatory group ego stroke to "discuss".

If another 25% of the population was pushed back below subsistence income levels there might be some impetus for change instead of a large portion of the work force engaging in uneconomic production. Thailand has a basic wage and imports many foreign workers, while its own rice farmers drain the tax resources with subsidies which increase their economic inertia.

As long as governments pander to one segment of the economy to buy their votes, there will be no change.

While you are accepting food subsidies, you might like compare the relative levels of expense and corruption with those of other countries offering them.

[SOTIRIOS]

.....with a track record of 'every baht that comes into the hands of this present government, goes elsewhere or disappears'.....

....is this a good thing....???

...is it good news....for whom....???

[SanSaiExPat]

I can't believe that any government could be that incompetent. The army needs to take over so the adult can run the country.

"...so the adult..." Just one adult? Which one might that be? Let me guess, Somchai or maybe Abhisit? 555

[personchester]

Your last "para" about money printing in Thailand is incorrect, Thailand has an independent currency and therefore free of any rule from an other country, the negative aspects of Q.E. (quantitative easing) will of course be some national inflation and a reduction of THB in FX. value.

During the financial problems of the western countries which began in 2008 the US and the UK printed many, many billions of their currencies in order to solve their financial mishaps of their country and matters began to be resolved,

Other western counties with the same financial problems could not print money for themselves because their currencies was the EURO, as a result they had to ask the E.C.B. and the I.M.F. for money and they all received many billions in order to save their country financially, economically, and above all morally.

If sufficient money is not available in Thailand to pay the farmers in order solve the farming problem, then Thailand can create a certain sum by implementing "Q.E" - if they do not wish to do that then they can and could contact "I.M.F". in order get the needed amount of money.

But there might also be an other solution, Thailand is morally close to China, and they might ask China to help them in their current financial problem.

DOH! This is a caretaker government. They do not have the right to borrow from the IMF, China, Banks, Thaksin or anybody else.

Of course the current governments position is > caretaker's < and since there is at the moment no democratically elected government the caretaker government has the duty to take care of matters in the country, hence the name > caretaker <

The caretakers current duty of > caretaking < is to avoid any disasters within the country and that includes solving financial problems, hence their right to act.

In the past Belgium had due to political problems a non-elected government for over a year, during this time they had a > caretaker < government and the caretaker government toke care of all matters in Belgium, until the new government was elected.

Edited February 26, 2014 by personchester

[ponchi]

cannot be !!

we have to block the payment to the farmer.

because we need the farmer for the government go out.

if the farmer is angry.

yingluck is BYE !!

[Crushdepth]

When ever the rice scam is discussed the red supporters are usually missing

It's a bit beyond most of their intellects

I see. When the "discussion" starts off with baiting terms such as "scam" and is then followed up by a derogatory comment as to "intellects", it should not come as a surprise that many people avoid such a thread. It is impossible to have a rational discussion of the subject as Thai Visa doesn't screen its members as to their competency to opine on the subject. As amusing as it is to have a retired office clerk weigh in on such a complex subject, it usually isn't informative, and it can be a tad tedious.

Farm subsidy programs are a fixture in the developed world, as are price controls and agriculture protectionism. Billions of currency are spent on these efforts. I'm not a big believer in farm subsidies, but then I have money and can afford higher food costs. I also do not have a business dependent upon farmers. Although, I am able to walk around beggers, I don't know how welcoming or pleasant Thailand would be if another 25% of the population was pushed back below subsistence income levels. I'll leave it to the intellectual giants to engage is a self congratulatory group ego stroke to "discuss".

When are you going to admit you were wrong about the rice scheme?

[Robby nz]

It would seem this is only a partial nod and they still need the wink from the EC.

Should the EC do as they did before and say they can go ahead but be it on their own heads, then what ?

The minister of white lies backed off last time when told he (they) would have to take responsibility for any illegalities.

[casualbiker]

cannot be !!

we have to block the payment to the farmer.

because we need the farmer for the government go out.

if the farmer is angry.

yingluck is BYE !!

Until they read the buffalo excrement that you write and instead the FARMERS come to Bangkok and kick you out of your nice house and live there... You MUST be a troll.

Any one with HALF an education just would NOT POST the buffalo thoughts that you do!

[ggold]

<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

This was all tried before and the EC rejected it, then we get a week of public threats to sue the EC for various issues relating to the fail elections that the government have a huge hand in that matter.

Obviously a prelude to forcing a positive decision out of the EC. This is what their answer is to the farmer problem?

The EC has allowed the government to spend Bt712 million from the central budget to make overdue pledging payments to 3,971 farmers in five provinces: Chachoengsao, Prachin Buri, Uthai Thani, Phetchabun and Ayutthaya.

So these were all the farmers that were on their way to swampy airport last week.

So there we have a strong message going out to the remaining of the 1.4 million farmers.

If you want your money, take the airport.

This government are making a rod for their own backs constantly and then blaming everyone else when it goes wrong time after time. I hope the EC tell them they can't do it, and as far as the bonds are concerned, I doubt they would fetch 5 Bn, they are as worthless as the farmer's vouchers.

Print more money? Have you any idea of the fallout from doing that? The USA may do it, but they have the finest economical minds on the matter and they know how to offset the effects of it. Does Thailand have anyone of any caliber to be able to run fiscal system to recover?,,, they are hardly of the mentality of 'best man for the job'... They only have nepotism, cronyism and cash for favors that put bums on seats, never do they go for the best person for the job which is why everything here is a complete mess.

Your last "para" about money printing in Thailand is incorrect, Thailand has an independent currency and therefore free of any rule from an other country, the negative aspects of Q.E. (quantitative easing) will of course be some national inflation and a reduction of THB in FX. value.

During the financial problems of the western countries which began in 2008 the US and the UK printed many, many billions of their currencies in order to solve their financial mishaps of their country and matters began to be resolved,

Other western counties with the same financial problems could not print money for themselves because their currencies was the EURO, as a result they had to ask the E.C.B. and the I.M.F. for money and they all received many billions in order to save their country financially, economically, and above all morally.

If sufficient money is not available in Thailand to pay the farmers in order solve the farming problem, then Thailand can create a certain sum by implementing "Q.E" - if they do not wish to do that then they can and could contact "I.M.F". in order get the needed amount of money.

But there might also be an other solution, Thailand is morally close to China, and they might ask China to help them in their current financial problem.

Just a minor point regarding the US printing currency to cover its financial collapse. US economic collapse was primarily caused by the loss of access to any credit that in turn was triggered by the huge loss in equity in every commercial and private sector in the US. The US chose a strategy of monetary infusion into the economy to create a short-term artificial bubble of credit through the sales of treasury bonds with ZERO to NEGATIVE interest rates in order to revive economic growth. And the world investment community couldn't beat a path fast enough to purchase those bonds that enabled the U.S. Treasury to print currency backed by proceeds from the treasury bonds.

How many trillions of dollars of that debt do the Chinese hold now!

[Scamper]

Again, the Yingluck administration is doing their best to give the impression of action, but it really doesn't matter how many times their own cabinet approves of the delegation of funds. It could be 20 billion baht. It could be 20 trillion baht. It really doesn't matter. Because it all has to be approved by the EC. The banks are running away from it, and all sane people within the industry are likely privately hoping for a new administration. Every time these figures are reviewed it points out to the utterly insoluble nature of it. The cautionary thought is that if Pheu Thai actually had a mandate, or hadn't dissolved parliament, this unsustainable programme would have continued unabated. Pheu Thai continues to give the impression there is no problem with the programme and that it all makes fiscal sense. When an administration goes this far off the deep end of reason, it's high time for it to leave.