PM: Materialism partly to blame for financial problems

[Lite Beer]

PM: Materialism partly to blame for financial problems

BANGKOK, 16 August 2015 (NNT) – Prime Minister Prayut Chan-o-cha has voiced his concern over the spending discipline of some income earners which he believes to be one of the causes of financial problems among Thai people.

During the government weekly talk program, Gen Prayut commented that financial trouble of Thai people may have stemmed for materialism other than falling agro-product prices or economic slowdown.

Gen Prayut said the government was particularly worried about agriculturists, low-wage earners, debtors of non-bank lenders and civil servants. The premier suggested that the public uphold financial discipline and HM the King’s sufficiency economy philosophy to safeguard themselves against indebtedness.

He also admired the Royal Thai Army whose debt management program had succeeded in reducing debts and led to efficient financial management among security officials.

-- NNT 2015-08-15

[harada]

Yeah, right.

[uty6543]

Undoubtably the spending discipline of some income earners is a cause of financial problems but the irresponsible lending of banks and the government is a bigger cause of the problem. Teachers (and I guess all government employees) can borrow large sums of money without any consideration for the ability to repay the loans

[h90]

OK we should not buy shiny expensive products

we should not drink alcohol

we should not smoke

we should not have sex

from eating too much we get fat

not much left

[dageurreotype]

Says the man with 600 million baht having just appointed a new police chief with 900 million baht.

oh, and don't get me started on the 'sufficiency economy'

Edited August 15, 2015 by dageurreotype

[Briggsy]

This is a man whose family are worth around a billion baht.

[worgeordie]

Here is a very good example, Mother ,2 daughters,1 daughter goes to Uni ,the other

still at school,only 1 income coming in ,they just purchased a new Mitsubishi small

car,payments over 6 years,and at moment NONE of them can drive! but they just

had to have the car.

I would say a good proportion of Thais are up to their eyes in debit,just because

they must have it and have it now.

regards Worgeordie

[Snig27]

Meanwhile let's buy some submarines nobody needs and while we are at it, trash the economy because we are utterly clueless - and hire a disgraced former finance minister to be "economic tsar" simply because he has the right political taint.

The word "idiot" is hard to escape.

[robblok]

This is a man whose family are worth around a billion baht.

Always easy to talk when your well of yourself, but the guy has a point and foreigners always say this about Thais and nobody bats an eye. The general says it and its wrong ?

Many Thais do overspend.. but so do people in the West so the observation is correct.

[Spleen]

"he then praised the Thai Army..whose debt management program had succeeded in reducing debts.He waved to reporters closed the hatch of his submarine and steamed out of the car park on a bearing of 666 making 12 knots

Edited August 15, 2015 by Spleen

[mark131v]

Says the man with 600 million baht having just appointed a new police chief with 900 million baht.

oh, and don't get me started on the 'sufficiency economy'

The word hypocrite does tend to spring to mind...

Looks like a lot of low earning civil servants aren't getting a proper go at the trough as the higher up's are hogging it, pun intended...

[Snig27]

I would say a good proportion of Thais are up to their eyes in debit,just because

they must have it and have it now.

Like much of the planet – but Thai household debt whilst high is still less than many OECD nations http://www.cityam.com/1411501631/debt-map

[Reigntax]

Of course it has nothing to do with the 20 odd military coups keeping the country and the majority of people to 19th century standards of living. No, no, no. They must embrace substance living and not seek the riches we experience.

[Spleen]

I'd say the most Materialistic people in Thailand are TAT

[ramrod711]

The country needs a first car scheme, where the people can buy cars they can't afford, using a rebate they don't have, for a down payment......Oh wait.

[SoilSpoil]

I would say a good proportion of Thais are up to their eyes in debit,just because

they must have it and have it now.

Like much of the planet – but Thai household debt whilst high is still less than many OECD nations http://www.cityam.com/1411501631/debt-map

Not when you compare it to the average income levels of the Thai and which income quintiles are actually holding the debts.

Also, the household debts in OECD countries are mostly based on mortgages which can be seen as leverage.

Bottom line: If you need to borrow money, you better borrow to buy a house or education than a luxury item or service.

https://www.bot.or.th/Thai/MonetaryPolicy/ArticleAndResearch/SymposiumDocument/Paper4_2557.pdf

http://www.jhf.go.jp/files/300120935.pdf

[h90]

Of course it has nothing to do with the 20 odd military coups keeping the country and the majority of people to 19th century standards of living. No, no, no. They must embrace substance living and not seek the riches we experience.

look between the coups.....did the "democratic" leaders anything to help the poor?

[JAG]

OK we should not buy shiny expensive products

we should not drink alcohol

we should not smoke

we should not have sex

from eating too much we get fat

not much left

Can't even relax with a sandwich and a George Orwell novel!

[JAG]

This is a man whose family are worth around a billion baht.

I'd say that is "sufficient", wouldn't you?

[mikemac]

Well it was a toss up whether this topic was going to become a PM bashing fiesta or a Thai bashing extravaganza. Looks like the PM lucked out.

Would hate to think what the comments would be like if a member of the Shin family made a similar statement.

[jonclark]

This is a man whose family are worth around a billion baht.

Always easy to talk when your well of yourself, but the guy has a point and foreigners always say this about Thais and nobody bats an eye. The general says it and its wrong ?

Many Thais do overspend.. but so do people in the West so the observation is correct.

Indeed robblok, you are quite correct, but as we know we are all encouraged to spend, buy, and purchase. How many economists, bankers etc in the past few years around the world have spoken of a 'consumer driven recovery' Or as GW Bush (jr) stated in the wake of the 9/11 attacks told Americans to "go out and shop".

So we live in this world where buying s**t we don't actually need is desirable and remember most of the junk we buy has 'planned obsolescence' built into the design, so we upgrade or replace the very same junk 3 years down the road. Its a very linear system. Even sustainable development is just a watered down version of the same idea.

I would imagine without the extortionate lines of credit offered the domestic consumption would plummet, which would no doubt impact industries such as the auto and electronics ones which require a bit of extra purchasing power.

My question to the general is; If you don't want the population to be materialistic in their lifestyle. What do you want them to be like and how are you going to halt the consumerist juggernaut whilst keeping the economy going?

Edited August 15, 2015 by jonclark

[masquerade]

Well it was a toss up whether this topic was going to become a PM bashing fiesta or a Thai bashing extravaganza. Looks like the PM lucked out.

Would hate to think what the comments would be like if a member of the Shin family made a similar statement.

You have got it so bad, you cannot make one post without mentioning the name Shin, yet you have the audacity to accuse others of being a troll (me). Can you please try and post something of a sensible nature instead of looking for dirt. As for the this man's statement, it could only be read as arrogant and condescending.

[Reigntax]

Of course it has nothing to do with the 20 odd military coups keeping the country and the majority of people to 19th century standards of living. No, no, no. They must embrace substance living and not seek the riches we experience.

look between the coups.....did the "democratic" leaders anything to help the poor?

Look between the democratic governments, what did the military do besides talk?

[NongKhaiKid]

Here is a very good example, Mother ,2 daughters,1 daughter goes to Uni ,the other

still at school,only 1 income coming in ,they just purchased a new Mitsubishi small

car,payments over 6 years,and at moment NONE of them can drive! but they just

had to have the car.

I would say a good proportion of Thais are up to their eyes in debit,just because

they must have it and have it now.

regards Worgeordie

Submarines, NEED them MUST have them but really necessary ?

Well that's not important, is it ?

[NongKhaiKid]

Here is a very good example, Mother ,2 daughters,1 daughter goes to Uni ,the other

still at school,only 1 income coming in ,they just purchased a new Mitsubishi small

car,payments over 6 years,and at moment NONE of them can drive! but they just

had to have the car.

I would say a good proportion of Thais are up to their eyes in debit,just because

they must have it and have it now.

regards Worgeordie

Submarines, NEED them MUST have them but really necessary ?

Well that's not important, is it ?

[silverado]

Of course it has nothing to do with the 20 odd military coups keeping the country and the majority of people to 19th century standards of living. No, no, no. They must embrace substance living and not seek the riches we experience.

look between the coups.....did the "democratic" leaders anything to help the poor?

oh wait, i am only looking since may 2014, prices of chicken, vegetables and pork on the market are raised up to 20 %, gaz for cooking and many other products of first necessity , earth for ground to can build a house on, as well.... all thes are even not materialistic needs ...

[Thai at Heart]

Well it was a toss up whether this topic was going to become a PM bashing fiesta or a Thai bashing extravaganza. Looks like the PM lucked out.

Would hate to think what the comments would be like if a member of the Shin family made a similar statement.

Well, ironically instead of telling people to be sufficiently rich and sounding unbelievably patronising, thaksin just told them he would make them rich.

Since his economy is tanking he needs everyone to get out and spend as much as they can.

Edited August 15, 2015 by Thai at Heart

[silverado]

Of course it has nothing to do with the 20 odd military coups keeping the country and the majority of people to 19th century standards of living. No, no, no. They must embrace substance living and not seek the riches we experience.

look between the coups.....did the "democratic" leaders anything to help the poor?

Look between the democratic governments, what did the military do besides ta

in the province where i syay , if somebody (thai people) wanted to buy earth for prepare a ground aiming to let build a house (or something else) on : last year 120 b the small truck with police authorization... one year later 170 !! guess how does it come : you must have (and pay for) the army authorization too by now....

[phutoie2]

This is a man whose family are worth around a billion baht.

Always easy to talk when your well of yourself, but the guy has a point and foreigners always say this about Thais and nobody bats an eye. The general says it and its wrong ?

Many Thais do overspend.. but so do people in the West so the observation is correct.

yes, yes if you say so, but folk in the west largely do manage to pay off loans/credit cards every month.

[robblok]

This is a man whose family are worth around a billion baht.

Always easy to talk when your well of yourself, but the guy has a point and foreigners always say this about Thais and nobody bats an eye. The general says it and its wrong ?

Many Thais do overspend.. but so do people in the West so the observation is correct.

yes, yes if you say so, but folk in the west largely do manage to pay off loans/credit cards every month.

I don't say so, i know so and also know they don't always do so as I work with clients who are in debt management. But don't let that come in the way of a good Thai bash.