PM: Materialism partly to blame for financial problems

[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.

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.

Actually I can post a comment without mentioning "that name", in fact I do it quite often. Would you like me to pm you every time I do so, just to prove a point ?

I don't agree with everything the PM says, he usually makes a mess of it, unless it is the translation from Thai to English. But I doubt it, I just don't think he knows how to govern a country. But I have to agree with this latest statement, although I think it is a waste of time telling a Thai to be fiscally responsible.

You may say the statement was arrogant and condescending, and let's face it, if it was you would know. But what was he supposed to say ?

Go out and have fun, blow all your money on crap you don't need, borrow as much as you can and forget about having to repay the money ?

If he did you and your ilk would be all over him like a cheap suit.

[smedly]

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

sorry but I have to disagree in part, one thing you might find is that schemes such as the first car scheme led people to taking advantage of what seemed good at the time to were they now have a car and a debt they didn't need or want. (materialistic)

I've seen girls in social environments spending what they have on stuff because it looks nice and they want to create a good image of wealth (materialistic)

They like to be seen spending money they really don't have or cannot afford to spend (materialistic)

Secondly the banks are in fact quite diligent when it comes to loans here, the problem is that when refused Thais resort to loan sharks to get that latest iphone and end up with massive interest payments - a debt they can't repay - but hey they have a nice new phone (materialistic)

There is also the aspect of seeing farangs come here on a 2 week holiday and throw money round them like they are millionaires, what they don't see is them going back home and saving hard all year for that 2 week holiday blow out

Lets remember what caused the banks to collapse in the west - the biggest scam in human history that every tax payer across the face of this planet is having to pay for

[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.

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?

Yes those 2 things are in conflict with each-other. But you cant just keep on spending at some time you will have to pay for it. The general is just repeating what the king said. But if they do that then the economy will go down.

[halloween]

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?

Remove criminals from office? Futile effort, they just keep re-electing them.

[phutoie2]

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.

I won't, with you constantly on here with your tedious drivel defending the current regime.

Clients, don't make me laugh, most of your day is spent on TV, "but, but the Shins" or that other hobby horse of yours the Trat Red shoot out. Bye the way, how did the court case go?

[silverado]

okay mister divine savior of thailand : my gf won't buy a vehicle (with my money ) she will carry on with riding bicycle with a child behind to lead him to school (3 km far), then come back home and doing the same with the second child every day and by raining the same.... return of happyness for people ?

Edited August 15, 2015 by silverado

[brucec64]

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.

It certainly wasn't a toss up as to whether you would make the topic, yet again, about the Shins, even though the topic is not even remotely about them.

Congratulations on your consistency.

[lildragon]

If they end up buying those subs he will look soooooo hypocritical

Billionaires telling the rest of us how to live.

The point is there though. Suffiency economy is a nice idea in principal but it's not being adhered too. Thailand is wrapped up in the consumer machine just like most of the rest of the world. When you throw 'face' into the mix (gotta have a fancy car so people respect me even thought I can't afford it) then we get this current mess.

[andrew55]

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.

Ramrod.

I think you are joking.

On a more serious level would some sort of a co-operative(say - for rice?) where we excluded these over-indulging peasants from membership but lent them a penny or 2 for a deposit to engage a loan that they can't possibly service with the proviso that we now own their harvest for 10 satang in the baht work? If we also owned the local car dealerships, fertilizer/pesticide supplies etc. I can only see a win win situation. An alternative would be to simply trade legally in the futures market although I believe that may suffer some regulation.

We Have a Dream!!

As a post thought... I reckon if we called an election and distributed enough home-made rice whiskey we'd be a team for the top job. Get back to me with a shirt colour.

[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?

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

yes nothing.....so it is not the coups or the democracy......

[PatOngo]

I think I'll have a fillet steak and a bottle of imported white for dinner.....ho hum!

[tomacht8]

The problem is recognized.
And what is the solution?
Could it be that 5% of the population, own 95% of the national wealth here?
Could it be that 30% of all taxpayers' money and state projects flows in dark bags?
Could it be that many wealthy people here do not pay taxes?
Could it be that many rich people hiding their money offshore and prefer then to invest in foreign countries?

There is a problem of a materialistic orientation, but it is especially a problem of distribution.
If the wealth would be more evenly distributed and would not so much disappear into dark holes, more people could afford and pay for materialist things.

[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?

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 ...

I am here since 2003, the big raises were:

1 ) when Thaksin forbid normal farmers to have chicken (bird flu scam) and made CP the dominating company in just about everything food and feed.

2 ) when he messed around with PTT

3 ) When Oil got soo expensive.

4 ) when Yingluck (so also Thaksin) increased the minimum salary and wasted billions on the rice scam

Now it is just continue.....I don't see much the government could do. Braking the power of the few big producer and give farmer the chance to market their products direct and better is very difficult because of the hygienic problems. Thai markets are very bad in this matter. Doing that would need a real smart government....something I haven't seen so in the last 12 years..

[silverado]

I think I'll have a fillet steak and a bottle of imported white for dinner.....ho hum!

enjoy ! what about inviting me ? it shouldn't cause many problems in your everyday life

[PatOngo]

I think I'll have a fillet steak and a bottle of imported white for dinner.....ho hum!

enjoy ! what about inviting me ? it shouldn't cause many problems in your everyday life

You better hurry, my Rolex says it is nearly time to go!

[robblok]

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.

I won't, with you constantly on here with your tedious drivel defending the current regime.

Clients, don't make me laugh, most of your day is spent on TV, "but, but the Shins" or that other hobby horse of yours the Trat Red shoot out. Bye the way, how did the court case go?

We are not all retired, some of us still contribute and make money. So I have clients in the West that is how I make money.

So I still know what is going on there, I never lost touch with the west like so many of you did so I know for a fact that there are quite a few people in the Netherlands that cant pay their bills and are in debt management.

As for my liking of the previous government, is more of a disliking of the previous ones and their terrorist goons. This one certainly isnt perfect but its easy to be better as the previous one.

Thailand is facing economic headwinds, but unlike you I don't blame that on the Junta, but on the world economy and skeletons from previous governments. If you had a bit of education you would know that governments don't really have that much influence on the economy, the world economy has far more to do with it.

[lildragon]

The problem is recognized.

And what is the solution?

Could it be that 5% of the population, own 95% of the national wealth here?

Could it be that 30% of all taxpayers' money and state projects flows in dark bags?

Could it be that many wealthy people here do not pay taxes?

Could it be that many rich people hiding their money offshore and prefer then to invest in foreign countries?

There is a problem of a materialistic orientation, but it is especially a problem of distribution.

If the wealth would be more evenly distributed and would not so much disappear into dark holes, more people could afford and pay for materialist things.

That's a problem for every nation on earth. Not just Thailand.

[ezzra]

Partly? try wholly, and you'd be more closer to the truth.....

[ChrisY1]

What's he worth......~Bt1 billion+..........like he'd really know about farming....being paid Bt300/day......being poor.......but he blames the very thing he likes being rich for!

[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.

It certainly wasn't a toss up as to whether you would make the topic, yet again, about the Shins, even though the topic is not even remotely about them.

Congratulations on your consistency.

Your comment is nothing but ironic. Think about it, if you can.

And congrats on yours.

[aripengu]

PM: Coup mostly to blame for financial problems

[aripengu]

Edited August 15, 2015 by aripengu

[jerojero]

Haha... He admires his own Army. Arrogance at its finest!

[BSJ]

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'

Your a bit off with your number! Try 1.000.000.000 baht....plus the mystery money that may or may not exist in bank accounts in other countries.

It's very rewarding being a career military man!

[fish fingers]

what, is he now a psychologist as well as a PM?

[Lupatria]

Greed and in consequence Bathism is a major reason for the mess in this country.

[oneday]

"...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..."

Give yourself a pat on the back Mr. P.

[PatOngo]

Greed and in consequence Bathism is a major reason for the mess in this country.

Yes, fancy baths are expensive.

[thesetat2013]

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

Don't forget wearing skimpy clothes.

[tomacht8]

The problem is recognized.

And what is the solution?

Could it be that 5% of the population, own 95% of the national wealth here?

Could it be that 30% of all taxpayers' money and state projects flows in dark bags?

Could it be that many wealthy people here do not pay taxes?

Could it be that many rich people hiding their money offshore and prefer then to invest in foreign countries?

There is a problem of a materialistic orientation, but it is especially a problem of distribution.

If the wealth would be more evenly distributed and would not so much disappear into dark holes, more people could afford and pay for materialist things.

That's a problem for every nation on earth. Not just Thailand.

This extreme distribution ratio is not as given in many other countries.

Edited August 15, 2015 by tomacht8