'Thaksinomics' return as Thai govt rethinks revival strategy

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'Thaksinomics' Return as Junta Rethinks Revival Strategy
By Khaosod English

Deputy Prime Minister Somkid Jatusripitak met with US Secretary of Commerce Carlos Gutierrez in 2006 when Somkid was commerce minister under former Prime Minister Thaksin Shinawatra.

BANGKOK — The generals battling to revive Thailand's economy have been loath to employ anything resembling populism, having lambasted their predecessors for policies they say hemorrhaged billions of dollars and left Thais saddled with record household debt.

But in a stark strategy shift, the military has had to bite the bullet and reopen the populist playbook of the billionaire Shinawatra family whose governments they have twice overthrown in coups.

The junta announced last week it would channel 136 billion baht ($3.8 billion) into getting the rural masses spending to rev-up an economy stuttering amid weak exports, falling factory output and scant retail growth.

The man charged to lead the economic revival plan is marketing executive Somkid Jatusripitak, the new boss of a technocrat team given three months to get the economy in shape after what amounted to a purge by the junta of underperforming policymakers last month.

The irony is Somkid, now deputy prime minister, was the architect of "Thaksinomics", the populist handouts that spurred GDP growth to as much as 7.2 percent but angered the military-backed royalist establishment because they entrenched the popularity and electoral dominance of the man they revile - former premier Thaksin Shinawatra.

Full story http://www.khaosodenglish.com/detail.php?newsid=1441600373

-- Khaosod English 2015-09-07

[NeverSure]

"'Thaksinomics' Return as Junta Rethinks Revival Survival Strategy."

[catterwell]

Somkid spent much effort undermining M.R. Pridiyathorn, and is now re-cooking a recipe for disaster. I haven't got on with Somkid since he very rudely interrupted my breakfast shortly before he became Thaksin's first Finance Minister.

[MZurf]

Somkid spent much effort undermining M.R. Pridiyathorn, and is now re-cooking a recipe for disaster. I haven't got on with Somkid since he very rudely interrupted my breakfast shortly before he became Thaksin's first Finance Minister.

Huh?

[worgeordie]

Throw money at the problem,will that work?,or will the poor

just end up deeper in debt,and have to sell their land to the

rich,I don't understand Governments around the world,all they

think about is growth,growth and more growth,the world has

finite resources,and cannot keep on growing,Mother Nature

is starting to fight back,and its going to be nasty.

regards worgeordie

[billd766]

So the ONLY 2 programs are the Village fund which has been running for a long time and the OTOP out of exactly how many programs?

I don't see any mention of reviving ANY of the rice programs either.

Both were reasonable ideas at the time but since they were brought in the has been little transparency or accountability in either program.

[Pib]

Maybe this revival will be like a church revival meeting....lots of loud and feel-good words from the pulpit...then everyone hopes something of substance will happen.

[Thai at Heart]

Throw money at the problem,will that work?,or will the poor

just end up deeper in debt,and have to sell their land to the

rich,I don't understand Governments around the world,all they

think about is growth,growth and more growth,the world has

finite resources,and cannot keep on growing,Mother Nature

is starting to fight back,and its going to be nasty.

regards worgeordie

Without growth, your debts will rise inexorably.

[lovelomsak]

Appears to me this is like saying all the problems Thailand has had the last 8 years will be gone when they finally allow Thailand to go back to how thaksin was doing it. His way was the proper way but it seems they wouldnot let him be the one to do it. Could they not have saved 8 years of violence turmoil and cost if they would have just let him do his job.and not had the first coup. The country would have been a way better off i feel. 8 years to come to the point where their backs are so hard against the wall they have to admit the obvious.

[Bellacissa]

The Amazing Thailand Carousel Ride continues. Round and round and round we go!

[NickJ]

The amazing household debt started under Thaksin..Credit for just a signature......In the old days buying on time here was not really the mainstream......now everything including small ticket items.......In the eighties and ninties the average person had savings accounts and saved for things.

[manfredtillmann]

Throw money at the problem,will that work?,or will the poor

just end up deeper in debt,and have to sell their land to the

rich,I don't understand Governments around the world,all they

think about is growth,growth and more growth,the world has

finite resources,and cannot keep on growing,Mother Nature

is starting to fight back,and its going to be nasty.

regards worgeordie

Without growth, your debts will rise inexorably.

permanent growth is logically unattainable and unsustainable. the only way for mankind - and that includes all thai's - to survive on this planet is to establish balance and harmony with nature and find ways to live in an economic equilibrium. and i don't think throwing money at the peasants for the sake of harvesting sympathy and support is a good way of getting there. so much more to learn...

[Thai at Heart]

Throw money at the problem,will that work?,or will the poor

just end up deeper in debt,and have to sell their land to the

rich,I don't understand Governments around the world,all they

think about is growth,growth and more growth,the world has

finite resources,and cannot keep on growing,Mother Nature

is starting to fight back,and its going to be nasty.

regards worgeordie

Without growth, your debts will rise inexorably.

permanent growth is logically unattainable and unsustainable. the only way for mankind - and that includes all thai's - to survive on this planet is to establish balance and harmony with nature and find ways to live in an economic equilibrium. and i don't think throwing money at the peasants for the sake of harvesting sympathy and support is a good way of getting there. so much more to learn...

It's not to gain favour. The multiplier effect of giving to the poorest provides the biggest bang for your buck.

Beyond that, it's not as though the rural areas don't need infrastructure. Living in harmony with nature won't solve the problems. Thailand is slowing down and it needs a solution.

This program is part of the solution.

[baboon]

So the ONLY 2 programs are the Village fund which has been running for a long time and the OTOP out of exactly how many programs?

I don't see any mention of reviving ANY of the rice programs either.

Both were reasonable ideas at the time but since they were brought in the has been little transparency or accountability in either program.

Hey, why not just make it illegal to call it Thaksinomics? That way it won't be, just like the coup that wasn't staged...

[h90]

Throw money at the problem,will that work?,or will the poor

just end up deeper in debt,and have to sell their land to the

rich,I don't understand Governments around the world,all they

think about is growth,growth and more growth,the world has

finite resources,and cannot keep on growing,Mother Nature

is starting to fight back,and its going to be nasty.

regards worgeordie

Without growth, your debts will rise inexorably.

permanent growth is logically unattainable and unsustainable. the only way for mankind - and that includes all thai's - to survive on this planet is to establish balance and harmony with nature and find ways to live in an economic equilibrium. and i don't think throwing money at the peasants for the sake of harvesting sympathy and support is a good way of getting there. so much more to learn...

Well as long as we breed like rabbits there must be a grow only to feed us all....

But even with a stagnant population there would be a permanent grow, because of improvements in technology. That doesn't mean more resources....the new smart phone for sure uses less resources as my dads first "mobile" phone which had about 5kg. The electric car is way more expensive than the gasoline car, but over its life it (should) use less resources. Or better education costs money, if you improve education by spending more money on it it counts as economic grow.

[billd766]

So the ONLY 2 programs are the Village fund which has been running for a long time and the OTOP out of exactly how many programs?

I don't see any mention of reviving ANY of the rice programs either.

Both were reasonable ideas at the time but since they were brought in the has been little transparency or accountability in either program.

Hey, why not just make it illegal to call it Thaksinomics? That way it won't be, just like the coup that wasn't staged...

It could be called Somkidnomics so if it goes wrong they know who to blame.

The same thing probably applies to Thaksinomics.

[h90]

Throw money at the problem,will that work?,or will the poor

just end up deeper in debt,and have to sell their land to the

rich,I don't understand Governments around the world,all they

think about is growth,growth and more growth,the world has

finite resources,and cannot keep on growing,Mother Nature

is starting to fight back,and its going to be nasty.

regards worgeordie

Without growth, your debts will rise inexorably.

permanent growth is logically unattainable and unsustainable. the only way for mankind - and that includes all thai's - to survive on this planet is to establish balance and harmony with nature and find ways to live in an economic equilibrium. and i don't think throwing money at the peasants for the sake of harvesting sympathy and support is a good way of getting there. so much more to learn...

It's not to gain favour. The multiplier effect of giving to the poorest provides the biggest bang for your buck.

Beyond that, it's not as though the rural areas don't need infrastructure. Living in harmony with nature won't solve the problems. Thailand is slowing down and it needs a solution.

This program is part of the solution.

yes if you give the poor money they spend it immediately, the receiver spends it again, the country get multiple time VAT and tax on the profit, so part of the money comes back or if used for beer and cigarettes most come back.

[h90]

So the ONLY 2 programs are the Village fund which has been running for a long time and the OTOP out of exactly how many programs?

I don't see any mention of reviving ANY of the rice programs either.

Both were reasonable ideas at the time but since they were brought in the has been little transparency or accountability in either program.

Hey, why not just make it illegal to call it Thaksinomics? That way it won't be, just like the coup that wasn't staged...

It could be called Somkidnomics so if it goes wrong they know who to blame.

The same thing probably applies to Thaksinomics.

Thaksinomics were made by Somkid....

[billd766]

So the ONLY 2 programs are the Village fund which has been running for a long time and the OTOP out of exactly how many programs?

I don't see any mention of reviving ANY of the rice programs either.

Both were reasonable ideas at the time but since they were brought in the has been little transparency or accountability in either program.

Hey, why not just make it illegal to call it Thaksinomics? That way it won't be, just like the coup that wasn't staged...

It could be called Somkidnomics so if it goes wrong they know who to blame.

The same thing probably applies to Thaksinomics.

Thaksinomics were made by Somkid....

Thank you, but I had actually noticed that.

[Jon Wetherall]

Somkid spent much effort undermining M.R. Pridiyathorn, and is now re-cooking a recipe for disaster. I haven't got on with Somkid since he very rudely interrupted my breakfast shortly before he became Thaksin's first Finance Minister.

This is going to be such fun. You couldn't make this stuff up.

Good enough to sell tickets...

[Toknarok]

If they're going to re-start popularist policies they're going to have to rethink submarines and other expensive military toys. The pot isn't bottomless.

[Hawk]

""Rethinks"??????????

[Thailand]

Maybe the boss in on video link to Mr T asking what to do to get out of the hole they have dug.

First answer will probably be stop digging.

[NCFC]

Somkid spent much effort undermining M.R. Pridiyathorn, and is now re-cooking a recipe for disaster. I haven't got on with Somkid since he very rudely interrupted my breakfast shortly before he became Thaksin's first Finance Minister.

Did you forget to pay him?

[WhizBang]

The amazing household debt started under Thaksin..Credit for just a signature......In the old days buying on time here was not really the mainstream......now everything including small ticket items.......In the eighties and ninties the average person had savings accounts and saved for things.

Thais do not know how to manage debt. A while back I was in line at the checkout at one of the supermarkets. The Thai woman in front of me was buying some soda and candy. It came to a tad over 200 baht, and she whips out a credit card to pay for it. There is no hope.

[MAJIC]

Throw money at the problem,will that work?,or will the poor

just end up deeper in debt,and have to sell their land to the

rich,I don't understand Governments around the world,all they

think about is growth,growth and more growth,the world has

finite resources,and cannot keep on growing,Mother Nature

is starting to fight back,and its going to be nasty.

regards worgeordie

More often than not Debts are self created by greed!

[Baerboxer]

Appears to me this is like saying all the problems Thailand has had the last 8 years will be gone when they finally allow Thailand to go back to how thaksin was doing it. His way was the proper way but it seems they wouldnot let him be the one to do it. Could they not have saved 8 years of violence turmoil and cost if they would have just let him do his job.and not had the first coup. The country would have been a way better off i feel. 8 years to come to the point where their backs are so hard against the wall they have to admit the obvious.

So funny! One of the best pieces of satire on TVF for a longtime.

Just imagine,even ignoring all those outstanding court cases, how rich the Shin fortune would be now if they had. Make way on that Forbes list of rich even nearer to the top.

Thailand - still be the same, just more debt and f-all to show for it.

[Oziex1]

Throw money at the problem,will that work?,or will the poor

just end up deeper in debt,and have to sell their land to the

rich,I don't understand Governments around the world,all they

think about is growth,growth and more growth,the world has

finite resources,and cannot keep on growing,Mother Nature

is starting to fight back,and its going to be nasty.

regards worgeordie

Without growth, your debts will rise inexorably.

The post is about the awkward truth that growth is not sustainable, economically or environmentally.

Those who demand growth, as pointed out most governments, are in denial of the reality.

[Oziex1]

Throw money at the problem,will that work?,or will the poor

just end up deeper in debt,and have to sell their land to the

rich,I don't understand Governments around the world,all they

think about is growth,growth and more growth,the world has

finite resources,and cannot keep on growing,Mother Nature

is starting to fight back,and its going to be nasty.

regards worgeordie

More often than not Debts are self created by greed!

Or by necessity.

[Thai at Heart]

Throw money at the problem,will that work?,or will the poor

just end up deeper in debt,and have to sell their land to the

rich,I don't understand Governments around the world,all they

think about is growth,growth and more growth,the world has

finite resources,and cannot keep on growing,Mother Nature

is starting to fight back,and its going to be nasty.

regards worgeordie

Without growth, your debts will rise inexorably.

The post is about the awkward truth that growth is not sustainable, economically or environmentally.

Those who demand growth, as pointed out most governments, are in denial of the reality.

Indeed, it ebbs and flows. But long sustainable growth is the target.