Former finance minister urges politicians to ditch populist policies

[rooster59]

Former finance minister urges politicians to ditch populist policies

Thammarat Thadaphrom

 

 

BANGKOK, 3 September 2016 (NNT) - Former finance minister Korn Chatikavanij has called on political parties not to make promises they cannot keep, saying populist policies should be stopped. 

Speaking at a seminar hosted by the Political and Electoral Development Institute, the former finance minister said a major problem in Thai politics is that political parties are not able to keep the promises they make before elections, adding that in any case many populist policies can cause huge damage to the nation. 

According to Korn, good policies should focus on national development, prevent social segregation, foster unity, uphold the code of ethics, and improve financial discipline. 

He suggested that a special organization be established in order to analyze the true cost of each government’s projects, thereby strengthening the balance of power between the government and the legislature. 

Other prominent figures attending the seminar included adviser to the Constitution Drafting Commission Jade Donavanik and the Director of the Konrad Adenauer Foundation, Michael Winzer. 

 

 

-- nnt 2016-09-03

[jamesbrock]

The more I read about this guy I like him.

[BigBadGeordie]

An excellent covering letter for the post of appointed Senator, please submit your full CV.

[ramrod711]

He's too smart to get involved.

[jamesbrock]

25 minutes ago, ramrod711 said:

He's too smart to get involved.

 

Too smart for them to let him be involved...

[jayboy]

He's right of course but this report is so general that it's hard to comment further.What would be interesting would be to see some detailed examples costed and argued.In Thailand there is a massive skew on government spending towards the big urban centres.Is redressing that imbalance "populist"?

 

Korn is hard to dislike - intelligent, charming and articulate and patently a decent man.He has cleverly - though not completely - avoided the toxic effect of too close an association with Suthep's thuggery and the Junta's regressive policies.

 

But there is valid argument that for all his Western education and top public school affability, there is something in him less admirable.Has he really shown much courage? I sympathise since most of us follow our particular tribe and by God he is so much better than most Thai politicians.

 

http://www.lrb.co.uk/v36/n12/richard-lloydparry/the-story-of-thaksin-shinawatra

 

Money quote:  "But the suave villainy of the Democrat Party, and of men like Abhisit and Korn, is insufficiently recognised"

Edited September 3, 2016 by jayboy

[Winniedapu]

41 minutes ago, jamesbrock said:

The more I read about this guy I like him.

 

It is human nature to believe or not believe a person based on what they look like first and what they say second. This guy is at the centre of the conspiracy to oust Sukumbhand so Abhisit, the serial loser can be a governor and Kown can take the 'Democrat' party into a coalition with the armed forces.

 

Sure, hes photogenic, sure he's good-looking and attractive to women. and sure he trades on these things. Reason enough to be suspicious of whatever he says.

 

Winnie

[jamesbrock]

2 minutes ago, Winniedapu said:

 

It is human nature to believe or not believe a person based on what they look like first and what they say second. This guy is at the centre of the conspiracy to oust Sukumbhand so Abhisit, the serial loser can be a governor and Kown can take the 'Democrat' party into a coalition with the armed forces.

 

Sure, hes photogenic, sure he's good-looking and attractive to women. and sure he trades on these things. Reason enough to be suspicious of whatever he says.

 

Winnie

 

I get what you're saying, but I liked him before I ever saw what he looked like.

 

Conspiracy theories notwithstanding, he has quite an impressive CV.

 

Korn Chatikavanich was born in London, England. His father was Commissioner of the Customs Department, Commissioner of the Revenue Department, and Director of the Fiscal Policy Office. Korn read politics, philosophy and economics (PPE) at St. John's College, University of Oxford and graduated with honours.

 

Korn worked in asset management at SG Warburg while a student and joined the firm after his graduation. He left Warburg and returned to Thailand in 1988, founding J.F. Thanakorn, a joint venture between Jardine Flemings and Finance One. JF Thakakom became the Kingdom's largest brokerage by 1995-6 and became the first Thai investment bank to manage a public takeover, as well as the first to lead manage a Euro-convertible for a Thai firm, with Korn at the helm. In 1999, JF Thanakom was sold to JP Morgan (later JP MorganChase). Korn stayed on serving as President of J.P. Morgan (Thailand) Limited from 2000 to 2004.

 

Korn left JP Morgan in October 2004, joined the Democrat Party to run for office, and subsequently went on to win a seat in Bangkok’s 2nd constituency (Sathorn – Yannawa) in the general elections of February 2005. After the defeat of the Democrat Party, Abhisit Vejjajiva replaced Banyat Banthadthan as Democrat Party leader. Korn was appointed Deputy Secretary General and Secretary for Economic Affairs of the Party. He became a vocal member of the opposition to the government of Thaksin Shinawatra during the 2005-2006 Thai political crisis. During the same period, Korn played a major role in examining the economic policies of Thaksin's government including the Shin Corporation Deal Scandal.

 

Korn was appointed Finance Minister in the Abhisit administration in December 2009.

 

Korn's significant achievements as Minister of Finance include: a 117-billion-baht stimulus package initiated in January 2009 and a second stimulus package, valued over 1.4 trillion baht over 2010 - 2012. Most of the funds was spent in improving infrastructure in Thailand especially in the area of irrigation and transportation, public health, education, and tourism.

 

Korn also focused on policies that helped addressed social inequality and poverty such as pushing through the draft bill on land and building tax (property tax) in the Thai cabinet in April 2010 a part of an ambitious plan to overhaul the country's tax structure as the first step toward achieving a balanced budget.

 

Additionally, Korn helped refinance loan-shark debt for over 500,000 individuals, many of whom were being charged more than 100% per annum interest for their loans.

 

In January 2010, Korn was awarded "Finance Minister of the Year 2010" for both global and Asia Pacific regions by the Banker magazine of the Financial Times. The magazine complimented the Thai minister on his "financial management skills as he assumed the finance ministerial position in Thailand amid the economic stagnation. In addition, he was given credit for his contributions to promote and enhance financial and economic cooperation in ASEAN. Korn is the only Thai to have received both awards.

 

In 2010, given that Thailand had recorded impressive economic recovery despite its political turmoil, Korn was also considered for Euromoney magazine's Finance Minister of the Year award. However, that year the prize was given to Alexei Kudrin for his role in enabling Russia to pay off its foreign debt early.

 

As then Chair of the ASEAN Finance Ministers' meetings in 2009, Korn was also credited for helping with the creation of the Chiang Mai Initiative Multilateralization (CMIM), a regional foreign reserve pool in case of currency flow shortage.

 

After the Democrats were defeated in the 2011 election, Korn's term as finance minister ended and he subsequently took on the role of Shadow Deputy Prime Minister for Economic Affairs in Abhisit Vejjajiva's shadow cabinet. He was replaced by Securities and Exchange Commission (SEC) economist Thirachai Phuvanatnaranubala.

 

In May 2011, the editorial pages of both the Japan Times and the South China Morning Post mentioned Korn as a possible candidate to replace Dominique Strauss-Kahn as head of the International Monetary Fund (IMF) for "his deep understanding of financial markets". Moreover, it was mentioned that the position should not be limited to candidates exclusively from the US and the European Union, as there were many good candidates from Africa, Asia and Latin America.

 

When it comes to finances, he seems to know his stuff. The good general, on the other hand...

[halloween]

About bloody time this was brought into play, something I have long advocated, and hopefully similar to the system in Oz for the last 18 years. https://www.electioncostings.gov.au/

 

Election policies here seem to be based on who can offer the biggest bribe based on a blatant lie while keeping a straight face. PTP's effort was a litany of expensive boondoggles and lies aimed at the base instinct of personal greed. Self-funding rice scam, one child one tablet, minimum wage increases - all hugely expensive failures at benefiting the donkeys that  chased the carrot. 

[Cuchulainn]

Yep. Didn't think he was a Pheu Thai lackey.

[maoro2013]

What is populist?

 

If people could understand 'populist' it could be something that would help them, unlike rubber, rice and other schemes that have actually undermined the peons of the country who are the majority.

[Winniedapu]

3 hours ago, jamesbrock said:

 

I get what you're saying, but I liked him before I ever saw what he looked like.

 

Conspiracy theories notwithstanding, he has quite an impressive CV.

 

<snip>

 

When it comes to finances, he seems to know his stuff. The good general, on the other hand...

 

Well, it isn't what I would call a conspiracy theory, with all the negative connotations of that expression.

 

Perhaps I've been in Thailand too long, but I look at the Democrat Party and Then I look at the Thai people up in the North and North-East, and I see a connection.

 

To be honest, if Korn is a member of the Democrat party, then that's reason enough for me to doubt his motives and his entire raison d'aitre.

 

Might be wrong, but when it comes to assessing people, I'm not often wrong. When it comes to assessing wealthy Thais, I'me never wrong.

 

Your own opinions acknowledged.

 

Winnie

[dotpoom]

Isen't it the same all over the world?

[jippytum]

Kuhn Korn was the best finance minister Thailand has ever had  University educated in the UK  .He always presented

financial matters with an educated logical format unlike the narrow minded short sighted vote buyers   typical of  mostThai politicians.

[jayboy]

Kuhn Korn was the best finance minister Thailand has ever had  University educated in the UK  .He always presented

financial matters with an educated logical format unlike the narrow minded short sighted vote buyers   typical of  mostThai politicians.

The questions that need to be resolved in respect of Khun Korn do not relate to his professional competence.

[lucky11]

What I don't understand is what he is calling for is so darned obvious!!

 

 After what has gone on through Thaksin's parties (primarily) winning elections in the past with unachievable and unsustainable populist policies any dumbo could have come out with this!! Am I that clever (and I don't know it) or is everyone else stupid for not seeing this clearly obvious reasoning behind disallowing such damaging policies from their mandates pre-election.

 

 Come on, please tell me that everyone can see this otherwise I am going to see myself as a genius in finance!! I am good, but surely not that good.

 

  

[digibum]

33 minutes ago, lucky11 said:

What I don't understand is what he is calling for is so darned obvious!!

 

 After what has gone on through Thaksin's parties (primarily) winning elections in the past with unachievable and unsustainable populist policies any dumbo could have come out with this!! Am I that clever (and I don't know it) or is everyone else stupid for not seeing this clearly obvious reasoning behind disallowing such damaging policies from their mandates pre-election.

 

 Come on, please tell me that everyone can see this otherwise I am going to see myself as a genius in finance!! I am good, but surely not that good.

 

  

 

Of course it's obvious but who in Thailand has the courage to state the obvious?  

 

Thailand is a "Don't Rock the Boat" society and upsetting the boat, regardless of how painfully obvious it is that the boat needs to sail in a new direction, risks getting the person objecting to the current trajectory tossed overboard.  

 

The problem with populist policies is right there in the name.  In most economies the poor will outnumber the middle class and rich combined.  There's an old saying, any policy of government that involves robbing Peter to pay Paul, will certainly enjoy the support of Paul.  

 

Of course, all politicians engage in some form of populism but there are those that promise perks for getting on board with a plan that will raise everyone up and there are those who say that it's unfair that the rich are rich and that the government needs to take from the rich and give the money to those less fortunate.  

 

In other words, you can either use tax money to fund better education for the poor, job training, and provide a path to better paying jobs OR you can look around and see that there are a lot of poor farmers and promise to pay them more for their rice than the world market is willing to pay (basically a bribe) in exchange for their vote.  

 

 

 

 

 

 

 

 

 

 

 

 

[borisloosebrain]

12 hours ago, Winniedapu said:

 

It is human nature to believe or not believe a person based on what they look like first and what they say second. This guy is at the centre of the conspiracy to oust Sukumbhand so Abhisit, the serial loser can be a governor and Kown can take the 'Democrat' party into a coalition with the armed forces.

 

Sure, hes photogenic, sure he's good-looking and attractive to women. and sure he trades on these things. Reason enough to be suspicious of whatever he says.

 

Winnie

Do you have a source for that interesting little snippet of info ? Getting rid of Sukhumband would be a blessing. He didn't want the job and he has been totally useless. Korn has never been a kingmaker, more of a policy maker and he stands head and shoulders above pretty much everyone else in Thai politics in terms of integrity, intelligence, and commitment to actually helping your average working Thai. He had some good policies when he was in govt that were shot down by vested interests.

He's not in it for the money, he's independently wealthy, his ancestors had crates of gold stashed deep under the family compound in Yaowarat. You think his good looks are grounds for suspicion ..lol. 

Edited September 3, 2016 by borisloosebrain

[jayboy]

6 hours ago, borisloosebrain said:

Do you have a source for that interesting little snippet of info ? Getting rid of Sukhumband would be a blessing. He didn't want the job and he has been totally useless. Korn has never been a kingmaker, more of a policy maker and he stands head and shoulders above pretty much everyone else in Thai politics in terms of integrity, intelligence, and commitment to actually helping your average working Thai. He had some good policies when he was in govt that were shot down by vested interests.

He's not in it for the money, he's independently wealthy, his ancestors had crates of gold stashed deep under the family compound in Yaowarat. You think his good looks are grounds for suspicion ..lol. 

 

Your comments on Korn's wealth are ludicrous nonsense.While he comes from a patrician Sino Thai family with long court connections, his personal wealth derives largely from his own efforts in setting up, running and then selling a successful investment bank in partnership with Jardine Fleming.I cannot think of many examples of prominent Thai politicians who have acquired great wealth so transparently and so honestly though personal efforts.

[performance]

There are well developed politicians here. This is a fine example. The problem is these army hot shots are winding up into retirement and want to feast before the meter runs out. Hence there 5 year plan lol. Joke and unfortunately men like the above are cut down. We all know there so called senate will vote in a puppet PM. So until this regime is done feasting. Which is in 5 years lol. Thais can wait !

 

Thais know the drill.

[robblok]

18 hours ago, halloween said:

About bloody time this was brought into play, something I have long advocated, and hopefully similar to the system in Oz for the last 18 years. https://www.electioncostings.gov.au/

 

Election policies here seem to be based on who can offer the biggest bribe based on a blatant lie while keeping a straight face. PTP's effort was a litany of expensive boondoggles and lies aimed at the base instinct of personal greed. Self-funding rice scam, one child one tablet, minimum wage increases - all hugely expensive failures at benefiting the donkeys that  chased the carrot. 

 

In the Netherlands an independent organisation calculates if all the election promises that are made are feasible. That would stop a lot of the popular policies here in Thailand if it was introduced. I can see certain parties being against this. 

[Emster23]

Heaven forbid any government policies that might help the average person here. That sort of talk is "un-Thai".  And we all know how well the current government has kept it's policies regarding elections, corruption, etc. Must be batting 100% at least

[ddavidovsky]

Korn doesn't get it. Information should certainly be made available but then it should be for the public to decide. That's the system: freedom to make any policy they want; freedom of information; freedom to vote out failed governments if the failure is big enough.

 

How to ensure that the proposed 'special organization' to vet political proposals is itself unbiased, especially under a fascist system? Of course it won't be. The secret agenda here is to trash populism and promote elitism. That makes it much easier for the current regime to serve itself.

[lucky11]

4 minutes ago, ddavidovsky said:

Korn doesn't get it. Information should certainly be made available but then it should be for the public to decide. That's the system: freedom to make any policy they want; freedom of information; freedom to vote out failed governments if the failure is big enough.

 

How to ensure that the proposed 'special organization' to vet political proposals is itself unbiased, especially under a fascist system? Of course it won't be. The secret agenda here is to trash populism and promote elitism. That makes it much easier for the current regime to serve itself.

 

 It is about responsibility, sensibleness, realistic national ambitions, good leadership and fairness. Unrealistic populus policies designed to garner the vote doesn't fit into any of these categories and the sooner they are outlawed the better. 

 Korn is clearly stating the glaringly obvious - but it is undoubtedly the root of past problems and is one thing that needs to be resolved before free and fair elections can be realised!!

[manarak]

15 minutes ago, ddavidovsky said:

Korn doesn't get it. Information should certainly be made available but then it should be for the public to decide. That's the system: freedom to make any policy they want; freedom of information; freedom to vote out failed governments if the failure is big enough.

 

How to ensure that the proposed 'special organization' to vet political proposals is itself unbiased, especially under a fascist system? Of course it won't be. The secret agenda here is to trash populism and promote elitism. That makes it much easier for the current regime to serve itself.

 

A constitution should contain safeguards to enforce good governance, preserve liberties, limit taxes and enforce good financial management too - financial management is in the end what *should* break the neck of overspending governments, like it did to Dilma Roussef, but sadly most constitutions lack such provisions and let governments run deficitary spending year after year.

[trogers]

13 hours ago, lucky11 said:

What I don't understand is what he is calling for is so darned obvious!!

 

 After what has gone on through Thaksin's parties (primarily) winning elections in the past with unachievable and unsustainable populist policies any dumbo could have come out with this!! Am I that clever (and I don't know it) or is everyone else stupid for not seeing this clearly obvious reasoning behind disallowing such damaging policies from their mandates pre-election.

 

 Come on, please tell me that everyone can see this otherwise I am going to see myself as a genius in finance!! I am good, but surely not that good.

 

  

 

Obvious but highly unpopular with freeloaders...

[ddavidovsky]

14 minutes ago, lucky11 said:

 

 It is about responsibility, sensibleness, realistic national ambitions, good leadership and fairness. Unrealistic populus policies designed to garner the vote doesn't fit into any of these categories and the sooner they are outlawed the better. 

 Korn is clearly stating the glaringly obvious - but it is undoubtedly the root of past problems and is one thing that needs to be resolved before free and fair elections can be realised!!

 

I repeat (seeing as you ignored this fundamental point): how to ensure that the proposed 'special organization' to vet political proposals is itself unbiased, especially under a fascist system?

 

Korn is right that more information should be made available. But the solution is not to have some 'special organization' making these decisions - that's just an extension of bad governance, and is a recipe for ensuring the ordinary people will get stiffed.

[jayboy]

Korn doesn't get it. Information should certainly be made available but then it should be for the public to decide. That's the system: freedom to make any policy they want; freedom of information; freedom to vote out failed governments if the failure is big enough.

 

How to ensure that the proposed 'special organization' to vet political proposals is itself unbiased, especially under a fascist system? Of course it won't be. The secret agenda here is to trash populism and promote elitism. That makes it much easier for the current regime to serve itself.

Unless I misunderstand I dont think Korn is advocating policies demonstrated to be unfeasible should be prohibited, nor is he suggesting the investigating body should have " teeth".

He is rather suggesting the details should be properly costed (socially, financially,economically) and the results made known to the press and public.

Ultimately it is for the voters to decide - and if they opt for a party that has some ' populist' policies, that's their prerogative.

[ddavidovsky]

5 minutes ago, jayboy said:

 

Unless I misunderstand I dont think Korn is advocating policies demonstrated to be unfeasible should be prohibited, nor is he suggesting the investigating body should have " teeth".

He is rather suggesting the details should be properly costed (socially, financially,economically) and the results made known to the press and public.

Ultimately it is for the voters to decide - and if they opt for a party that has some ' populist' policies, that's their prerogative.

 

 

Unfortunately, there's no mechanism for the voters to get to decide. The regime will control the 'special organisation' and it will inevitably serve the deep state at the people's expense.

[Baerboxer]

1 hour ago, robblok said:

 

In the Netherlands an independent organisation calculates if all the election promises that are made are feasible. That would stop a lot of the popular policies here in Thailand if it was introduced. I can see certain parties being against this. 

 

Wish they had something similar in the UK - especially Scotland at the moment.