Thanong

Thanong Khanthong
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Thursday , November 5 , 2009

Democrats divided over how to handle Saxena

Posted by Thanong , Reader : 264 , 19:43:19

November 5, 2009Now that Rakesh Saxena is in Thai cusฌtody, will he reveal all?It depends on the ruling Democrat Party. At this point, the Democrats are divided over how to handle Saxena as far as Korbsak Sabhavasu, the deputy prime minister in charge of economic affairs, and Suthep Thaugsuban, the deputy PM in charge of security affairs, are conฌcerned.The Korbsak faction would like to use Saxena fo....

November 5, 2009Now that Rakesh Saxena is in Thai cusฌtody, will he reveal all?It depends on the ruling Democrat Party. At this point, the Democrats are divided over how to handle Saxena as far as Korbsak Sabhavasu, the deputy prime minister in charge of economic affairs, and Suthep Thaugsuban, the deputy PM in charge of security affairs, are conฌcerned.The Korbsak faction would like to use Saxena fo....

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Nukul findings were inadequate

Posted by Thanong , Reader : 209 , 19:41:16

Wednesday, Nov 4, 2009In December 1997, new finance minister Tarrin Nimmanahaeminda appointed a commission, chaired by former central bank governor Nukul Prachuabmoh, to study what had gone wrong with the Bank of Thailand’s management of the baht crisis. The Nukul Commission also took time to study the Bangkok Bank of Commerce fiasco.The nine-page report was inadequate in its investigation into the B....

Wednesday, Nov 4, 2009In December 1997, new finance minister Tarrin Nimmanahaeminda appointed a commission, chaired by former central bank governor Nukul Prachuabmoh, to study what had gone wrong with the Bank of Thailand’s management of the baht crisis. The Nukul Commission also took time to study the Bangkok Bank of Commerce fiasco.The nine-page report was inadequate in its investigation into the B....

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Wednesday , November 4 , 2009

US debt, Japanese debt

Posted by Thanong , Reader : 251 , 08:37:32

November 4, 2009By: Eric Sprott & David FranklinSPROTT ASSET MANAGEMENT LPSurreality Check Part Two...In November 2007 we wrote an article entitled “Surreality Check… Dead Men Walking”, in which we discussed the early warning signs of the impending credit crisis and highlighted companies that were looking particularly troubled to us at the time.We identified General Motors with a book value of ne....

November 4, 2009By: Eric Sprott & David FranklinSPROTT ASSET MANAGEMENT LPSurreality Check Part Two...In November 2007 we wrote an article entitled “Surreality Check… Dead Men Walking”, in which we discussed the early warning signs of the impending credit crisis and highlighted companies that were looking particularly troubled to us at the time.We identified General Motors with a book value of ne....

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Tuesday , November 3 , 2009

Dont let Saxena die

Posted by Thanong , Reader : 218 , 13:51:19

Published on November 3, 2009Deliberate leak of bank documents triggered BBC and Thai economy's collapse but will financier spill the beans on dodgy deals in '96?In his second part of the series on the Bangkok Bank of Commerce scandal, Thanong Khanthong asks who ordered the closure of the bank in 1996 that triggered off the 1997 financial crisis.In his fight against being extradited from Canada over ....

Published on November 3, 2009Deliberate leak of bank documents triggered BBC and Thai economy's collapse but will financier spill the beans on dodgy deals in '96?In his second part of the series on the Bangkok Bank of Commerce scandal, Thanong Khanthong asks who ordered the closure of the bank in 1996 that triggered off the 1997 financial crisis.In his fight against being extradited from Canada over ....

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Monday , November 2 , 2009

Saxena a political bargaining chip

Posted by Thanong , Reader : 266 , 13:04:21

Published on November 2, 2009 In the first part of a series, Thanong Khanthong reports that initial pre-bargaining talks could be underway between the Democrat-controlled police and Rakesh Saxena as the leading coalition party tries to zero in \|on the big fish.After a good night's sleep in the hospital within the Bangkok Remand Prison, Rakesh Saxena woke up yesterday morning feeling fresh and in high....

Published on November 2, 2009 In the first part of a series, Thanong Khanthong reports that initial pre-bargaining talks could be underway between the Democrat-controlled police and Rakesh Saxena as the leading coalition party tries to zero in |on the big fish.After a good night's sleep in the hospital within the Bangkok Remand Prison, Rakesh Saxena woke up yesterday morning feeling fresh and in high....

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The road to scandal

Posted by Thanong , Reader : 229 , 13:02:07

Published on October 31, 2009 Thanong Khanthong examines the Bangkok Bank of Commerce saga, which emerged as the ailing symptoms of the 1996.A turning point at the Bank of Thailand in mid-1996 revolved around the Bangkok Bank of Commerce (BBC).With the credibility of the BOT hit hard, governor Vijit Supinit was forced to resign on July 1, 1996, bringing an abrupt, but hardly surprising, end to his si....

Published on October 31, 2009 Thanong Khanthong examines the Bangkok Bank of Commerce saga, which emerged as the ailing symptoms of the 1996.A turning point at the Bank of Thailand in mid-1996 revolved around the Bangkok Bank of Commerce (BBC).With the credibility of the BOT hit hard, governor Vijit Supinit was forced to resign on July 1, 1996, bringing an abrupt, but hardly surprising, end to his si....

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See you in Bangkok

Posted by Thanong , Reader : 236 , 12:55:47

"See you in Bangkok"By The NationNovember 27, 2009Thanong Khanthong has an exclusive interview with Rakesh Saxena before the Canadian Supreme Court rules on his extradition.It was quite some time ago when we last talked. When I placed a call to Rakesh Saxena on Wednesday night, I was expecting that he might not be in any mood to talk to me. I had heard about his deteriorating health from hi....

"See you in Bangkok"By The NationNovember 27, 2009Thanong Khanthong has an exclusive interview with Rakesh Saxena before the Canadian Supreme Court rules on his extradition.It was quite some time ago when we last talked. When I placed a call to Rakesh Saxena on Wednesday night, I was expecting that he might not be in any mood to talk to me. I had heard about his deteriorating health from hi....

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Friday , October 30 , 2009

Rakesh is back

Posted by Thanong , Reader : 386 , 07:24:29

From the Vancouver Sun (Oct 29, 2009), Rakesh Saxena is now on his way to Bangkok. He lost his appeal against the longest extradition case in Canadian history.VANCOUVER — After more than 13 years fighting extradition while holed up in Vancouver, financial fugitive Rakesh Saxena is finally on his way back to Bangkok.The Supreme Court of Canada on Thursday cleared the runway for Saxena to be returned t....

From the Vancouver Sun (Oct 29, 2009), Rakesh Saxena is now on his way to Bangkok. He lost his appeal against the longest extradition case in Canadian history.VANCOUVER — After more than 13 years fighting extradition while holed up in Vancouver, financial fugitive Rakesh Saxena is finally on his way back to Bangkok.The Supreme Court of Canada on Thursday cleared the runway for Saxena to be returned t....

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Thursday , October 22 , 2009

20 reasons US has lost its soul, collapse inevitable

Posted by Thanong , Reader : 476 , 07:47:21

October 22, 2009Since last year, I have been warning about the impending collapse of capitalism as we know it. The main reason of the collapse, as a growig number of people believe, is uncontrolled greed. Yet in Buddhist term, any civilisation is bound under three marks of existence -- impermanence, suffering and non-self.Let's take a look at Three Marks of Existence from Wikipedia.Impermanence is on....

October 22, 2009Since last year, I have been warning about the impending collapse of capitalism as we know it. The main reason of the collapse, as a growig number of people believe, is uncontrolled greed. Yet in Buddhist term, any civilisation is bound under three marks of existence -- impermanence, suffering and non-self.Let's take a look at Three Marks of Existence from Wikipedia.Impermanence is on....

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Tuesday , October 20 , 2009

Thais have no culture, no painting and only a very odd kind of music

Posted by Thanong , Reader : 328 , 17:24:48

British envoys' undiplomatic parting shots revealedLONDON, Oct 20, 2009 (AFP) - Thais have no culture and are all driven by sex; Africans are self-destructive, and Nicaraguans are dishonest, violent and alcoholic -- and that's according to professional diplomats.The undiplomatic parting shots of British ambassadors over the years, in final dispatches to the Foreign and Commonwealth Office (FCO) in Lo....

British envoys' undiplomatic parting shots revealedLONDON, Oct 20, 2009 (AFP) - Thais have no culture and are all driven by sex; Africans are self-destructive, and Nicaraguans are dishonest, violent and alcoholic -- and that's according to professional diplomats.The undiplomatic parting shots of British ambassadors over the years, in final dispatches to the Foreign and Commonwealth Office (FCO) in Lo....

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Friday , October 16 , 2009

Barter transactions could replace fiat currencies

Posted by Thanong , Reader : 453 , 13:21:41

By Thanong KhanthongThe NationPublished on October 16, 2009Hedge funds and other investors are now investing in physical commodities rather than futures. They are apparently concerned about the sustainability of financial assets, including the health of the US dollar. They would like to get into something tangible rather than holding intangible paper assets. Recent events at the G-20 meeting in Pitts....

By Thanong KhanthongThe NationPublished on October 16, 2009Hedge funds and other investors are now investing in physical commodities rather than futures. They are apparently concerned about the sustainability of financial assets, including the health of the US dollar. They would like to get into something tangible rather than holding intangible paper assets. Recent events at the G-20 meeting in Pitts....

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Russia and China are ready to dump US dollars

Posted by Thanong , Reader : 540 , 09:16:28

BEIJING, October 14 (RIA Novosti) - Russia is ready to consider using the Russian and Chinese national currencies instead of the dollar in bilateral oil and gas dealings, Prime Minister Vladimir Putin said on Wednesday.The premier, currently on a visit to Beijing, said a final decision on the issue can only be made after a thorough expert analysis."Yesterday, energy companies, in particular Gazp....

BEIJING, October 14 (RIA Novosti) - Russia is ready to consider using the Russian and Chinese national currencies instead of the dollar in bilateral oil and gas dealings, Prime Minister Vladimir Putin said on Wednesday.The premier, currently on a visit to Beijing, said a final decision on the issue can only be made after a thorough expert analysis."Yesterday, energy companies, in particular Gazp....

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Friday , October 9 , 2009

The IMF cannot pull us out of this crisis

Posted by Thanong , Reader : 465 , 07:37:57

October 9, 2009The IMF cannot pull us out of this crisisBy Thanong KhanthongINTERNATIONAL Monetary Fund Managing Director Dominique Strauss-Kahn made it clear in Istanbul that the IMF will transform into a kind of global central bank with a war chest of at least US$1 trillion. This amount, he added, would go to loans to developing nations facing a financial crisis. Strauss-Kahn did not say whether or....

October 9, 2009The IMF cannot pull us out of this crisisBy Thanong KhanthongINTERNATIONAL Monetary Fund Managing Director Dominique Strauss-Kahn made it clear in Istanbul that the IMF will transform into a kind of global central bank with a war chest of at least US$1 trillion. This amount, he added, would go to loans to developing nations facing a financial crisis. Strauss-Kahn did not say whether or....

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Thursday , October 8 , 2009

Gold, Gold, Gold

Posted by Thanong , Reader : 510 , 07:59:40

Gold hits historic highNation/BloombergOctober 8, 2009Gold climbed to a record US$1,048 (Bt35,100) per ounce yesterday as the US dollar weakened and higher commodity prices spurred demand for precious metals as a hedge against inflation.The Dollar Index fell for a fourth day, while crude-oil futures advanced to more than $70 a barrel for a third day. When gold passed $1,000 in February, sales of scra....

Gold hits historic highNation/BloombergOctober 8, 2009Gold climbed to a record US$1,048 (Bt35,100) per ounce yesterday as the US dollar weakened and higher commodity prices spurred demand for precious metals as a hedge against inflation.The Dollar Index fell for a fourth day, while crude-oil futures advanced to more than $70 a barrel for a third day. When gold passed $1,000 in February, sales of scra....

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Wednesday , October 7 , 2009

How Safe is Our $ Reserves?

Posted by Thanong , Reader : 584 , 14:00:52

October 7, 2009Deputy Prime Minister Korbsak Sabhavasu has expressed grave concern over a lack of balance in the monetary-policy management of the Bank of Thailand.He said the BOT had encouraged a free flow of capital into the country while failing to allow capital to flow out in an equally free manner."This practice has brought about an imbalance of the BOT's monetary-policy management. That's ....

October 7, 2009Deputy Prime Minister Korbsak Sabhavasu has expressed grave concern over a lack of balance in the monetary-policy management of the Bank of Thailand.He said the BOT had encouraged a free flow of capital into the country while failing to allow capital to flow out in an equally free manner."This practice has brought about an imbalance of the BOT's monetary-policy management. That's ....

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Friday , October 2 , 2009

Curbing industrial growth can work for Thailand

Posted by Thanong , Reader : 1087 , 11:52:33

October 2, 2009 On Wednesday, the Cabinet ministers discussed a plan for industrial development in the South before deciding to take a whole new look at it - because the Eastern Seaboard has been running into legal complications. On Tuesday, the Central Administrative Court ordered 76 industrial projects at the nation's largest industrial estate to suspend operations temporarily, pending an investiga....

October 2, 2009 On Wednesday, the Cabinet ministers discussed a plan for industrial development in the South before deciding to take a whole new look at it - because the Eastern Seaboard has been running into legal complications. On Tuesday, the Central Administrative Court ordered 76 industrial projects at the nation's largest industrial estate to suspend operations temporarily, pending an investiga....

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Wednesday , September 30 , 2009

Safe Habour No More

Posted by Thanong , Reader : 567 , 06:10:06

September 30, 2009From a report of Sprott Asset Management (September 2009): The dollar no longer can fulfil its status as the world's reserve currency.The US dollar (USD) is the world’s “reserve currency”. This status is arguably the greatest privilege enjoyed by the US as an economic entity. Most people don’t appreciate its significance. As the world’s reserve currency, the USD is used by other cou....

September 30, 2009From a report of Sprott Asset Management (September 2009): The dollar no longer can fulfil its status as the world's reserve currency.The US dollar (USD) is the world’s “reserve currency”. This status is arguably the greatest privilege enjoyed by the US as an economic entity. Most people don’t appreciate its significance. As the world’s reserve currency, the USD is used by other cou....

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Monday , September 14 , 2009

Is History Going to Repeat itself?

Posted by Thanong , Reader : 1571 , 09:45:56

Is History Going to Repeat Itself?Published on September 14, 2009We'll have a couple of days before us when we arrive at the third anniversary of the September 19, 2009 military coup. During that time, then prime minister Thaksin Shinawatra was making his overseas trip. He attended the Asia-Europe meeting in Finland. He and his entourage stopped over in Cancun, Mexico, before heading to New York to d....

Is History Going to Repeat Itself?Published on September 14, 2009We'll have a couple of days before us when we arrive at the third anniversary of the September 19, 2009 military coup. During that time, then prime minister Thaksin Shinawatra was making his overseas trip. He attended the Asia-Europe meeting in Finland. He and his entourage stopped over in Cancun, Mexico, before heading to New York to d....

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Thursday , September 10 , 2009

Thaksin and his lack of moral legitimacy to lead

Posted by Thanong , Reader : 1548 , 06:58:41

September 10, 2009Finally, an educated farang has come out to say that the New York Times, the Washington Post and the Economist don't understand what the Thais think. Professor Stephen Young happened to pass by Bangkok, and he was interviewed by Suthichai Yoon on TV. From the interview, you can see that he really undertands Thailand very well. His view is quite impartial, coming from a man who have ....

September 10, 2009Finally, an educated farang has come out to say that the New York Times, the Washington Post and the Economist don't understand what the Thais think. Professor Stephen Young happened to pass by Bangkok, and he was interviewed by Suthichai Yoon on TV. From the interview, you can see that he really undertands Thailand very well. His view is quite impartial, coming from a man who have ....

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Tuesday , September 8 , 2009

Thaksin battles with cancer

Posted by Thanong , Reader : 8483 , 17:53:18

September 8, 2009Thaksin Shinawatra's health is deteriorating following his chemotherapy treatment for prostate cancer. Recently, a team of doctors from Rama IX Hospital went to Koh Kong to treat Thaksin with chemotherapy for his prostate cancer. There were reports that he was not feeling fine with the treatment. In the previous treatment, the Rama IX Hospital doctors went to Dubai to treat Thaksin's....

September 8, 2009Thaksin Shinawatra's health is deteriorating following his chemotherapy treatment for prostate cancer. Recently, a team of doctors from Rama IX Hospital went to Koh Kong to treat Thaksin with chemotherapy for his prostate cancer. There were reports that he was not feeling fine with the treatment. In the previous treatment, the Rama IX Hospital doctors went to Dubai to treat Thaksin's....

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Saturday , September 5 , 2009

The dilemma of Japan

Posted by Thanong , Reader : 717 , 07:43:08

September 5, 2009By Thanong KhanthongThe Japanese media, in their attempt to show a way out for their country facing a political transition, are still hooked to a "growth strategy". The followings are a summary of the Japanese media's commentaries (JP Morgan, August 28, 2009), written before the Democratic Party of Japan's earth-shattering victory. An article in the August 2 Nihon Keizai Sh....

September 5, 2009By Thanong KhanthongThe Japanese media, in their attempt to show a way out for their country facing a political transition, are still hooked to a "growth strategy". The followings are a summary of the Japanese media's commentaries (JP Morgan, August 28, 2009), written before the Democratic Party of Japan's earth-shattering victory. An article in the August 2 Nihon Keizai Sh....

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Friday , September 4 , 2009

Red October looms for Abhisit and the US dollar

Posted by Thanong , Reader : 1037 , 07:56:16

Red October looms for Abhisit and the US dollarPublished on September 4, 2009EVERY MONTH is the same, except October, Mark Twain warned us.You may need to keep an eye on the US financial system next month. At the same time, you should closely follow signals from Prime Minister Abhisit Vejjajiva, who will come under pressure to dissolve Parliament.Next month, US financial institutions will have to rep....

Red October looms for Abhisit and the US dollarPublished on September 4, 2009EVERY MONTH is the same, except October, Mark Twain warned us.You may need to keep an eye on the US financial system next month. At the same time, you should closely follow signals from Prime Minister Abhisit Vejjajiva, who will come under pressure to dissolve Parliament.Next month, US financial institutions will have to rep....

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Monday , August 31 , 2009

Change of Guard in Japan

Posted by Thanong , Reader : 576 , 00:18:49

The Democratic Party of Japan won the Lower House election by a landslide Sunday, grabbing at least 300 seats in the 480-seat chamber.From Kyodo and Japan Times reportsThe victory by the main opposition party will end more than half a century of almost uninterrupted rule by the Liberal Democratic Party. It will also usher in DPJ President Yukio Hatoyama, 62, as the new prime minister by mid-September....

The Democratic Party of Japan won the Lower House election by a landslide Sunday, grabbing at least 300 seats in the 480-seat chamber.From Kyodo and Japan Times reportsThe victory by the main opposition party will end more than half a century of almost uninterrupted rule by the Liberal Democratic Party. It will also usher in DPJ President Yukio Hatoyama, 62, as the new prime minister by mid-September....

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Friday , August 28 , 2009

A list of 10 events to watch next year

Posted by Thanong , Reader : 1137 , 13:58:22

Published on August 28, 2009I do not pretend to be an expert. But from my observation, I predict 10 major events that will or might happen next year.First, Thailand will go through a political transition to reach more stable ground. Thaksin Shinawatra and his red-shirt movement will fizzle out. The political polarisation will begin to narrow as the country shifts toward symmetry in the medium term to....

Published on August 28, 2009I do not pretend to be an expert. But from my observation, I predict 10 major events that will or might happen next year.First, Thailand will go through a political transition to reach more stable ground. Thaksin Shinawatra and his red-shirt movement will fizzle out. The political polarisation will begin to narrow as the country shifts toward symmetry in the medium term to....

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Monday , August 24 , 2009

Global C risis represents failure of US capitalism

Posted by Thanong , Reader : 1105 , 15:04:24

Global Crisis represents failure of US capitalismNobel laureate Joseph Stiglitz last week advocated the creation of a new global reserve system that would provide a viable venue for countries to invest surplus funds. Speaking at an international seminar in Bangkok hosted by the Nation Multimedia Group, he said Asian economies would recover if they were successful in decoupling their dependence on exp....

Global Crisis represents failure of US capitalismNobel laureate Joseph Stiglitz last week advocated the creation of a new global reserve system that would provide a viable venue for countries to invest surplus funds. Speaking at an international seminar in Bangkok hosted by the Nation Multimedia Group, he said Asian economies would recover if they were successful in decoupling their dependence on exp....

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Sunday , August 23 , 2009

One crisis averted; more to look forward to

Posted by Thanong , Reader : 902 , 08:40:40

August 23, 2009THE Abhisit government narrowly survived the crisis of the royal petition. On August17, 2009, the military was on full alert. But in the absence of violence, they could not make a move. The red-shirted supporters of ex-prime ministerShinawatra Thaksin marched on Monday to the Grand Palace to submit the royal petition on behalf of the fugitive. The procession, totally in red, looked li....

August 23, 2009THE Abhisit government narrowly survived the crisis of the royal petition. On August17, 2009, the military was on full alert. But in the absence of violence, they could not make a move. The red-shirted supporters of ex-prime ministerShinawatra Thaksin marched on Monday to the Grand Palace to submit the royal petition on behalf of the fugitive. The procession, totally in red, looked li....

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Thursday , August 20 , 2009

Paul Kookie does not get it

Posted by Thanong , Reader : 623 , 14:33:51

By Thanong KhanthongThe NationPublished on August 19, 2009 The only sure fact to emerge from this crisis is that the old economic model has passed its sell-by dateLast week, Nobel Prize-winning economist Paul Krugman attended an international business forum in Kuala Lumpur. His message did not sound as bullish as before. He said the world has avoided a Great Depression and that the worst of the finan....

By Thanong KhanthongThe NationPublished on August 19, 2009 The only sure fact to emerge from this crisis is that the old economic model has passed its sell-by dateLast week, Nobel Prize-winning economist Paul Krugman attended an international business forum in Kuala Lumpur. His message did not sound as bullish as before. He said the world has avoided a Great Depression and that the worst of the finan....

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Tuesday , August 18 , 2009

Crisis is defused for now

Posted by Thanong , Reader : 3023 , 00:22:07

Ticking bomb defused for the time beingPublished on August 18, 2009Political trouble was avoided yesterday, but fuses are sure to be re-lit in the coming weeks It was a stormy Monday, with a big downpour from the heavens. But the political undercurrents were even more spectacular. The red-shirted supporters of ex-prime minister Thaksin Shinawatra made their way to the Grand Palace to submit a petitio....

Ticking bomb defused for the time beingPublished on August 18, 2009Political trouble was avoided yesterday, but fuses are sure to be re-lit in the coming weeks It was a stormy Monday, with a big downpour from the heavens. But the political undercurrents were even more spectacular. The red-shirted supporters of ex-prime minister Thaksin Shinawatra made their way to the Grand Palace to submit a petitio....

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Sunday , August 16 , 2009

Royal petition for Thaksin and Rubber Sapling for Newin

Posted by Thanong , Reader : 1030 , 22:42:36

August 16, 2009 We need to keep an eye on two dramatic political developments today. The Red Shirted supporters of ousted prime minister Thaksin Shinawatra would make their way to the Grand Palace this morning to file a petition to His Majesty the King seeking Royal clemency for their boss. In the afternoon, at the nearby Supreme Court's Office of the Political Holders, a verdict against Newin Chidch....

August 16, 2009 We need to keep an eye on two dramatic political developments today. The Red Shirted supporters of ousted prime minister Thaksin Shinawatra would make their way to the Grand Palace this morning to file a petition to His Majesty the King seeking Royal clemency for their boss. In the afternoon, at the nearby Supreme Court's Office of the Political Holders, a verdict against Newin Chidch....

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Monday , August 10 , 2009

Patcharawat is back for a full confrontation mode

Posted by Thanong , Reader : 1152 , 12:07:42

August 10, 2009Pol Chief Patcharawat Wongsuwan sprang a surprise by appearing at his office this morning at the Office of National Police. He wants his chair back, quickly.Patcharawat was supposed to take a leave, for as long as 30 days as Prime Minister Abhisit Vejajjiva has suggested. This would allow Pol Gen Thanee Somboonsap to proceed with the full investigation into the attempt assassination ag....

August 10, 2009Pol Chief Patcharawat Wongsuwan sprang a surprise by appearing at his office this morning at the Office of National Police. He wants his chair back, quickly.Patcharawat was supposed to take a leave, for as long as 30 days as Prime Minister Abhisit Vejajjiva has suggested. This would allow Pol Gen Thanee Somboonsap to proceed with the full investigation into the attempt assassination ag....

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