The 10K baht election handout farce

[caller]

The whole point of this handout was to boost GDP, but if its not new money, and it won't be, it's probably not worth the effort. And as they are now looking at ways of restricting who get's it, it negates it's effectiveness even more, so it's really becoming a face saving exercise.

In some respects, they are the victims of the junta's spending, and the various handouts and subsidies, which naturally, no-one questioned, as they all have to be paid for and which have had a detrimental effect on the economy as a consequnce. The catch-22 is, that if those subsidies don't continue - diesel / petol - the situation will be even worse. Even the economist I ilke to follow from the BP, in his last article, basically said, it's getting more tourists in, with cashback offers, or nothing. Seems a crazy idea to me.

https://www.bangkokpost.com/opinion/opi ... sh-handout

[caller]

I agree, but many haven't as they intend to return to what they still consider their home when they've made their 'fortune'. There will be hundreds, probably thousands in Hua Hin alone who will receive the credit, but be unable to spend it.

It just seems to be a big shame votes were bought with a less than transparent promise.

In fairness, I don't think you can blame the Government for people not updating their true residency. But maybe a scheme promoting the same would help - even linking this requirement to receiving the handout. It's quick and easy to do.

[Big Boy]

The system doesn't allow it for many. If they have property or land in their home province, I'm told they can't move their registration.

If the problem was fixed, it would cost the Gov't more, so no incentive to fix it.

[caller]

The system doesn't allow it for many. If they have property or land in their home province, I'm told they can't move their registration.

If the problem was fixed, it would cost the Gov't more, so no incentive to fix it.

I dont think that's right. My other half has land in her 'home' province, but was able to register her address as being in Hua Hin.

I don't understand why it would cost the Government more?

[Big Boy]

Maybe rules have changed recently then, because what I said was true. Life would be so much easier if they have.

It will, on paper at least, cost the Government less because people have to travel back to their home province to spend their windfall, which is time limited. That a long journey for many for a shopping trip. At the end of the period, unspent money will return to the coffers.

[Big Boy]

Hmmmm....... not as fierce as the earlier article suggested. No news in this article, unless I've missed it (Thaiger always throws up all sorts of crap on my screen).

https://thethaiger.com/news/national/th ... -baht-loan

[caller]

Hmmmm....... not as fierce as the earlier article suggested. No news in this article, unless I've missed it (Thaiger always throws up all sorts of crap on my screen).

https://thethaiger.com/news/national/th ... -baht-loan

I think they're copying the BP article:

https://www.bangkokpost.com/thailand/ge ... 500bn-loan

First they have to secure the loan + interest. That will be interesting. The problem is it's coming from money already in circulation, not additional new money. Just feels like this is dead in the water.

[GroveHillWanderer]

The system doesn't allow it for many. If they have property or land in their home province, I'm told they can't move their registration.

If the problem was fixed, it would cost the Gov't more, so no incentive to fix it.

I dont think that's right. My other half has land in her 'home' province, but was able to register her address as being in Hua Hin.

I don't understand why it would cost the Government more?

Same with my wife. She also has multiple pieces of land in her name in her home province and her registered address is here in Hua Hin. Some of the land she bought well after we moved here.

What about all the multi-millionaires (and billionaires) in Thailand? I'm pretty sure they're not restricted to only owning property in the province where their registered address is.

[pitsch]

I wonder how they will check the 500,000 baht in the bank account. You could now withdraw the excess money and hoard it at home until you receive the 10,000 baht

[PeteC]

10,000 Baht Digital Wallet

Khaosod English
·
Commerce Minister Phumtham Wechayachai on Sunday reveals the list of 18 items that cannot be purchased by using the 10,000 baht digital wallet.

1) government lottery
2) alcohol beverage
3) tobacco
4) cannabis
5) kratom leaves
6) kratom plants
7) by products of cannabis and krathom
8 ) gift card
9) cash coupon
10) gold
11) diamond
12) sapphires
13) gems
14) petrol
15) natural gas
16) electronic appliances
17) electronic-relayed devices
18) communication devices

[PeteC]

The 7% VAT thread reminded me of this. 7% of what they give out is automatically going to come back to the government. They should therefore call it the 9,300 Baht handout.

[hhinner]

The 7% VAT thread reminded me of this. 7% of what they give out is automatically going to come back to the government. They should therefore call it the 9,300 Baht handout.

Looking at the list of excursions there won't be many purchases subject to VAT. No VAT on food.

[buksida]

Most of the food supply in Thailand is controlled by one cartel so it'll be a big payday for CP. Time to buy their stock?

[hhinner]

Most of the food supply in Thailand is controlled by one cartel so it'll be a big payday for CP. Time to buy their stock?

Probably already priced in. Expect annual profits report will be exceptional. Still, when the powers that be here talk about stimulating the Thai economy they really means the economy for the likes of CP, banks, SCG, etc.

[buksida]

This is an opinion piece which is talking largely about America, but it is also relevant to Thailand, so take it with a pinch of salt.
A CBDC (central bank digital currency) is programmable digital tokens issued by the central bank equivalent to the local currency that can be monitored and controlled by it - China is already running a pilot scheme and has linked its CBDC to its social credit system and digital ID.

Will Thais Allow Themselves to Become Guinea Pigs for a Central Bank Digital Currency?
It’s official: Universal basic income will be the Trojan horse they use to replace the dollar with a government-run surveillance crypto-token, or central bank digital currency.

Thailand’s left-wing government announced a program to give free money to 50 million Thais with the catch that it will be in the form of a CBDC.

The program is large—$14 billion, which is equivalent to nearly $1 trillion in U.S. terms. But only if you join the borg.

I’ve been warning for years they would use free money or a universal basic income to impose a CBDC in the next recession. Using a CBDC’s ease of administration—after all, a bureaucrat can, at the touch of a button, give money to millions of people or take it from millions of people.

This would radically upgrade our totalitarian banking system—the one Canadian Prime Minister Justin Trudeau used against Canadian truckers—to surveil and control literally every dollar in existence.

That’s pretty bleak. And it looks like Thailand’s taking the plunge.

https://www.dailysignal.com/2024/07/29/ ... -currency/

Related: App use soars ahead of digital giveaway
Daily usage of the Thang Rath application has increased 15-fold with the 10,000-baht digital wallet cash handout scheme to open for registration on the application on Thursday.
https://www.bangkokpost.com/thailand/ge ... l-giveaway