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Thaksin bought votes via rice, inflation of rice prices suffer SG

taksinloong

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Thaksin purchased rices and multiple times the usual market price from rice farmers in north Thailand in order to bribe them for votes, surged prices of rice to be suffered and PAID BY CONSUMERS LIKE US.:mad::oIo:

CCB!

That means our market funds we we eat and cook, goes to buying votes for Thaksin, we are the unwilling sponsor of his Vote Buying.

:eek::oIo:

http://www.cbc.ca/fp/story/2011/07/05/5051115.html

Stability for Thailand comes with higher rice prices
Story courtesy of FinancialPost.com
Last Updated: Tuesday, July 05, 2011 | 09:01 AM EDT
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A stunning election victory in Thailand Sunday for Yingluck Shinawatra, sister of exiled former prime minister Thaksin Shinawatra, has locals looking forward to a return to political and economic stability after years of turmoil. But the incoming government's spend-heavy platform has economists concerned the country's inflation woes will only get worse, forcing the central bank to step up its tightening strategy.

Markets welcomed the majority election victory on Monday, with the Stock Exchange of Thailand surging 4.69% to 1,090.28 while the Thai currency rose more than 1% to as high as 30.41 bhat against the U.S. dollar, its highest level since February 2008.

"What we've seen today is bringing the currency back to levels seen before the uncertainty of the past election," Camilla Sutton, currency strategist with Scotia Capital, said Monday. "Outside of Thailand, it's not a tremendous move for Asia, but it highlights the problem most of Asia is facing: Strong, growing economies with rising inflation and tremendous flows into those economies creating pressure on currencies and complications for central banks. It's a fine balancing act faced by Thailand and many other Asian countries."

Ms. Yingluck, a popular and telegenic opposition candidate leading the populist Pheu Thai party, stormed to a majority with 265 of 500 seats in parliament. She will become the country's first female prime minister, leading a five-party coalition totalling 299 seats.

Key to Ms. Yingluck's victory are expensive promises made to appeal to the poorest demographics in Thailand, who also helped push her brother, Mr. Thaksin, to power in 2001 before he was ousted in a military coup in 2006 after being accused of corruption.

These include pledges to raise the minimum wage by a whopping 40% to 300 baht a day (almost US$10), as well as a premium price scheme for rice farmers, significant overhangs on inflation and global food prices as Thailand accounts for 30% of the world's rice supply.

Inflation is a rapidly growing problem in Thailand, rising more than a percentage point since the end of 2010 to 4.06% at the end of June.

A Bloomberg survey of rice millers, exporters and traders Monday forecast rice prices to jump 56% by the end of the year to US$810 a tonne.

To head off inflation fears coming out of the election, the central bank is widely expected to hike its benchmark interest rates for the eighth time in the past year at its next meeting next week.

Pheu Thai has also promised extensive infrastructure spending, including bullet trains, public housing and even tablet computers for schoolchildren, all while cutting corporate taxes.

Sukhy Ubhi, Asia economist with Capital Economics in London, forecasts robust GDP growth in Thailand of 4% and 5% in 2011 and 2012, respectively, which should be enough to fuel Ms. Yingluck's planned spending projects.

"In the medium term, these sorts of mega-investment projects appear to be the right way to go and they can be funded as growth has been quite strong. In the next couple of years the government will do quite well, but I question the populist policies like minimum wage," Mr. Ubhi said. "The Thai central bank governor has spoken out against this. On the one hand, they're trying to tighten monetary policy and cool the economy, but the main opposition party is essentially trying to give out candy to the electorate."

Ms. Yingluck's brother, Mr. Thaksin, remains a hero to the poor in Thailand for his "Thaksinomics" brand spending policies before being forced out of the country. He is living in Dubai, but his shadow has loomed large over the election, especially his influence on his sister, who is new to politics. Mr. Thaksin has described his sister as his "clone" to the press during the campaign.

"The main risk is whether this transition goes smoothly," Mr. Ubhi said. "There are no direct allegations of corruption, but she does face some questions about her credibility."
 

Sperminator

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a grim reminder on how fragile, and how fucking dependent Singapore is to global changes... even if the neighboring countries fart... surely Singapore will smell it!
 

sex6sex6sex6

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a grim reminder on how fragile, and how fucking dependent Singapore is to global changes... even if the neighboring countries fart... surely Singapore will smell it!

Abhisit should Gio Guay (prostitute) to buy vote, go to the bath spa 3 times a day, and tip every Guay, then won. Stupid Abhisit.
 
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