Thai baht surges against weakening US dollar

[Joe Mcseismic]

1 hour ago, JMSIII said:

 

 

The 1997 Asian Financial Crisis was due to the dirty dealings of George Soros.  He sold short the currencies of Thailand and Malaysia.  Which by doing this he almost destroyed both economies.  He did something similar in the UK.

 

Soros is a Billionaire Hedge Fund Manager that has openly bragged about the power he has to destroy countries if wants to.  I have heard him say he's very proud of what he did in Thailand and Malaysia.

 

George Soros is also the largest donor by, for Barack Obama and Hillary Clinton.  Literally the number one financier of both...

 

You can also look up what he did to his fellow Jewish people in WWII.  He was the snitch pointing out to the Nazi's were the Jewish families and people were hiding.  Yes, at age 14, he sold out his own people for profit.  He is a dirty POS!  NOT a good guy.

Pure BS. As Soros is a favourite right-wing bogey man, I'll put you down as a right-wing conspiracy theorist.

Educate yourself by reading the link.

https://www.frbsf.org/economic-research/publications/economic-letter/1998/august/what-caused-east-asia-financial-crisis/

[whimsicalmike]

5 minutes ago, Boss said:

ITHB is tied to the USD....

How is it tied to the USD

Is it freely traded FORX so hence the markets determine the rate or does the Thai Govt decide the rate ?

[Pib]

51 minutes ago, Lucius verus said:

Australian AUD took a hit today thanks to some Chinese ports banning our exports. Oz dollar could be heading towards the dreaded 19 baht rate before years out.

I wont be able to live here anymore and i won't be alone.

 

When looking at the AUD-THB from 1994 to current day its recent trend downward is not promising...now at a low last seen back in early 2009 and the 2001-2002 time frames....maybe it's just a 7 to 10 year cycle thing.   

 

[Pib]

3 minutes ago, Joe Mcseismic said:

Pure BS. As Soros is a favourite right-wing bogey man, I'll put you down as a right-wing conspiracy theorist.

Educate yourself by reading the link.

https://www.frbsf.org/economic-research/publications/economic-letter/1998/august/what-caused-east-asia-financial-crisis/

The right wing have moved on to a new boggie man or should I say boggie woman.  Their two most current favorite boggie women are Nancy Pelosi and Alexandria Ocasio-Cortez (AOC)....right wing just can't stop talking about them. 

 

 

[Snow Leopard]

1 hour ago, Joe Mcseismic said:

You don't seem to understand international trade. The USA has a bigger appetite for Thai goods than Thailand has for US goods. Nothing to do with tariffs. This is the same situation as the US trade deficit with China.

That's not true at all. Please tell me what a car made in Thailand would cost in the US and how much a car made in the US would cost in Thailand. 

[Whip]

Speculation for the nation

[Joe Mcseismic]

4 minutes ago, Snow Leopard said:

That's not true at all. Please tell me what a car made in Thailand would cost in the US and how much a car made in the US would cost in Thailand. 

What has that got to do with it?

If the US buys a billion dollars worth of goods from Thailand, but, Thailand only buys a million dollars of goods from the US, then the US ends up with a trade deficit.

Why do you think that the US has been pressuring Germany and China (both exporting economies) to stimulate domestic spending?

 

Sheesh.....another person who needs to study economics 101.

[bowerboy]

This does make sense when you think about it.

 

The Baht is so high because of the current account surplus. The current account surplus is so high because they export more than they import. 

 

This is makes sense because tariffs and taxes are so high here that nobody can really afford imported stuff and so demand is lower for imported stuff than exported stuff (Thais do not exactly appreciate quality in goods or materials).

 

The problem is not that they are manipulating the baht. In fact it is quite opposite...the problem is that they are doing nothing to stem the baths increase in value. Normally a country that wants higher exports would start to buy dollars with their currency in order to control its increase. The Thais are not doing this which is why the increase in value.

 

So they are not guilty of manipulation but they are guilty of doing nothing. I would expect this to change after the election once there is at least some kind of checks and Baka ave in place and the Junta have had their fill at the trough.

 

Thats my understanding anyway and happy to be wrong.

 

 

[Lacessit]

3 hours ago, curtklay said:

Yeah, great. Just when I need to transfer more money here to comply with the new immigration visa rules.

Anyone else smell a conspiracy?

I think it was Henry Kissinger who said even paranoids have enemies.

[JingjoDave]

Just because I'm paranoid doesn't mean everyone isn't against me ????

[Snow Leopard]

29 minutes ago, Joe Mcseismic said:

What has that got to do with it?

If the US buys a billion dollars worth of goods from Thailand, but, Thailand only buys a million dollars of goods from the US, then the US ends up with a trade deficit.

Why do you think that the US has been pressuring Germany and China (both exporting economies) to stimulate domestic spending?

 

Sheesh.....another person who needs to study economics 101.

What you are talking about is Math. Economics is completely different. Is this not what the US and China are going around the dance floor about at the moment. Of course, tariffs make a huge difference. If US goods were cheaper in Thailand because there were no import duties then Thailand buying US made goods would change. Because they would be cheaper. Like Thai goods are cheaper in the US due to low tariffs. 

[Lacessit]

47 minutes ago, Joe Mcseismic said:

What has that got to do with it?

If the US buys a billion dollars worth of goods from Thailand, but, Thailand only buys a million dollars of goods from the US, then the US ends up with a trade deficit.

Why do you think that the US has been pressuring Germany and China (both exporting economies) to stimulate domestic spending?

 

Sheesh.....another person who needs to study economics 101.

Fact: A vehicle manufactured in Thailand is about 20% cheaper in Australia than the same vehicle sold in Thailand, and the vehicle sold in Thailand will have less options.

Fact: Any vehicle imported into Thailand will have a tariff slapped on it of at least 100%.

Economics 101? More like Protectionism 101.

[Joe Mcseismic]

10 minutes ago, Snow Leopard said:

What you are talking about is Math. Economics is completely different. Is this not what the US and China are going around the dance floor about at the moment. Of course, tariffs make a huge difference. If US goods were cheaper in Thailand because there were no import duties then Thailand buying US made goods would change. Because they would be cheaper. Like Thai goods are cheaper in the US due to low tariffs. 

No, economics, though, like many subjects, maths is involved (like accounting, physics etc. etc.). As far as I know, international trade falls under economics. I know that because I took a course in economics and international trade was included. I'll give you the point that tariffs come into it, but, Thailand is a poor country in relation to the USA. To expect them to buy the same value of goods as the US buys from Thailand is totally unrealistic, especially when you take labour costs in the two respective countries into account. US goods to Thais are expensive. Thai goods to the US relatively cheap. That's called "comparative advantage" in economics.

[moe666]

The Bhat is getting stronger because of the Chinese money pouring in to buy condos as well as tourist spending lots of money, this has raised the amout of foreign currency that Thailand has on account. Tell all the Chinese to stop and it will go down and the bhat will be weaker. Too some people every thing that happens in Thailand is a conspiracy, it says more about them than Thailand

[ocddave]

4 hours ago, 55Jay said:

Not a good time for new arrivals needing to bring in a lump sum to get set up here - house, car, etc.  Similar scenario when we moved over end of 2012, wiring in money early 2013. 

I did well in the end of 2016 when I moved here and needed money for cars/motorcycles/housing/etc, but taking a hammering now, I guess you have to accept the good with the bad sometimes.

[MadMuhammad]

3 hours ago, JaiLai said:

The amounts that crusty old foreigners send to meet the new criteria is a mere drop in the ocean (maybe not even that much), the Ex rate is hardly manipulated for that......seriously?!!!

At last someone makes some sense!! Thank you thank you thank you ???????? 

[MadMuhammad]

2 hours ago, brokenbone said:

theres no compelling reason to stay here beside the fact

i'm too crippled to move

Still cheap to live here, great weather, fun fantastic lifestyle, always someone to talk to or have a drink with, smiling faces everywhere, great food, exciting night life, the hub of Asia, amazing people from all over the world to meet and converse with, relaxed living. Yep, nothing compelling whatsoever 

[Pib]

11 minutes ago, MadMuhammad said:

Still cheap to live here, great weather, fun fantastic lifestyle, always someone to talk to or have a drink with, smiling faces everywhere, great food, exciting night life, the hub of Asia, amazing people from all over the world to meet and converse with, relaxed living. Yep, nothing compelling whatsoever 

Do you work for the National News Bureau of Thailand....or maybe the Tourism Authority of Thailand?

[dinsdale]

1 hour ago, bowerboy said:

I would expect this to change after the election once there is at least some kind of checks and Baka ave in place and the Junta have had their fill at the trough.

The Junta will still be in charge after the election and Juntas have never had their fill at the trough. There's always more to be had until the populace raises up against them.???? 

[observer90210]

Tourism, real estate sales, exports etc will strongly suffer with this artificially inflated Thai Bhat... it is not a secret for anybody, that nations are fully able to manipulate the value of their currency and every country does it.....but in this case Thailand is going to head for a doomsday if the Bhat continues to soar as such.  The real value of the Bhat is rather 1 US$ = at least 34 THB in the current global financial climate.

[EricTh]

3 hours ago, Lucius verus said:

Australian AUD took a hit today thanks to some Chinese ports banning our exports. Oz dollar could be heading towards the dreaded 19 baht rate before years out.

I wont be able to live here anymore and i won't be alone.

 

It seems that the year 2019 might be start of exodus of retirees with the strong baht and financial requirements of min 400k and  longer 800k period.

 

Watch video below

 

 

 

[EricTh]

22 minutes ago, observer90210 said:

Tourism, real estate sales, exports etc will strongly suffer with this artificially inflated Thai Bhat... it is not a secret for anybody, that nations are fully able to manipulate the value of their currency and every country does it.....but in this case Thailand is going to head for a doomsday if the Bhat continues to soar as such.  The real value of the Bhat is rather 1 US$ = at least 34 THB in the current global financial climate.

 

In practice that is not true. Tourism is still thriving.

 

The Chinese were the largest spenders in Thailand during their new year and they are the largest tourist group in Thailand. They just love importing Thai durians and anything Thai.

 

[Stocky]

2 hours ago, Boss said:

If the Junta control it then the value will be what the junta want it to be for whatever their reasons are.

They've subs & tanks to buy!

[balo]

Get rid of the military junta and the exchange rates will go back to more normal levels.  There are only some rich Thai-Chinese families that are responsible for this. 

 

 

 

 

[JMSIII]

3 hours ago, Joe Mcseismic said:

Pure BS. As Soros is a favourite right-wing bogey man, I'll put you down as a right-wing conspiracy theorist.

Educate yourself by reading the link.

https://www.frbsf.org/economic-research/publications/economic-letter/1998/august/what-caused-east-asia-financial-crisis/

Really?  Pure BS?  What is your expertise?  I was a stockbroker for 10 years, 1990-2000 at a major firm.  I remember this, I have read George Soros's own words, and I have heard the same right wing bogey man as you call him, actually say he was proud of what he did in Thailand and Malaysia.  I believe it was a 60 minutes interview.   Sorry I hurt your feelings about Barry and Hillary, truth can hurt.  But you should "educate yourself" on who and what George Soros is.  I'm not going to waste my time in getting you any links.  You can google it for yourself.  Why would Soros brag about what he did?  Do you know who is the biggest currency trader in the world is?  And what he can do to different currencies?  Educate yourself...

[Dumbastheycome]

The  value on  exchange  has soared in reaction to the US $ being  suspect. But why then  have fuel prices  jumped  up ? Something is  not  quite  right !

[rabas]

3 hours ago, Joe Mcseismic said:

Pure BS. As Soros is a favourite right-wing bogey man, I'll put you down as a right-wing conspiracy theorist.

Educate yourself by reading the link.

https://www.frbsf.org/economic-research/publications/economic-letter/1998/august/what-caused-east-asia-financial-crisis/

No right-wing conspiracy theory at all.

 

George Soros and other currency hedge funds who attacked the Thai Baht causing it to collapse to generate profit is the lore of the global financial industry. There is no one who does not know this.

 

The Federal Reserve Bank report you quote only discusses broad weaknesses in the Asian economies that made them vulnerable to attacks by currency speculators like Soros. There is not a single word in your reference that vindicates Soros, et. al. It clearly mentions the role of speculative currency attacks. The only question was, should Asian economies have been more prepared for such onslaughts, like should a police officer have worn a bulletproof vest when shot.

 

Your reference.

... "during periods of uncertainty, runs or speculative attacks on a currency can be avoided only if the holders of domestic assets are assured that the government can meet the demand for foreign currency. Those East Asian economies where foreign exchange reserves were large relative to their short-term borrowing (Philippines, Malaysia, and Taiwan) were in a better position to provide such assurances than those economies where such reserves were relatively low (South Korea, Indonesia, and Thailand)."

[thaiguzzi]

2 hours ago, Pib said:

Do you work for the National News Bureau of Thailand....or maybe the Tourism Authority of Thailand?

No, he's just one of the few guys on this forum whose glass is half full.

You know, has a spring in his step, a smile on his face, the world is a nice place and life is good.

One of those sort of guys.

Difficult to find on this forum , i know, but they do exist.

[JMSIII]

3 hours ago, Joe Mcseismic said:

What has that got to do with it?

If the US buys a billion dollars worth of goods from Thailand, but, Thailand only buys a million dollars of goods from the US, then the US ends up with a trade deficit.

Why do you think that the US has been pressuring Germany and China (both exporting economies) to stimulate domestic spending?

 

Sheesh.....another person who needs to study economics 101.

While you were in Economics 101 did you learn about shorting currencies?  I don't think so.   This is "George Soros in his own words" saying what he did.  George Soros is a elitist and a globalist, he doesn't care who he destroys, and in true fashion, of course he is trying to do the right thing for everyone in the world...

 

In 1997, Soros almost destroyed the economies of Thailand and Malaysia. At the time, Malaysia’s Prime Minister, Mahathir Mohamad, called Soros “a villain and a moron.” Thai activist Weng Tojirakarn said, “We regard George Soros as a kind of Dracula. He sucks the blood from the people.”^[17] Soros was also branded an economic war criminal.^[21]

 

In 1998's The Crisis of Global Capitalism: Open Society Endangered, Soros explained his role in the crisis as follows:

The financial crisis that originated in Thailand in 1997 was particularly unnerving because of its scope and severity.... By the beginning of 1997, it was clear to Soros Fund Management that the discrepancy between the trade account and the capital account was becoming untenable. We sold short the Thai baht and the Malaysian ringgit early in 1997 with maturities ranging from six months to a year. (That is, we entered into contracts to deliver at future dates Thai Baht and Malaysian ringgit that we did not currently hold.) Subsequently Prime Minister Mahathir of Malaysia accused me of causing the crisis, a wholly unfounded accusation. We were not sellers of the currency during or several months before the crisis; on the contrary, we were buyers when the currencies began to decline – we were purchasing ringgits to realize the profits on our earlier speculation. (Much too soon, as it turned out. We left most of the potential gain on the table because we were afraid that Mahathir would impose capital controls. He did so, but much later.^[22]

The nominal U.S. dollar Gross domestic product (GDP) of the ASEAN fell by $9.2 billion in 1997 and $218.2 billion (31.7%) in 1998.

 

This is the guy who snitched to the Nazi's on where to find Hungarian Jews to be murdered, just another liberal people loving nice guy huh?

[Nyezhov]

2 hours ago, ocddave said:

I did well in the end of 2016 when I moved here and needed money for cars/motorcycles/housing/etc, but taking a hammering now, I guess you have to accept the good with the bad sometimes.

Me too, its so bad I am sharing Leos in front of 7-11 with street guys.