Drama of age and incompetence : Thai central bank says the crisis is less severe than 1997

After, “the crisis is not that bad because it didn’t start in Thailand“… After “first quarter is better than Q4“… After “the decrease of exports is a surprise“… Tarisa, the alleged governor of the Bank Of Thailand, comes back on stage for her new cheap PR show.

But this time, she’s not afraid to speak to international media… Bloomberg.

Thailand’s central bank said the nation’s economy will be able to better withstand the global credit crisis than in 1997 because of the resilience of local companies and banks.

“Since the last crisis, we have put in a lot of effort and energy to strengthen our system,” Bank of Thailand Governor Tarisa Watanagase, 59, said in an interview yesterday in Bangkok. “Our capability to withstand the storm is very much different than in 1997. Banks don’t have solvency or liquidity problems.” […]

… Yet… Thai banks don’t have solvency or liquidity problems yet. Who Tarisa tries to fool with such cheap rethorical move ?

Tarisa should explain us what will happen to loans… owned by thai banks if many companies go bankrupt, confronted to a ever deepening global crisis ? What would happen to this great “capability to withstand the storm” ?

To be so narrow minded, just in order to save face and to boost the so called confidence… is really astonishing.

“This is the crisis that happened elsewhere and we don’t have a lot of control over it,” Tarisa said. “The effect will come through the trade channel. Now, we have to pin our hopes on domestic investment and consumption.”

Here, she’s touched by grace ! She aknowledges that exports… ARE DEAD… and will break GDP growth… But, hop hop, the PR is coming back right away… she found her Magic Stick : “domestic investment and consumption” !

Tarisa becomes like Jesus walking on the water.

To study investment and private consumption by looking at GDP report (Q4, read here)… To see that the first one is dead like a dead cow, and the second one is flat at best… To understand that businesses won’t invest more tomorrow than they did yesterday… Is irrelevant, totally irrelevant.

Facts, analysis do not matter anymore… Here, we are in Laland, the land of the Magic Words.

Tarisa has spoken, and like a celestial shepherd, she shows to the masses the way to salvation : Hopes.

And when the governor of a central bank starts to use the word “hopes “… then you know what you have to do. Run. And run fast.


Poor woman. People in the future will laugh at her. And then she will disappear into History’s garbage can. In disgrace. Full of shame.

1 Response to “Drama of age and incompetence : Thai central bank says the crisis is less severe than 1997”

  1. 1 Bedwyr 3 March 2009 at 2:40 am

    These people are idots. Famous for it.

    I wonder what Bloomberg made of her, and by extension, what they think of Thais in general that they could make this person responsible for more than milking a cow.

    Still, I bet she felt important and made sure some photos are in the family album to impress everyone later on.


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Thailand Crisis

Coup, Economic slowdown, Terror In the South... The situation is worsening in Thailand. Bumpy road like often before.

But this time, it's different.

The key to understand the present turmoil is the inevitable... succession of King Bhumibol.

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