Thaksin calls for cryptocurrency-backed bonds to boost liquidity in Thailand’s economy. He highlights the success and beauty of Isan women marrying foreigners, emphasizes the need for families to stay together. Advocates international education and culture in the region.
Former Prime Minister Thaksin Shinawatra on Friday emphasized a more outward-looking Thailand that embraces international culture. In particular, the former Prime Minister highlighted the beauty of women from the country’s Isan region and the decades-long trend of intermarriage with foreigners as a positive development. However, the former tycoon and Thailand’s most successful Prime Minister emphasized the need for families in Isan to be able to live together. Thaksin noted that many of the region’s talented young people were forced to move to the capital. Furthermore, the PM appeared to reject Thailand’s low-growth economic prospects. He called for a new government bond issue in cryptocurrency aimed at smaller investors to boost economic liquidity.
Former Premier Thaksin Shinawatra gave a broad and sweeping outline on Saturday regarding what should be done to improve the Thai economy. In particular, he focused on Isan, the Northeast of Thailand, comprising 20 provinces and a stronghold of the Pheu Thai Party.
It is also a region of the country long associated with Thai women marrying foreigners. Indeed, this dynamic has played an intrinsic part in the development of Isan over the last three decades, especially the last two.
Thaksin highlights the beauty of Isan women and the need for international culture to strengthen Thailand
Thaksin specifically addressed this issue head-on on Saturday. He identified the beauty of Isan women and how it attracted foreigners to marry many women in the region. The former PM emphasized that embracing international culture was fundamental to building a stronger future for Isan and Thailand.
The Pheu Thai figurehead highlighted the success of Isan women, particularly those without plastic surgery, as a key strength of the region.
At the same time, he called for a revamped education system in Thailand. Thaksin proposed that Thai students should study abroad, while the government would employ more foreign teachers to strengthen the education system.
“We must learn about international cultures. This is something that must be done quickly, including model schools and bilingual schools. We will do more in Isan. ‘One School, One Dream District’ will be done again. We will hire foreign teachers to help,” Mr. Thaksin explained.
Thaksin addresses the economic and social costs of youth migration from Isan to Bangkok as a norm
The former PM spoke about the heartbreak of grandparents in Isan taking care of children while educated young people leave the region for Bangkok. Thaksin noted that most retail outlets across the area had head offices in Bangkok. Consequently, money was leaving Isan and being directed to the capital.
In short, Thaksin said he wanted to see a new economy and society in Isan where the most talented individuals stayed with their families. In brief, he envisioned a cohesive, more dynamic, and successful society.
Previously, in his address to a conference organized by Thailand’s Matichon media group, Thaksin discussed the needs of the Thai economy. He was speaking in front of an audience that included leading officials, businesspeople, politicians, and even former prime ministers.
Thaksin critiques Thailand’s economic constraints and calls for accelerated growth and fiscal reforms
Significantly, the ex-premier spoke about money flows in the economy. His comments echoed the dire prediction of former Minister of Finance Kittiratt Na-Ranong on Thursday. The latter is tipped as the next Chairman of the Bank of Thailand.
Thaksin spoke about the level of public debt. Presently, as of August 2024, Thailand’s public debt has hit 64.02% of GDP. The ceiling under the State Fiscal and Financial Disciplines Act (2018) has already been raised to 70%.
Undeniably, the present government now finds itself constrained financially. With the tax base falling to 14% of GDP, it is presiding over an economy that is growing slowly, an economy where private debt is being reined in and reduced.
Certainly, this prospect and approach do not appeal to Mr. Thaksin. He told his audience that growth of 2% plus was not acceptable for Thailand. In truth, he wanted to see 4-5% growth per annum.
However, this is not possible given the fact that money in circulation is severely impaired. Mr. Thaksin highlighted plans put forward by incoming U.S. President Donald Trump. Trump’s second administration is tipped to embrace cryptocurrency.
In brief, Mr. Trump intends to attract more capital to the United States. At the same time, his plan is to create another financial system to boost liquidity in America.
Thaksin proposes cryptocurrency-backed bonds as a liquidity boost for the cash starved Thai economy
On Friday, Mr. Thaksin suggested that Thailand should be looking at something similar. He put forward plans for retail bonds aimed at small savers, valued at ฿1,000 to ฿10,000. The premier suggested that these government bonds might be denominated in cryptocurrencies or coins.
In essence, the former Prime Minister outlined an alternative currency and route for injecting liquidity into the Thai economy. At the same time, he mentioned the government’s ongoing fundraising efforts.
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For instance, over 98% of Thai government public debt is outstanding in government-issued bonds. These are issued through financial institutions and pay dividends.
Finally, Mr. Thaksin urged provincial governors in Isan and all government officials to be trained on a more open approach to governance. This would include embracing internationalism, culture, AI and a new approach to education.
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Further reading:
Future Bank of Thailand Chairman Pick warns that the Thai economy faces ‘disaster’ without rate cuts
Trump’s trifecta triumph means Thailand will be more on edge as he prepares to take power in January
Ung Ing congratulates Trump as Thailand uneasily confronts the meaning of his second Presidency
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