Leading us on a known road to disaster
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It's been a long while since I made my last comments on [Thanong Khanthong's "Overdrive"] column.
His past articles on the sinking US dollar and troubled euro zone reflected the true picture, which very few Thai columnists feature in the same straightforward way.
The US has been financially bleeding for the past few years up to now simply because of greed. They spend more than they earn. Nations in the euro zone – namely Greece, Portugal, Spain and most recently Italy – have fallen into the same trap as the US. These nations not only overspend but also overborrow, creating massive debts that they cannot repay, resulting in political and financial turmoil in Europe.
Thailand’s government is obviously bringing the same economic perils for the nation by vigorously promoting unproductive and luxurious spending on a first house, first car, credit cards for farmers, free computer tablets for young students nationwide, and so on.
Most recently, the government announced it would borrow an additional Bt400 billion without presenting clear plans on such a massive debt repayment. I do not understand why they do not realise what has happened to the US and the euro zone – the victims of their own financial misdeeds.
Phnom
Bangkok
