Wednesday, December 20, 2006


Oh what a week for the jihadist-appeasing Leftist Thai junta - (and it's only three days old!):

...investors took fright at a plunge in the Thai stock market. The country's market fell by 15% overnight as the Bank of Thailand and the finance ministry announced currency controls to curb the strength of the baht currency. The baht had reached a nine and a half year high before the bank's move. To nervous investors, this all evoked memories of the Asian crisis of 1997. A later move by the Thai authorities to remove the restrictions as far as stock market investments are concerned only caused more confusion.
AFP - 12/20:
Thai share prices rebounded after the military-installed government was forced to dump draconian capital controls that sparked a 15-percent collapse on Tuesday, dealers said. ... The rebound on Wednesday helped the region as a whole recover from Tuesday's shock when Thailand, trying to protect export earnings from a rising baht, required 30 percent of most incoming foreign funds to be effectively impounded for a year. The move spooked investors fearful that other regional countries with similar concerns over their export-led economies, might adopt similar measures to Thailand, the epicentre of the devastating 1997-98 Asian financial crisis.
THE NATION (Thai - 12/21):
Market recovers, govt reels ... But central bank chief says government's relaxation of capital-control measures may make it difficult to control baht surge The Bank of Thailand yesterday said the abrupt reversal in its capital-control policy to exempt portfolio and foreign direct investment might make it harder to rein in the galloping baht. The relaxation of Monday's measure subjecting capital inflows to a 30-per-cent deposit caused the baht to weaken more slowly than expected against the US dollar, but it was still less volatile and weaker than earlier, she said. ... Stock investors hailed the central bank's change of heart to spare the Stock Exchange of Thailand. Local investors, mostly, returned to the bourse, allowing the exchange to salvage most of the market capitalisation that went up in smoke on Tuesday.
Dec. 21 (Bloomberg) --
The Thai baht declined the most since the military seized control in September as overseas investors sold shares on waning confidence in the country's monetary policy after the government partially reversed some currency controls. The baht has dropped about 3 percent since Dec. 18, when the central bank imposed penalties on overseas investors who take out money in less than a year. A day later the rule on stock investments was canceled after the SET index tumbled 16 percent.
The jihad-appeasing Leftists who took over the Thai government have quickly mucked-up the entire economy. WHY?! Because they have everything exactly BASS ACKWARDS: they are fighting investors and appeasing jihadists; they should be appeasing investors and fighting jihadists!

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