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  1. #1
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    Thailand pushes for yuan to replace dollar

    Thailand pushes for yuan to replace dollar
    Nov. 12, 2010


    Thai Prime Minister Abhisit Vejjajiva arrives at Pittsburgh International Airport for a G20 Summit Sept. 24, 2009.
    UPI/Roger L. Wollenberg

    BANGKOK, Nov. 12 (UPI) -- Thai Prime Minister Abhisit Vejjajiva said Friday he recommended the Chinese yuan replace the U.S. dollar as the Asian Development Bank's standard.

    Abhisit said, "I've suggested the idea of establishing an office overseeing currency exchange within the Association of Southeast Asian Nations," the Bangkok Post reported.

    "The currency issue will be discussed at the Asian Pacific Economic Cooperation meeting since there has been no progress at the G20 summit held in South Korea and it is difficult for the United States and China to be clear on this," the prime minister said.

    A Group of 20 summit meeting that ended Friday achieved little direct progress on currency exchange rates but leaders agreed to ask the International Monetary Fund to study the issue of linking trade imbalances to market forces.

    upi.com

  2. #2
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    Thailand will go completely communist one day...well actually they pretty much already are. It is a shame, they begged the US to put troops and bases in their country because they were so afraid of Vietnam and Laos turning the kingdom into part of the domino effect. It is shame that the US sunk billions into this country since the end of WW2 and now they are lapping Red China's boots.
    Last edited by chitown; 13-11-2010 at 12:28 PM.

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    The PRC is communist? Who knew?

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    Quote Originally Posted by chitown
    It is shame that the US sunk billions into this country since the end of WW2 and now they are lapping Red China's boots.
    Red China isn't so red anymore. Whilst Thailand is politically not a colony of 'communist' China, it is most certainly an economic colony of the Chinese. Currently, apart from the Chinese controlling the Thai banking sector (which is a cartel), they dominate property development and the lions share of domestic industry. The political leadership on both sides- Red or yellow, Dem or PT, is Chinese. Banharn & Newin are also Chinese. The head of the Military is Chinese too, as is Her Majesty. About the only major power player who isn't Chinese is Prem.

    It's a post 'Domino' world now, and effectively Thailand is already in the Chinese sphere of influence- plain fact is, if they wanted to come marching in who could stop them? But they're too smart to bother, the jobs already done anyway.

    The USD's status as the worlds reserve currency is slipping, but I would argue (and have for a while) that is inevitable. Assuming that the US share of world trade and GDP will continue to decline then America too should want the USD replaced as the de facto world currency, because a country wants to be able to manage it's own currency and monetary affairs. This would prove near impossible if the USD continues as the reserve currency, but a declining share of USD's are actually in US hands, or within the US financial system.

    The problem though is that the Yuan is not freely tradable. When and if it becomes so, probably the best international reserve currency would be a trade weighted index comprised of USD, Yen, Euro, Indian rupee & Yuan.
    probes Aliens

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    Can you really blame countries wanting to ditch the dollar? The US along with the UK some time ago dug their own grave.

    Feck em'

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    Quote Originally Posted by chitown View Post
    Thailand will go completely communist one day...well actually they pretty much already are. It is a shame, they begged the US to put troops and bases in their country because they were so afraid of Vietnam and Laos turning the kingdom into part of the domino affect. It is shame that the US sunk billions into this country since the end of WW2 and now they are lapping Red China's boots.
    Thailand, a communist country? Are you mad? It's a country where wealth and position call the shots. Nice shot at revisionist history as I don't think any historians or political analysts are going to agree with you about the Thais "begging" for for help. U.S. activity in Thailand was strictly for the perceived best interests of the USA at the time. Thailand wasn't considered important. It was Burma and India that were the prizes. Look at the statements made by Eisenhower and Dulles. Thailand only became convenient because it allowed the US forces to station alot of backroom activity on friendly turf.

    Who uses the the term Red China anymore? I don't know if you are aware, but about 25 years ago, China started its path to totalitarian capitalism. They were baby steps at first, but today, China operates as one big company, China Inc. By all accounts, it is quite a profitable company beating the USA at its own game. China didn't create the mess on the USA's balance sheet. It was the Republican supporting / fake conservative crooks of Wall Street.

    The fact of the matter is that US people as a whole lost the concept and appreciation of hard work and living within one's means sometime in the 1960's. The generations that came before the baby boomers knew what saving and budgeting was. Mr. Reagan put the USA on the path to insolvency with his deficits. There is something very wrong when Republican blowhards like the now dead Senator Ted Stevens of Alaska attached earmarks to bills that wasted billions of dollars on pet projects. Sorry, but the people that call themselves conservative in the USA today are anything but that. They have no concept of conserving money, or in conserving energy or in conserving the environment. These are the people that think nothing about having cheap gas so they can drive around in massive gas guzzling vehicles. Sorry, but the USA has no one to blame but itself because it turned its back on the responsibility credo of FDR, the integrity and common sense of Truman, a respect for the environment of Teddy Roosevelt and a love of nation that required sacrifice as per Lincoln. Instead the USA embraced the empty flash of Kennedy, the down home fakery of Carter, the hypocrisy and shallowness of Reagan and the selfishness of the Newt Gingrich driven Bush eras.
    Kindness is spaying and neutering one's companion animals.

  7. #7
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    Quote Originally Posted by sabang View Post
    It's a post 'Domino' world now, and effectively Thailand is already in the Chinese sphere of influence- plain fact is, if they wanted to come marching in who could stop them? But they're too smart to bother, the jobs already done anyway.
    We are not yet there. All the prophet of doom base their scenario on the collapse of the american model and the domino effect for the rest of the world. Quitting the american sphere of influence is a matter of survival.

    Socialism is not a dirty word anymore. Who fared better during the last economic crisis ? #1 China, then all the "socialist" European economies who were smart enough not to let the "market" regulating their life.
    The things we regret most is the things we didn't do

  8. #8
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    Thailand declared war on the USA in WW2.

    I understand FDR was so concerned he even spent a minute looking for Thailand on his globe.

    This is the epitome of a capitalist country, far more so than the USA. No lemon laws here, no consumer protection. No radius clauses on franchise operations, this country is a shark pool for business where, in lean times such as now, businesses starved of customers to eat, begin devouring eachother.

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    Abhisit calls on Asia to use yuan in trade
    13/11/2010

    G20 makes no progress in curbing capital flows

    Prime Minister Abhisit Vejjajiva, fearful of the effects of the soaring baht due to massive capital inflows, has proposed the use of the Chinese yuan as a major regional trading currency.

    Asia-Pacific leaders will have to discuss measures to deal with the fund inflows after the Group of 20 major economies failed to reach any tangible decisions, Mr Abhisit said yesterday.

    "The G20 did not make any progress on the matter and it is difficult to get the United States and China to express their clear stances on the issue.

    But what we can do is try to cooperate in the region and reduce the impact from currency volatility," Mr Abhisit said before leaving for the Asian Games in China and an Asia-Pacific Economic Cooperation (Apec) leaders' meeting in Yokohama, Japan, this weekend.

    G20 leaders drew a veil over their economic policy disputes in South Korea yesterday. They agreed to tackle tensions that have raised the spectre of a currency war and trade protectionism, but they fell short of already low expectations.

    Only vague "indicative guidelines" were set for measuring imbalances between their multi-speed economies. Leaders called a timeout to let tempers cool and left details to be discussed in the first half of next year.

    Mr Abhisit echoed a call made by the Asian Development Bank (ADB) to use China's yuan as a major trading currency in the region to reduce the impact of currency volatility, especially linked to the weakening of the US dollar.

    He said he was the one who proposed the idea to the ADB.

    ADB president Haruhiko Kuroda met Mr Abhisit this week to seek Thailand's support when it tables the proposal at the next meeting of Asean+3 (Asean plus China, Japan and South Korea) finance ministers.

    The prime minister expects the currency issue to be raised at the Apec meeting. "What Apec must push for are ways to promote regional cooperation so that the region can cushion the impacts of the fluctuations of currencies," Mr Abhisit said.

    He added, however, that for the Chinese yuan to have a greater role in transactions in the region, China would have to relax its tight controls on the currency and its capital account.

    At present, about 90% of trade in Asia is conducted in US dollars.

    "I suggested that Asean could have an office dedicated to the handling of currency issues. It could join forces with the ADB in pushing the idea forward," Mr Abhisit said.

    Experts expect currency issues to be highlighted at the Apec meeting.

    Donald Tsang, chief executive of the Hong Kong Special Administrative Region, said the regional private sector should brace for high volatility in the currency and securities markets as economies were increasingly linked.

    He made the comments in a sideline forum of the Apec meeting that started yesterday.

    The most pronounced problem to result from capital inflows, stemming from US funds seeking returns in Asia, would be an unsustainable rise in asset prices, Mr Tsang said.

    "The imbalance is unique. I have never seen it in my working life," he said.

    bangkokpost.com

  10. #10
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    Quote Originally Posted by Mid
    He said he was the one who proposed the idea to the ADB.
    Sorry Mark, it was proposed by myself and several others in the industry over a decade ago. Last century actually.
    Quote Originally Posted by Mid
    China would have to relax its tight controls on the currency and its capital account.
    Indeed. And the emphasis in the current US/ China currency dispute should not be on the Chinese managing or 'pegging' their currency higher vs. the USD, it should be on the Chinese allowing the Yuan to become a tradeable currency and thus subject to market forces, not just government policy.

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    If the Yuan were to be substituted in this region, which I believe is inevitable, as the reserve currency, the effect of this and all the extra Dollars about to wash around the global economy would be devastating for the American economy.

    This time around America looks set to pay its own way out of debt instead of just devaluing its way out of trouble. if you hand people "funny money" don't be surprised if they hand it right back.

    This may well be the time to buy US real estate as I smell inflation in the US on a scale they have never even imagined.

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    Thailand Expat zygote1's Avatar
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    Quote Originally Posted by Perota View Post
    Quote Originally Posted by sabang View Post
    It's a post 'Domino' world now, and effectively Thailand is already in the Chinese sphere of influence- plain fact is, if they wanted to come marching in who could stop them? But they're too smart to bother, the jobs already done anyway.
    We are not yet there. All the prophet of doom base their scenario on the collapse of the american model and the domino effect for the rest of the world. Quitting the american sphere of influence is a matter of survival.

    Socialism is not a dirty word anymore. Who fared better during the last economic crisis ? #1 China, then all the "socialist" European economies who were smart enough not to let the "market" regulating their life.
    Uhh no, the economies of Australia and Canada did far better than most of Europe. The PIGS are in Europe right? The rush to foreign currency has been that of foreign governments buying up as much $AUS and $CAD as they can, to the point that it is hurting Canada now. The $CAD is practically at par with the $US and that's killing Canadian manufacturing exports and services sold into the US market. No one really knows if the Chinese economy is robust since there is no transparency. No one knows what the real economic numbers are. China is doing ok, but is it No. 1? I don't think so, and until the Chinese are open, the Chinese are not a definitive No.1. keep in mind that there has been a run on some Chinese banks in the past few years. The strongest banking systems are in Sweden and Canada. These are the only two banking systems that laughed off the market meltdown. In any case, the U.S. economy is going to be on shaky legs for the next decade, but it is unlikely that the $US will lose its place as the international currency for the simple fact that too many foreign governments have direct investments in U.S. denominated debt.

  13. #13
    or TizYou?
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    Whatever happened to the plan to implement a 'single' Asian currency?

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    Mid
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    Quote Originally Posted by TizMe
    a 'single' Asian currency?
    yuan

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    Quote Originally Posted by zygote1 View Post
    Quote Originally Posted by chitown View Post
    Thailand will go completely communist one day...well actually they pretty much already are. It is a shame, they begged the US to put troops and bases in their country because they were so afraid of Vietnam and Laos turning the kingdom into part of the domino affect. It is shame that the US sunk billions into this country since the end of WW2 and now they are lapping Red China's boots.
    Thailand, a communist country? Are you mad? It's a country where wealth and position call the shots. Nice shot at revisionist history as I don't think any historians or political analysts are going to agree with you about the Thais "begging" for for help. U.S. activity in Thailand was strictly for the perceived best interests of the USA at the time. Thailand wasn't considered important. It was Burma and India that were the prizes. Look at the statements made by Eisenhower and Dulles. Thailand only became convenient because it allowed the US forces to station alot of backroom activity on friendly turf.

    Who uses the the term Red China anymore? I don't know if you are aware, but about 25 years ago, China started its path to totalitarian capitalism. They were baby steps at first, but today, China operates as one big company, China Inc. By all accounts, it is quite a profitable company beating the USA at its own game. China didn't create the mess on the USA's balance sheet. It was the Republican supporting / fake conservative crooks of Wall Street.

    The fact of the matter is that US people as a whole lost the concept and appreciation of hard work and living within one's means sometime in the 1960's. The generations that came before the baby boomers knew what saving and budgeting was. Mr. Reagan put the USA on the path to insolvency with his deficits. There is something very wrong when Republican blowhards like the now dead Senator Ted Stevens of Alaska attached earmarks to bills that wasted billions of dollars on pet projects. Sorry, but the people that call themselves conservative in the USA today are anything but that. They have no concept of conserving money, or in conserving energy or in conserving the environment. These are the people that think nothing about having cheap gas so they can drive around in massive gas guzzling vehicles. Sorry, but the USA has no one to blame but itself because it turned its back on the responsibility credo of FDR, the integrity and common sense of Truman, a respect for the environment of Teddy Roosevelt and a love of nation that required sacrifice as per Lincoln. Instead the USA embraced the empty flash of Kennedy, the down home fakery of Carter, the hypocrisy and shallowness of Reagan and the selfishness of the Newt Gingrich driven Bush eras.
    Nicely written. Truthful exercise is terribly difficult to overcome old-school dogmas, and for those who stubbornly hang on to the same old repeated tales. It's a wonder that any such history is truly comprehended, less contemporary historiography.

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    [quote=zygote1;1602974]
    Quote Originally Posted by Perota View Post
    Quote Originally Posted by sabang View Post
    It's a post 'Domino' world now, and effectively Thailand is already in the Chinese sphere of influence- plain fact is, if they wanted to come marching in who could stop them? But they're too smart to bother, the jobs already done anyway.
    We are not yet there. All the prophet of doom base their scenario on the collapse of the american model and the domino effect for the rest of the world. Quitting the american sphere of influence is a matter of survival.

    Socialism is not a dirty word anymore. Who fared better during the last economic crisis ? #1 China, then all the "socialist" European economies who were smart enough not to let the "market" regulating their life.
    Uhh no, the economies of Australia and Canada did far better than most of Europe. The PIGS are in Europe right? The rush to foreign currency has been that of foreign governments buying up as much $AUS and $CAD as they can, to the point that it is hurting Canada now. The $CAD is practically at par with the $US and that's killing Canadian manufacturing exports and services sold into the US market.
    The strong CAD is not killing anything in Canada. If Americans cant afford to import as much of our oil we will find somebody that can. Everyone should want a strong currency, not a weak one.
    too many foreign governments have direct investments in U.S. denominated debt.
    Thats right, I call it the treasury bubble. Its the biggest bubble in the history of mankind. Its worse then the Nasdaq stock bubble and the housing bubble combined. When this fucker bursts, its going to be hell for allot of people. And like usual, the average person will get caught up in it. They are all sitting in bonds and cash equivalents.

  17. #17
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    I will at least provide a link

    Foreign Security Assistance


    "Senior Thai officers tended to believe that the presence of the United States combat squadrons provided assurance against potentially aggressive designs of communist countries in the region."

    and

    "In 1986 the United States and Thailand agreed to establish a war reserve weapons pool in Thailand. This concept was first raised by a former Thai supreme commander of the armed forces, General Saiyud Kerdphon in 1982, and the proposal received bilateral support during a meeting between Prime Minister Prem and Secretary of Defense Caspar W. Weinberger in April 1986. As the plan was formulated, these war reserve [COLOR=blue ! important][COLOR=blue ! important]stocks[/COLOR][/COLOR] were designed to improve Thailand's ability to withstand aggression and were to be used only in the event of a "nation-threatening emergency."


    Quote Originally Posted by zygote1 View Post
    Quote Originally Posted by chitown View Post
    Thailand will go completely communist one day...well actually they pretty much already are. It is a shame, they begged the US to put troops and bases in their country because they were so afraid of Vietnam and Laos turning the kingdom into part of the domino affect. It is shame that the US sunk billions into this country since the end of WW2 and now they are lapping Red China's boots.
    Thailand, a communist country? Are you mad? It's a country where wealth and position call the shots. Nice shot at revisionist history as I don't think any historians or political analysts are going to agree with you about the Thais "begging" for for help. U.S. activity in Thailand was strictly for the perceived best interests of the USA at the time. Thailand wasn't considered important. It was Burma and India that were the prizes. Look at the statements made by Eisenhower and Dulles. Thailand only became convenient because it allowed the US forces to station alot of backroom activity on friendly turf.

    Who uses the the term Red China anymore? I don't know if you are aware, but about 25 years ago, China started its path to totalitarian capitalism. They were baby steps at first, but today, China operates as one big company, China Inc. By all accounts, it is quite a profitable company beating the USA at its own game. China didn't create the mess on the USA's balance sheet. It was the Republican supporting / fake conservative crooks of Wall Street.

    The fact of the matter is that US people as a whole lost the concept and appreciation of hard work and living within one's means sometime in the 1960's. The generations that came before the baby boomers knew what saving and budgeting was. Mr. Reagan put the USA on the path to insolvency with his deficits. There is something very wrong when Republican blowhards like the now dead Senator Ted Stevens of Alaska attached earmarks to bills that wasted billions of dollars on pet projects. Sorry, but the people that call themselves conservative in the USA today are anything but that. They have no concept of conserving money, or in conserving energy or in conserving the environment. These are the people that think nothing about having cheap gas so they can drive around in massive gas guzzling vehicles. Sorry, but the USA has no one to blame but itself because it turned its back on the responsibility credo of FDR, the integrity and common sense of Truman, a respect for the environment of Teddy Roosevelt and a love of nation that required sacrifice as per Lincoln. Instead the USA embraced the empty flash of Kennedy, the down home fakery of Carter, the hypocrisy and shallowness of Reagan and the selfishness of the Newt Gingrich driven Bush eras.

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    double post

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    War In Asia: Guarding the River - TIME

    The marines were in Thailand not only by presidential order but at the invitation of the government of Premier Sarit Thanarat—the first time in 600 years that the Thais have asked foreigners in to help them defend their soil.

    Said a Thai Cabinet minister: "Persons with old-fashioned ideas may not like having foreign troops in Thailand, but in these times a country has to depend on collective security."



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    Geitner and Obama got a very rough ride from the Germans at the G20 summit with Merkel commenting that it was not for the world to drop to the level of the lowest common denominator (USA) and her finance minister referring to US economic policy as clueless.

    China, Japan and Germany all manufacture things the rest of the world wants, and hence their trade surplusses. America's main export in the past few years has been debt and financial ruin. The concept that a country which has brought the world to the brink of a financial abyss is in any position to lecture countries with successful econimies is naive. Germany in particular is making much greater use of renewable energy and is in a far better position to lecture the world on the way forward.

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    Quote Originally Posted by Thormaturge
    Germany in particular is making much greater use of renewable energy and is in a far better position to lecture the world on the way forward.
    providing you don't require any morals

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    So should we dump the dollar and buy Chinese currency?

    All the Chinese who ran away from the communists to other countries are now the ones doing the most business with China. They really own Asia. Southeast Asia will be consumed by China over time.

    And the world goes on....

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    Quote Originally Posted by PaulBunyon
    So should we dump the dollar and buy Chinese currency?
    not possible , that be the US's legitimate gripe

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    Quote Originally Posted by PaulBunyon View Post
    So should we dump the dollar and buy Chinese currency?

    All the Chinese who ran away from the communists to other countries are now the ones doing the most business with China. They really own Asia. Southeast Asia will be consumed by China over time.

    And the world goes on....
    taxes and regulation are way higher in the west.

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    Quote Originally Posted by Mid View Post
    Quote Originally Posted by PaulBunyon
    So should we dump the dollar and buy Chinese currency?
    not possible , that be the US's legitimate gripe
    That would be the last thing China wants.

    I think changes in consciousness and identity re the mainland among overseas Chinese, especially in SE Asia, would be a fascinating topic for academics.

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