Mentors Posted February 29, 2008 Report Share Posted February 29, 2008 this week the Baht has lost against CHF :thumbup: Link to comment Share on other sites More sharing options...
The_Munchmaster Posted February 29, 2008 Report Share Posted February 29, 2008 The pound is going even more tits up, even weakening against the dollar. Could fall below 60 baht in the next week or so.... I'm going to LOS next week and I get my Baht by ATM from a Sterling offshore account. Link to comment Share on other sites More sharing options...
nordicman Posted February 29, 2008 Report Share Posted February 29, 2008 Spot on Hippie. A North American Union with the Amero as its currency. An Asian currency will probably be formed (probably a long way off) and then a global currency. Once the dollar is brought to its knees, Americans will be begging to bring on the Amero to "compete" with the Euro. Link to comment Share on other sites More sharing options...
FIGJAM Posted February 29, 2008 Report Share Posted February 29, 2008 It will be exciting to see what happens as the capital controls are revoked on Monday. The recent sudden peak is in fact following that announcement. As a "hobbyist" economist I think the strenghtening of the Baht is part speculation, part correction of the huge imbalances the world economy has been running in the last few years. Sticking to Thailand's situation, I don't know how long it will take but since the country is very mismanaged (as has always been and with absolutely no signs of change in sight) and since the factors which have helped LOS in its boom years are quickly fading away (i.e. most of its regional competitors formerly left behind are finally coming to their senses and opening up to the market) I believe Thailand will eventually get a well deserved kick in the teeth. Now, if this process takes long enough to play itself out I will take great pleasure in watching whether folks will still be coming to LOS if, air travel costs included, a holiday in Thailand runs the same costs as vacationing in a first world country! I have been hearing for way too long, on these boards, peoples raving about this fantastic (Thai)land and its marvellous attractions of which the women and the low cost were just 2 of many others and they would still be coming even without those 2 factors. Well, it seems you are being called on that, guys! Once the cost of holidaying in Thailand is the same as holidaying in the West, let's see if "the weather, the food, the culture, the temples and the beaches" are Thailand's real strong points! I have long maintained that once you take out of the equation the easyness and cheapness by which the women can be had in LOS, Thailand is but just another 3rd world craphole. And an overpriced one at that... Link to comment Share on other sites More sharing options...
Stickman Posted February 29, 2008 Report Share Posted February 29, 2008 I agree with your analysis. In the years of a strong baht prices went up accordingly. Hotels priced in $$ and had no compunction about pricing that way and the girls quickly realised that guys had much more baht in their pocket and raised their prices accordingly. Pricing was a big part of the attraction. Pull out that and that alone, and we have major problems for the tourism industry. Link to comment Share on other sites More sharing options...
drogon Posted February 29, 2008 Report Share Posted February 29, 2008 Another 3rd world craphole? Although I agree that Thailand can not be considered as a fully developed country let me tell you that I lived in real craphole countries (Congo , Rwanda, Kenya etc...) And more than a few places in India are real shitholes. Agree with the fact that if Thailand becomes too expensive then the economy is going to hurt. (it is already for the hospitality sector) As Thailand just lifted the capital controls: The worst case scenario in not soo long (if the actual trend is to remain)? USD traded at 26bht and all other western currencies falling against the baht. -> Thailand (whatever the Thais wish to believe) is still relying heavily on exportation and the fact that for multinational companies the labour costs are low. Multinational offices and factories will move to other countries. (India, Vietnam?) Exportations will die. There is also a fairly big part of the economy depending on tourists. (directly or not maybe about 8-10% of the country's economical structure) Consequences? Most US/UK/European retirees will have to retire elsewhere. Sex tourists will go to greener and more decently priced pastures. Tourism: Far more Eastern tourist and far less western ones. Basically, Thailand will (or already?) experiment the same problems as the EU: Read, that the currency is too strong compared to their potential markets with the huge difference that they do not have the services infrastructure which EU has and the number of qualified people. Is the governement dumb enough to believe that having a strong currency is a blessing of the gods , plus de crazy projects (dreams?) to launch mega projects and attract investors....... They maybe did not understand that to sustain an economy it needs cash coming -> For an economy relying on the fact that "costs" are low if costs become too high (factory workers wages, office ladies salaries, BG fees, hotels rooms etc...) then people go see elsewhere. After all the Thais "voted" for this government and if it leads them to another 1997 then it is all benefits for the sex tourists. PS: I hope the baht will continue to grow stronger for private reasons thus if this trend continues it is all benefits for me. Link to comment Share on other sites More sharing options...
rchapstick Posted March 1, 2008 Report Share Posted March 1, 2008 Pricing was a big part of the attraction. Not for me, I come for the Temples. Link to comment Share on other sites More sharing options...
drogon Posted March 1, 2008 Report Share Posted March 1, 2008 Me neither, I was just following a song: "The bars are temples but the pearls ain't free" Gess I am a real believer then Link to comment Share on other sites More sharing options...
cavanami Posted March 3, 2008 Report Share Posted March 3, 2008 WTF...I see that the offshore rate is now higher then here in country??? The little exchange shop off Soi 22 Suk, was offering 31.30 Baht to the US Dollar. The offshore rate is 31.56.... go figure http://sg.finance.yahoo.com/currency Link to comment Share on other sites More sharing options...
waterdog Posted March 3, 2008 Report Share Posted March 3, 2008 Bingo! Link to comment Share on other sites More sharing options...
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