Transcript of the above video:

Call It whatever you will, in the past the American Federal Reserve called it the 'quantitative easing', 'operation twist' all kinds of things you know. Now it is being talked about, this new digital wallet which by the way I have done a video on; it is going to cost 1/3 of the total amount that Thailand raised its tax ceiling in fact over 1/3 of the total amount that Thailand raised its tax ceiling from 60% of total GDP, so debt-to-GDP ratio up to 70%, a third of that money, some 560 billion Baht, is supposedly going to go toward creating this Digital Wallet scheme, and these digital tokens or crypto money whatever. As I have discussed in another video, I have serious qualms about this just as a Thai because one, inflation and I will get to that in a moment but two, also because all of this movement towards Central Bank Digital Currency, so-called CBDCs and things, I believe are very concerning because at the end of the day, it means total surveillance over people's economic transactions. At the end of the day, if you have digital money, the person that controls the digital money, whoever that may be or people or committee or whatever, I kind of view, the conspiracy theorists, tin foil hatter in me kind of feels like specter or something, there is like a boardroom table out there, people sitting in the shadows all trying to discuss how to put in CBDCs. Point of fact I don't think that is what is really happening. If anything, what is it they say? - "The road to hell is paved with good intentions." I think people may be in good faith trying to implement things that they think would be good for the country perhaps, whatever, but at the end of the day I don't think people really understand the full ramifications of this thing if we go to a fully digitized money. 

Leaving that aside, leaving the sort of liberty concerns off to one side, just the purely monetary policy concerns to my mind, people really aren't thinking about this and let me get to this. So I thought of making this video after reading a recent article from the Bangkok Post, that's bangkokpost.com, the article is titled: PM promises economic cure for 'sick' Thailand. I urge those watching this video, go read that article in detail for more insight. Quoting directly: "Thailand is a "sick" nation and the new government will immediately begin introducing economic cures, including the digital money handout and reduced energy prices, Prime Minister Srettha Thavisin said." Okay, a couple of points here. One, "reduced energy prices", how you going to go about doing that? Are we going to find more energy or are you going to try to do what is that they call that, setting prices like ‘price controls’ because that has worked so well in so many other places! Go back to Diocletian in the late Roman Empire, it didn't work for him. Price controls haven't really worked for anybody. More to the point though within this video is and I quote: "the digital money handout" which as we have discussed in another video is they are going to do that with 560 billion Baht in debt to the nation. So it is not really a handout, it's just the people are going to go into further debt, the nation goes into further debt and then they get given this "digital handout" which can only be used by the way within a 4 km radius of where someone lives which should already freak people out because again, what is money if it can't be spent anywhere? Do you really believe that something is "money" if it can only be spent within what, 4 km of your house? That's pretty ridiculous to my mind. I don't see how that's money, that is not really a handout. If anything, it is putting you on an economic chain or a leash if you look at it. So again, one, I have got serious problems with the fact that Thailand has upped its debt to GDP ratio from a very healthy 60% which is very good by International standards up to a more concerning 70% but they are taking the money and they are going to implement something, I am not sure anybody really wants and then at the same time there is also just the general inflation concern because 560 billion Baht that wasn't in the system before it's just going to be pushed into the system, okay albeit digitally in such a way that people can only spend it within four kilometers of their house, but never mind, those units of currency are being pushed into the system without from what I can see, any concomitant creation of goods and services. It’s goods and services that are the basis of a nation's wealth, not paper or digital money. And when you are not creating goods and services but you are creating just a bunch of basically fake money that is not backed by any creation of value underlying it, you are debasing the currency, it's debauching the currency and if Thailand needs any evidence of the negative side effects of that kind of protocol, take a look at the West. They did all of this stuff; they printed all this money and did all this stuff all during COVID, and in some instances continued to, quite honestly if you go back they have really been doing it since 2008-2009 when they first instituted 'quantitative easing' in the United States which was its own bad idea in my opinion especially long term, and it resulted in a massive warping of the overall economy and we are seeing these negative side effects play out in the moment right now. I urge, I pray, I beg the monetary authorities that are dealing with this to seriously reconsider this because we have seen in the West what the downside is to these measures and it's only going to get worse quite honestly in my opinion, because they haven't stopped. They keep doing it and once you get hooked on "free money" it never ends, it always leads to a downhill situation okay? Look, at the end of the day Thailand had to go through a kind of shock therapy in the '90s to get over the '97 financial crisis and it was imposed on Thailand by the IMF for good or ill. My personal opinion is that whole thing could have been avoided and quite honestly, again it was due to too much Western influence that led to that financial situation. But the good side of it was is it inoculated Thailand's economy against what happened in 2008 and 2009. 

Please Thailand, folks in charge of Thailand's Monetary Policy, think this through because long-term, it's not good for this country to have a bunch of fake money just created and shoved into the system without creating concomitant goods and services. What Thailand needs is a strong resilient currency like it has always had quite honestly even during the doldrums of the '90s where Thailand's currency held on and remained internationally fungible all during that time period because Thailand stayed committed to sound currency. I hope it continues to stay committed to sound currency and does not go through with all of this, what I can only call 'nonsense' in this digital wallet, digital money experiment which quite honestly has Orwellian implications and at the end of the day, is not fundamentally good monetary or economic policy, at least in my opinion.