Transcript of the above video: 

As the title of this video suggests, we are discussing the Bank of Thailand yet again. I did a video recently talking about there was some consternation surrounding the idea of appointing a new Chairman to the Bank of Thailand. That said, I thought of making this video after reading a recent article from the Bangkok Post, bangkokpost.com, the article is titled: Bank of Thailand tempers anxiety about chair. Quoting directly: "Satit Limpongpan, Chairman of the Selection Committee tasked with choosing the new Board Chairman of the Bank of Thailand, has confirmed the position will not have any influence on the Central Bank's monetary policy." Remember that, I'll come back to that. Hold on a second. Quoting further: "He said under the amended Bank of Thailand Act of 2008, the Board Chairman has no authority to interfere with the policies of the regulators three policy making committees - the Monetary Policy Committee (MPC), the Financial Institutions Policy Committee, and the Payment Systems Committee -- which all operate independently." 

I think it is noteworthy, look when they talk about the FED, it's kind of in a big brouhaha, like the last week especially, on FinTwit, sort of Financial Twitter, now X whatever, talking about the fact that Jerome Powell somebody asked him, "Well what if Don Donald Trump wants to fire you?" and he basically said "Well he can't fire me, he doesn't have authority to do that." The way that the Fed was created, if you're really interested in this, I urge you read the book The Creature From Jekyll Island by G. Edward Griffin. It's a great book on how the Fed was created. Quite honestly it was created under subterfuge and then it was sort of rolled out and it's very unresponsive if you will, to the popular will, let's put it that way. Thailand's Bank of Thailand on the other hand, is not quite like the FED. In many ways I actually kind of prefer the Bank of Thailand’s structure because it actually does react to public feedback basically, for lack of a better term. Now you have got to strike a good balance with that because you don't want people who don't know what they're talking about, impacting monetary policy. The other thing you have to worry about is the moment people realize they can vote themselves benefits by inflating their own currency, they'll do it. I mean that's just sort the way it is; we know this throughout history. So, it's good to have mechanisms in place to forestall that because yeah you can vote yourself a sugar high and frankly the West is learning this - primarily the Americans - by printing all this money for COVID response and now everybody's running around "Where did all this inflation come from?" Well, when you print two times the amount of money than exists in the system, it's going to dilute its purchasing power. That's just kind of the way it works. I mean that is basic monetary economics. That said, again, the FED is not overly shall we say, swayable if you will, by a lot of public opinion. Here in Thailand the BOT sort of is. I say, "sort of is". It's not overly swayed by a lot of public opinion, but I would argue it's more, again it reacts more directly to feedback from the public and from the greater polity than does the FED. I would say that based on just my outside sort of lay person's observation. 

That said, again, quoting again: "has confirmed the position will not have any influence on the Central Bank's Monetary Policy." Then you go further down in the video, there's a quote from I believe some sort of financial planner. Quoting directly, it says: "We need to see whether the new Chairman will affect Central Bank policy." So, on the one hand, they are saying "well he doesn't affect Central Bank policy", and then on the other hand they say "well we have to wait to see if this person is going to impact Central Bank policy." I urge people who are watching this video that are really interested in this topic, check out that article. It does do a good job of going into some of the details about sort of the Byzantine inner workings of the Bank of Thailand. But that said, again if nothing else, the whole article was about well this position isn't that big of a deal; he doesn't have that much influence, and then it goes on to say well we have got to see after he gets in, how much influence it is. Also, as of the time of this video, as you'll see in that article, they're not naming who they picked for the Central Bank Chairmanship for now, so again that remains to be seen. So, we will certainly be keeping you updated on this channel as this situation evolves.