Transcript of the above video:

As the title of this video suggests, we are discussing this Digital Wallet proposal yet again. I thought of making this video after reading a recent article from the Nation, that's nationthailand.com, the article is titled: Council of State 'advises' against (and 'advises' is in quotes) against loan bill for digital wallet scheme. Quoting directly: "The Council of State has given its opinion against the Government's plan to enact a 500-billion-baht loan bill for financing its digital wallet scheme, a source said. According to the source, enacting a bill to borrow 500 billion baht to deal with what the Government claim to be an urgent economic situation would be self-contradictory. According to the source, the borrowing of 500 billion baht to finance the digital wallet scheme might violate Article 140 of the Constitution as well." They go into some further analysis of a different article. I urge those who are watching this video, go check out that article in detail.

Quoting further: "The Council of State noted that Article 140 requires the Government to offset any amount of loan it seeks outside the budget bill by providing an allocation in the next budget bill." Quoting further: "According to the Council of state, the Phue Thai-led government would definitely be unable to provide up to 500 billion Baht allocation in the fiscal 2025 budget bill to offset the digital wallet loan." Another thing I would bring up, while I definitely think that is very good point, another thing I would bring up is what are we offsetting for? If this thing is going to create these digital tokens that have no real apparent value in and of themselves, then why is there being an offset created in a later budget for a loan now when no actual value is exchanged, no actual value is conveyed to the people who end up using this supposed digital wallet system? Again, my problem has never been with the notion of however you want to call it, stimulus, or intervening and assisting people directly by granting a handout. That said, I have deep philosophical problems with giving a handout. As we can see from the West, giving so-called handouts during the COVID pandemic if you want to call it that or the response thereto has quite honestly resulted in a systematic dismantling or decaying of the economic system over in the West. I mean I have seen that in the United States, my country of birth, routinely; I am reading about it all the time. There are all kinds of problems with the labour market, nobody particularly wants to work; there is all kinds of problems with the warped overall the economy because we have got all this "money" but it's just printed money, it is not based on an increase in goods and services, it is just based on printing stuff out of thin air and pushing it into the economy. Again my point being, how do you reallocate for something that arguably wasn't allocated in the first place. Basically a loan was taken out by the government but then what was actually granted so-called to the people, again we have discussed this in other videos, is "money" which in my opinion isn't money that they can turn on and off; they can make it have a geographic proximity; they can say what it can and cannot buy, it is not money in any traditional sense of the term. So again having to reallocate for it in my opinion makes no sense. It is like 500 million baht, you take the loan and then you have to go and “pay back” the loan, that means the government has to come up with another 500 billion Baht for something that never occurred to begin with because you didn't actually transfer value.

The thing to take away from this video is while I agree with the logic of the Council of State on this thing, I think it goes even further into sort of the inherent nature of money itself.