Transcript of the above video: 

As the title of this video suggests, we are discussing wage and price controls in the context of the Digital Wallet? What are we talking about? Let me get into it. I thought of making this video after reading a recent article from the Bangkok Post, bangkokpost.com, the article is titled: Thai Government to launch price reduction scheme. Quoting directly, and I urge those who are watching this video, go check out that article. The thrust of it goes a slightly different direction although it is still in the vein of this but worth noting. Quoting directly: "Thailand's Commerce Ministry is collaborating with the private sector to launch a price reduction campaign for goods and services 3 months before the much-anticipated digital wallet scheme begins." Well as we have discussed, this Digital Wallet creates a massive amount of debt for the nation to give us money that isn't money. It's like surveillance tokens and then on top of it I think it's going to then unleash Gresham law on Thailand where bad money will drive out good; people will start hording standard cash, I've gotten into that in other videos, but now we're talking about price controls? I mean why? It's not overly necessary.

Again I think there's some hand tipping if you will to use the parlance of card play. People are sort of tipping their hand as to what they ultimately want to do with this mechanism. Quoting directly: "Minister Phumtham Wechayachai, also Deputy Prime Minister, on Saturday led a discussion with at least 150 private operators in response to the move, a form of economic stimulus, as ordered by Prime Minister Srettha Thavisin." Now as we have discussed, Prime Minister Srettha has been removed from office; he's no longer in there. We are currently under a caretaker government and it has kind of thrown all of these policies sort of up in the air. But the question I pose with this is: “is this Digital Wallet being rolled out as some sort of front to then create some sort of price control mechanism on the overall Thai economy?” As we have discussed in other videos, and as I cited an author from the Bangkok Post - a really good economist, somebody I've read for years - he pointed out that these Digital Tokens, they're not money in the traditional sense, so like vendors and things are not going to necessarily want them. Then on top of that, they can't pay for things like wages most notably, or buying other things from other vendors if they don't take these Digital Wallet Tokens. So is this discussion that we are seeing here possibly talking about those future ramifications and the response thereto and the response associated with that is going to be to try to control prices and wages Because I don't know if everybody remembers this, the USSR tried this little endeavour and it worked terribly. Precisely horribly.

So long story short, I don't know exactly what is going on here but when I start hearing things like price, again just to quote directly: “Price reduction campaign”. Well how do you do about that? The market dictates prices. That's how price discovery works. And if we learn nothing else from the 20th century, even the Communists learned including the Chinese Communists, that price discovery is necessary or else you have massive distortions in the market. So again the thing to take away from this video, I don't know exactly how this is going to play out due to recent intervening events, but we will certainly keep you updated on this channel as this situation evolves.