Transcript of the above video: 

We have been talking about this so-called Digital Wallet Program; they have been discussing possibly rolling this out in the upcoming weeks and months. I've been discussing it at length, I have serious reservations about it as I have discussed at length in prior videos, most notably I don't understand what a Digital Wallet Tokens is. How is that money? Why is the nation being driven into an inordinate amount of debt in order to generate these so-called Digital Wallet Tokens? Then on top of that to quote one of the authors from the Bangkok Post, it's pseudo-money, it's not what we're used to money being. Not to get too deep into the definition of money; as we have talked about in other videos, J.P. Morgan once said that "gold is money, everything else is bank credit". Okay, fine then we have been used to cash for the roughly last 100-120 years in both the West, as well as the East when it comes to commerce. Now they want to create this digital thing but it's pseudo-money and then Gresham's Law kicks in and 'bad money drives out good' sort of thing which has caused me a lot of concern. That said, as noted in prior videos on this channel, we have had a shakeup in the Thai Government and it looks like this may have an impact on future programs including the Digital Wallet as I've discussed in prior videos.

That said, I thought of making this video after reading a recent article from the Bangkok Post, that is bangkokpost.com, the article is titled: Analysts shrug off Court dismissal. Quoting directly: "Thanomsak Saharatchai, senior assistant managing director of research at Krung Thai Xsprings Securities, said following "a negative surprise", investors might opt to stay on the sidelines amid regulatory risks." And to be clear the Court dismissal they are talking about is the Constitutional Court dismissing Prime Minister Srettha as we have discussed in other videos. Quoting further: "The next Pheu Thai-led Government might change the Digital Wallet stimulus to other projects that have a wider impact in driving the economy he said." Well I have got to tell you, I wouldn't have any problem with that per se. Now me personally, I am not a Keynesian, I don't believe in a lot of Government intervention in the market economics and quite honestly, it seems to be the natural Thai inclination to not mess with the market. I have always really loved that about Thailand, and one of the reasons I enjoy living here. Now I do understand there are major projects that the government gets involved in; there are certain public-private sort of partnerships again from for major endeavours but for just market economics, it's a pretty laissez faire system for lack of a better term.

That said, I mean it's one thing to just cut checks to people as a stimulus measure, it's entirely another to create a totalitarian surveillance system whereby all people's financial transactions -large and small - are going to be traced using these so-called Digital Wallet Tokens. Then on top of that, I talked about it in a prior video, I view again these Digital Wallet Tokens pursuant to Gresham's Law, to be something akin to what we have seen with Tilapia recently where it sort of invaded, it got inadvertently let into the ecosystem and now it's messing up the fish stocks here in Thailand. Again per Gresham's Law, these Digital Wallet Tokens are to my mind comparatively “bad money” if you will compared to the money, the Cash System we've been used to up to this point and it's my opinion that that bad money if you will, may drive out good and completely warp the economy. So for this reason, I'm hopeful that this returning Government if you will, this shaken up Government if you will, will review at least the Digital Wallet Program in hopes that they come up with a program that will not have such substantially negative impact on Thailand as a whole.