Huge losses loom in govt rice sell-off

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Huge losses loom in govt rice sell-off

Mills overloaded with pledge scheme stocks

Published: 11 Aug 2012 at 00.00
Newspaper section: News

Thailand could face tens of billions of baht in losses as the government moves to sell off some of its rice stocks to India and China with warehouses and silos across the country overloaded with rice purchased under the state pledging scheme.

Boonsong: Rice sold at market prices

Commerce Minister Boonsong Teriyapirom said the government estimates it will sell 4-5 million tonnes of rice in government-to-government deals this year, up from an earlier estimate of 3 million tonnes.

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Silkpit
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Discussion 23 : 12 Aug 2012 at 21.3023
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Forgot to mention that the red shirt leaders, particularily Nattawuth hasn't commented on the issue at all, perhaps due to his incapability of figuring the loss incurred for the country for three mroe years to come. Then again, they aren't capable of more than destroying the country!
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spiceman
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Discussion 22 : 12 Aug 2012 at 06.5822
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"Power tends to corrupt and absolute power corrupts absolutely," isn't it?
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farmerjoe
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Discussion 21 : 11 Aug 2012 at 23.0721
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Wow, finally they got it. Takes some time to understand simple issues. It was clear from the beginning that this subsidy-scheme does not work. Just take your math-skills and calculate (assuming the education system brings you this far in your calculation skills), add some common sense and you knew from the beginning that this 'pledging-scheme' does not and cannot work and only makes the 'cockroaches' rich. Wonder, if there will be ever a Thai government, which performs and has the knowledge and skills to support Thai farmers efficiently, - please do not mix them up with the allmighty agro-industry!
All in all, again a confirmation on the low performance of Thai politicians and that farmers and middle-classe tax payers have to fill the pockets of non-performers and 'cackroaches'.
Amazing how things do not change in Thailand.
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fundeena
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Discussion 20 : 11 Aug 2012 at 21.4420
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Thaksin should pay for the losses out of his billions. He can afford to pay for his mistakes.
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aussie
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Discussion 19 : 11 Aug 2012 at 17.0619
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I wonder where the Fugitive rates amoungst the large rice farmers in the Kingdom or nextdoor even ?
Obviously market price isn`t good enough for someone ?
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dao
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Discussion 18 : 11 Aug 2012 at 15.5918
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I see a future where PT will just continue with these reckless programs and who cares for example if the rice rots in warehouse because taxpayers will pay no matter dysfunctional the policy .Tax payer to placate the poor .But not actually help them just throw them a bone now again while the real work of skimming of government projects and taking kickbacks goes investigated because everyone is on the take .The taxpayer goes to work everyday to make ends meet pays for this lavish waste .
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spiceman
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Discussion 17 : 11 Aug 2012 at 13.4417
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Khun Franklin #5, I am afraid it's not up to the middle-class minority, but the majority poor who will decide whether to allow "this blatant robbery to flourish." And as long as they are benefiting directly from it, who cares, right? And whatever the shortfall is, the governing PTP majority can always get it from the taxpaying minority. This is why the Yellow Shirts, who happen to be the tax-payign middle class, are so bitter about. For precisely this reason that the American Founding Fathers divided the US Govt into 3 separate branches, making it extremely difficult for any one party to achieve complete control, so it can impose this Tyranny of the Majority on the individuals.
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john49
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Discussion 16 : 11 Aug 2012 at 13.2316
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Of course the pledging scheme will continue into the future as people need to keep paying loans on vehicles and big screen TV'S. All paid for by the Thai's who actually pay taxes.

And just in case anyone finds corruption, Chalerm who in the past had to flee the country because of unusual wealth, is in charge of the investigation.

Well done Thaksin.
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TRUELIES
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Discussion 15 : 11 Aug 2012 at 13.2315
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So Sad,Ultimately these loses will come to farmers and their kith n kins trying to look for better life in cities(not looking for Agriculture work & adapting modern life style).So poor that they dont understand the economics theory.Its so simple:Govt. losses money,upholds burden,will be passed on to businesses who would inturn pass on to end consumer/ultimately farmers/fixed income earners.
The ----crats seems to make the most in 5 years tenure as nobody has seen future.So pity for Thailands future.
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kasper
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Discussion 14 : 11 Aug 2012 at 13.1714
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The "good" news is that in the end it will be the poor who voted for PTP who will pay for their own mistake. Eventually the country will go bankrupt. Then there will no longer be funds for public hospitals etc. the rich will just go to private hospitals, and the poor will simply die.
Perhaps the red shirts should check out what happened in Greece before the next election. Greece made many of the same mistakes that Thailand is now making. And who is it that is now demonstrating in Greece? The rich or the poor?
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