The two time bombs that exploded near Siam Paragon shopping mall in the heart of Bangkok may have dented the junta's "peace and order" image, but they will not have broken its tight control over the country.
Almost a year after taking power, the National Council for Peace and Order (NCPO) has clearly shown that it will not tolerate dissent — whether rhetoric or action.
So far, "attitude adjustment" sessions appear to have worked well in keeping political movers and shakers quiet. This is due to the perception that Prime Minister Prayut Chan-o-cha means business, that he has full control of the military lineup and has enough powerful support to fall back on.
The Siam Paragon bombs could easily justify keeping martial law in place. If in future, the junta needs to invoke harsher measures to control the situation, Sunday's scare could also be cited to support them.
Whether greater power will be good for the military leaders, however, is debatable.
If the junta is intent on playing its game of monopoly, its worst enemy will not be ousted prime minister Thaksin Shinawatra or the Pheu Thai Party, but itself.
Some political pundits believe that Thaksin might attempt to return to power by winning the next election.
In fact, some of them have begun to doubt whether Thaksin will be able to claim victory at the ballot box this time around because the military and its conservative allies appear ready to counter this alleged plan with new rules to make sure no political party can dominate the next poll.
Also, the Pheu Thai Party could be considerably weakened by the time the new election is held — which could be as far off as late-2016.
The party has already seen its leader, former premier Yingluck Shinawatra, banned from politics. More than a hundred of its former MPs could also face the axe following an impeachment bid by the National Legislative Assembly (NLA) for allegedly breaking the law during their attempt to amend the charter.
Even though Pheu Thai could come up with a new set of daring, innovative policies, it is doubtful whether the party will be able to achieve the prowess it possessed during the 2011 poll that saw Ms Yingluck become premier.
In two years, the once-mighty Pheu Thai could become but a shadow of itself.
I believe Thaksin is willing to bet on the future of Pheu Thai, hoping that the fumbling junta will ruin itself first.
By the time a new election has been called, Thaksin probably hopes that the military leaders will have shot themselves in the foot so many times that they have no credibility left.
By that time, Pheu Thai might be battered, but it would still be a viable option. Its triumph would also be longer lasting because it would have won against a military regime — and its elitist connections — that has all but destroyed itself.
The waiting game is easy to play, but is not without its costs. The problem for Thaksin would be if the junta manages to avoid the pitfalls and remain in control during the next year or two.
It may sounds like a simple feat, but the junta's performance so far has been a cause for concern.
The paranoid reaction to the recent remark by United States assistant Secretary of State Daniel Russel is one example. The following summonses for politicians who criticised the government for its handling of the Thai-US relations affair is another.
It's clear that the military regime wants to establish peace which it defines as a state of stability free of any dissent or criticism. It's also clear that the vision is impossible. Going overboard in trying to enforce what is impossible will only cause the ruling regime to fumble more.
A year or two is a long time in politics. The onus is definitely on the junta to work hard to shore up the control they have wrested while its opponents can only lie in wait.
Atiya Achakulwisut is Contributing Editor, Bangkok Post.