Imagine, if you will, a world where digital wallets are so bountiful they could rival the fruitfulness of Thailand’s enchanting markets. That’s the vision of Pheu Thai’s flagship campaign, which, according to a recent Facebook musing by Korn—a former finance minister turned political abstinence advocate—is about as likely to materialize as snow in Bangkok’s sweltering heat.
In a candid online soliloquy, Korn juxtaposed his once-politician-now-concerned-citizen hat to express his qualms. As someone who’s navigated the labyrinthine corridors of financial affairs, he posed a rhetorical question, trenchant and simple: Is Thailand amidst a crisis of such severity, akin to the 1997 Tom Yum Kung fiasco, the great floods of 2011, or the global Covid-19 upheaval, to justify a colossal loan of 500 billion baht for the tech-savvy scheme? Spoiler: He doesn’t think so.
Before Korn washed his hands of the political world—quitting the Chart Pattana Kla Party with the flair of a soap opera star exiting stage right—he had quite the insight into the nation’s piggy bank. Now, unleashing his opinions like birds from a cage, he suggests that this digital wallet initiative is as precarious as a house of cards in a monsoon.
He referenced the revered sages of the National Anti-Corruption Commission (NACC) subcommittee, who reportedly view the sizeable loan as reserved for real economic cataclysms. This left political pundits sipping their morning teas, speculating that the government might wave the white flag on the project faster than a Muay Thai fighter throws a jab.
“Tick-tock,” says the fiscal discipline act’s clock, according to Korn, signaling that the economic situation doesn’t quite tick the boxes for such hefty borrowing. With the NACC effectively side-eyeing the proposal, it puts the Pheu Thai in a pickle. Coalition support? Unlikely, says our Facebook philosopher. The proposal for instant digital gratification is all Pheu Thai, after all, and unlike the Southern land bridge fairytale, this one lacks the support of a chorus of coalition voices.
If speculation proves true and this digital dream dissolves into the ether, one might picture coalition partners heaving collective sighs of relief so powerful they could stir the calm waters of the Chao Phraya River—no risk for them, all the heat on Pheu Thai.
Our protagonist reminds us of the political pendulum’s swing; yesterday’s opposition is today’s government and the signatories that once challenged a 2-trillion-baht borrowing bonanza are now in power. A déjà vu, anyone? They know too well the stringent criteria for off-budget loans and that rain dances shouldn’t be performed without a cloud in sight.
So, Korn opines that Pheu Thai might soon be seeking an elegant retreat—perhaps a tactical pivot that could be conveniently masked as an act of noble deference to public opinion. “Fear not,” they might declare, “we shall sail this economic ship to prosperity through other, less contentious waters.”
After all, in the theater of politics, a bow out can be as graceful as the dance of a Loy Krathong festival. The end of Korn’s post leaves his audience with a cliffhanger: Will Pheu Thai’s digital wallet dream survive the slings and arrows of fiscal responsibility, or will it be archived in the annals of ‘what-could-have-been’?
Be First to Comment