"Turnabout is fair play", or: "Globalization doesn't work"

[rhodie]

http://www.iht.com/articles/105457.html

Seems the Thai's are now in a (at least symbolic) position to dictate terms of free trade on their own. Well, turns out they don't want the WTO's brand of "Free Trade". Sustainance based upon foreign investment has proven disasterous for the Thais, and now they are refusing to pay back foreign debt. They consider it comeuppance for the economic troubles imposed on them by the "Washington consensus".

The USA is exhibiting the same characteristics as "pre-crisis" Asia. Will we learn from (other's) history?

One of the primary prerequisites of globalization: Everybody must play by the rules. Not only is Thailand not playing by the rules (and cheating!), they've given the game up!

What happens to the US multi-global corporations who have sold American jobs for the chance of investing (and owning) large chunks of foreign companies? What if those companies ignore their debts, too? What will happen to the GE's and Motorolas of the world?

Will the USA have the option to NOT PAY back our debt, as Thailand has? You take a guess...

 

[corus]

Reading the article it appears that Thailand borrowed some money and now have paid it all back, and are no longer in debt. I think you have misquoted your source.

 

[rhodie]

corus:

From page 2 of the linked article:

"The government is also, in effect, taking revenge on foreign banks by allowing some big Thai businessmen extraordinary leeway to keep control of their companies without repaying their debts. The banks and their foreign media friends cry "shame" but many Thais see it as justice, albeit it rough."

When I say "Thailand" I am meaning Thailand Companies, not necessarily the Government. The same conditions apply to the usage of "USA" in my first post.