THE WORLD IN RECESSION OR DEPRESSION

UNEMPLOYMENT MARCH 2009-2010:


12.5 million people are now unemployed, the most since records started being kept in 1940. The U.S. economy has now lost 4.4 million jobs since the start of 2008. Jobless claims are still above 600,000 a week, and the large increase in the number of people working part time when they'd prefer full-time work as signs of more job losses to come.The goods-producing sector shed 276,000 jobs in February while services lost 375,000. Within the goods-producing sector, manufacturing lost 168,000 jobs.

Thailand lacks social safety net

Bangkokpost.com Published: 6/03/2009 at 08:07 PM

Thailand is in dire need of an effective social safety net in light of protracted global economic doldrums. Ammar Siamwalla, honorary economist at the Thailand Development Research Institute (TDRI), said at a seminar held by the United Nations Friday that a deterioration in the banking sector is inevitable as a protracted recession in the US plunges local firms into insolvency.

"Certain firms have begun to show balance-sheet problems, like in the automotive sector. Many firms have survived on retained earnings and cash. But more will be insolvent as time passes. The problem in the banking sector could emerge at the end of this year, the end of next year, or in the next few years. We never know,'' he said. The lack of a comprehensive database to identify and locate the poor could also lead to inefficient policies for addressing rising unemployment. The poor, defined as those who earn less than $2 a day, may currently stand at 8% of the population. During the 1997 economic crisis, this proportion hit 16%.
 
But Dr Ammar said people in extreme poverty make up 20% of the population. Poverty in Thailand could also rise rapidly as there is no effective social safety net to cushion the impact of economic downturns or natural disasters.

"Thailand does not have a welfare bureaucracy as the US and developed countries do. We cannot pinpoint who the poor are, where they are and when they increase,'' he said. "We lack a systematic approach to reducing the impacts of various shocks.''

Dr Ammar added that workers face shrinking payslips as their employers reduce work hours. Around 23 million of the country's 35 million labour force is in the informal sector and excluded from unemployment benefits.According to a TDRI study, the rise in food and fuel prices last year primarily hurt the rural poor. But farmers generally tend to benefit from high food prices.

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Central banks are the ones responsible for creating this system thanks to their "fiat currency system" ( the fiat currency system that we have now is based on trust, trust in terms of paper money, trust in the government who really never can tell a situation will happen.

UPDATE JANUARY 2009

Unemployment set to get worse in USA by 2m jobs this year and more in every country as the situation gets worse. General Motors has opened negotiations with the United Auto Workers to determine what concessions unionized workers will have to make to keep America's largest automaker from bankruptcy. The company has now received the first $4 billion of $9.4 billion in federal bailout funds, but has only until March 31 to submit a plan to the White House outlining the steps it will take to return to profitability. If federal officials are not convinced by the plan, they can recall the loan - forcing the company into bankruptcy. UAW resistance to wage cuts, according to some negotiators, was what killed an earlier auto bailout plan proposed in Congress in November

We have yet to see subprime hit Thailand --- it will as the banks are saying nothing yet hiding behind a charade & the politicians are more concerned about getting ministries & fill their pockets more. Condos in Bangkok are plentiful and Property Investors are saying there is not enough condos here but they normally say this so people will invest. If you borrow you are in for a shock. If you have excess funds to play with OK but stay away from fund managers & hold on to your money --- better still listen to us and buy condos only not 30 year leases in Thailand under Estate managements and just buy what you need. But check out the condo and Company first if they have mortgages? The rest invest in gold & silver is our fix . [ Read more about Fund Managers ]

If you are unsure of a gem shop in Bangkok contact the Tourism Assistance Center, Tourism Authority of Thailand, Le Concorde Building, 202 Ratchadapiser Road, Bangkok 10310. Tel: 694-1222, ext. 1090-1094, or the Thai Gem and Jewelery Traders Association, 942/152 Charn Issara Tower, 15F, Rama 4 Road, Bangkok 10500. www.tgjta.com , email tgjta@mozart.inet.co.th  or telephone 267-5233-6.

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