Sufficiency economy failure

7 12 2019

The dead king’s use of “sufficiency economy” was ideological. It was meant to convince poor Thais to be satisfied with their lot and not to be concerned about the huge monopolies that dominated the economy, sucking the nation’s wealth into the bulging pockets of Sino-Thai tycoons. It was also meant to divert attention from the monarchy’s stupendous wealth.

A Chumphon Cabana Resort and Diving Centre, made famous for allegedly following the tenets of sufficiency economy, has collapsed, only being “saved” by donations from “thousands of supporters” who could not bear to see a false icon be proven a total failure. Another part of the “saving” had to do with nationalist nonsense that might have seen “foreigners” buy the failed beach property.

The resort “needed 130 million baht to survive…”. This is not the first time the resort has failed after taking huge loans, but the previous “recovery” positioned the resort as a sufficiency economy icon.

The earlier debt was never repaid. Now supporters are paying for it and “to improve the grounds of Chumphon Cabana at  a cost of around 50 million baht, and another 5 million will be set aside to help cover daily operating costs.”

So much for sufficiency.