"The one thing worse than an incompetent central bank is an incompetent central bank that flip-flops," said Bratin Sanyal, head of Asian equity investments at ING in Hong Kong.

 The flip-flop is the result of gross incompetence and will have far-reaching consequences. International investors will stay away from the stock exchange for a long time. There are many more capital markets in Asia that are not subject to ill-conceived, draconian measures from the central bank.

 What we have here is the military with low sophistication on the one hand, and naive technocrats on the other. The BOT governor was appointed by her predecessor only two months ago. Her boss is now running the Finance Ministry. Evidently there is intellectual incest going on between Finance and the BOT producing a tragic result.

It will take years for international investors to regain confidence in Thailand's central bank. It will be the height of "Amazing Thailand" if either or both finance minister and BOT governor still remain in their jobs.

Veharachan

Bangkok

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Let's be grateful there are no nuclear energy programmes

Since "Black Tuesday" I have been following the reaction of the world to what everyone agrees was an ill-conceived adjustment strategy to the strengthening baht. After reflecting on the debacle I noticed the subtle change in Thai government policy since the September 19 coup. Now that we are living under a dictatorship, no one takes responsibility for creating a crisis. The deposed former premier at least always found someone to blame and then transferred the culprit to another ministry.

The upside of this current catastrophe is that Thais and foreigners are no longer sniping at each other. A common bond has been created at least in the short term that will heal established social and economic rifts of the past.

Those of us living in Thailand this holiday season have much more to be thankful for than others living elsewhere throughout the world. No one can dispute the fact that we can be eternally grateful that Thailand has no large-scale nuclear energy programme or manned space flight agenda. We have so far avoided those disasters.

David Barkdull

Bangkok

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A painful lesson, but still a valuable one

First, one perhaps feels little sympathy for mega-rich speculators who lost on sum 4 per cent of their holdings, give or take. One may appropriately feel sympathy for the average investor who bought into the promise of a stable SET and associated capital rules and lost some of their hard-earned baht. Not to fear though, both groups will recoup their losses in time (likely in rather short order).

The government perhaps learned a valuable lesson in all this: Thailand's banking system must acknowledge the fact that it is inter-connected to a very demanding and competitive global marketplace. This is not 1997!

A novice mistake from a well-intentioned novice government. Damage done and predictably on the way to repair. Still, hardly a case of mai pen rai.Next up? The looming amendment to the Thai Foreign Business Act. This provides perfect timing for Thailand to develop a fresh and realistic viewpoint on this issue, which will effect how foreign companies are structured (nominees included) and ultimately have a direct impact on not only foreigners in business but foreigners buying homes, as well.

One hopes the well-meaning Thai government will take into consideration the direct impact the upcoming amendments of the foreign business act will have and learn from this recent lesson.

All in all an unfortunate episode, but excellent timing, perhaps.

Daniel

Bangkok

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Iran only talks; Israel and the US have a history of doing

Re: "Israel and the United States do not demand the removal or destruction of other states", Letters, December 18.

Dr Abraham Z Simhony is long on rhetoric and short on memory. First of all, the USA does not usually do overt destruction of member states; it does covert destruction through "regime change". Since 1898 the US has overtly and covertly overthrown many governments it did not particularly like, as in the Philippines, Vietnam, Cambodia, Central America, South America, Africa and the Middle East, to name a few, and the regime that followed may or may not have been good for the country. (See "Overthrow: America's Century of Regime Change from Hawaii to Iraq" by Stephen Kinzer for a more comprehensive list.)

The US does sometimes invade countries (for their own good), such as in Iraq, Afghanistan, Vietnam, Cambodia, Grenada, Guatemala, Panama and Cuba. It may also encourage countries in its sphere to attack others - Iraq attacked Iran with US support in the 1980s. Israel also invades countries when it feels threatened in any way, and feels it has a right to do so. The US was particularly pleased when Israel attacked Iraq's nuclear facility in 1981. Iran did not attack Lebanon; Israel did in 1982 and again in 2006.

Iran is only calling for Israel's destruction, not doing it. Iran has not invaded any country in recent memory. However, the US did do a "regime change" there on behalf of the Shah in the 1960s, invaded (or tried to invade) Iran in 1980, and later sponsored Saddam Hussein in the eight-year Iraq war. After that the US shot down one of Iran's civilian airliners in 1988. Is it any wonder that Iran is wary of US intentions?

The US also believes it has the right to threaten other states with "economic sanctions": the list is long but you can start with Cuba, Korea, Iraq, Iran and Burma.

I am sure US Secretary of State Condoleezza Rice would agree with Dr Simhony that it is better to just expel Iran from the UN than talk to them. After all, talking would be diplomacy and Rice doesn't do diplomacy - only regime change.

With regard to Dr Simhony's comments on Iran's right to question historical fact by holding a conference, he seems to want to deny them the right to say the things they believe if those things don't agree with his beliefs. Iran's point on the conference seems to be that if it is true that Germany did the crime (Holocaust), then why should the Palestinians have to pay the penalty? In other words, President Mahmoud Ahmadinejad questions whether the UN creation of Israel was, indeed, "legal". That seems a fair enough debate.

Maybe, contrary to the US secretary of state's policy it is time to give talking and diplomacy a chance. Maybe it is time to listen to the other guy, rather than arrogantly telling him what he must do.

Richard

Nong Khai

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Christmas and doomsday babble on Bangkok's streets

Along Silom and Petchaburi roads this week you will find many Thai missionaries holding big yellow "Jesus" signs in Thai script. They also pass out little Christian books that show non-Christians burning in hell. If this isn't disturbing enough, the missionaries play noisy, recorded "doomsday messages" urging everyone to convert. These loud and eerie recordings echo through the streets and filter into nearby shops and restaurants, disturbing everyone.

I wish these Christians would stop annoying us "non-believers". The fact that they've been brainwashed to believe that the world is coming to an end and that only Christians will be "saved" is bad enough, but they shouldn't try to push this nonsense down everyone else's throat, especially Buddhist Thais, with obnoxious books and loud recorded messages.

Justin Brock

Bangkok

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Thailand adopts the sound Christmas spirit of tolerance

Arriving in the Buddhist country of Thailand at this time of year, one of the things most in evidence is the desire to show that this is the time of the festival called Christmas. There are street lights, music, Christmas trees and whatever kind of decorations you may think of, even in the Arab/Muslim areas of Bangkok.

I have not witnessed anyone who has taken umbrage to this - people seem to be getting on with their lives in peace and harmony with whatever else is going on around them. I'm quite sure it would be the same for a celebration or event of any other religion.

This, to me, gives hope about ordinary people's attitudes and in the mutual tolerance that people of different faiths can show towards one another.

A Visitor

Bangkok

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iTV fallout provides good impetus for media reform

I fully agree with the Democrat Party's suggestion that PM Surayud turn iTV's present problems into an opportunity to kickstart media reform.

Start by overhauling iTV's structures and processes - and key personnel - to make it the Thai counterpart of the BBC. Let us have a station famed for its independence, credibility and professionalism, subsidised from the public purse but not controlled by the government of the day.

Continue media reform by returning all TV and most radio wavelengths to we the people, free of military/political control - while protecting national security with specific, targetted measures such as giving the government the ability to take over airwaves upon the prime minister's declaration of a state of emergency, with compensation at market rates.

Burin Kantabutra

Bangkok