Tuesday, September 19, 2006
Military Coup in Thailand
I was checking the daily market news when I came across the apparent coup in Thailand:
U.S.-listed shares of Thai companies fell Tuesday after the government declared a state of emergency in the capital Bangkok, as tanks moved into position around parliament in an apparent coup.
“All [Thai American Depositary Receipts] are under pressure. It’s a broad-based reaction to it,” said Charlie McLaughlin, international equity trader at Jefferies & Co. “That’s the only focus in regards to Asia right now.”
The Thai stocks that are available in the U.S. trade on the over-the-counter Bulletin Board market.
Thailand’s Prime Minister Thaksin Shinawatra, who is currently in New York, declared a state of emergency as rumors of a coup swept through the capital city, according to news reports.
Which, of course, led me to Drudge--and the surprise that there was no flashing light or extra-extra big headlines about the coup. There were just a few lonely links and only a little more information.
Thailand’s army commmander ousted Prime Minister Thaksin Shinawatra in a military coup Tuesday night while the prime minister was in New York, circling his offices with tanks, declaring martial law and revoking the constitution.
An announcement on national television signed by army Commander-in- Chief Gen. Sondhi Boonyaratkalin ordered all troops to report to their duty stations.
As soldiers and armored vehicles moved through Bangkok, an announcement from the military earlier declared a provisional authority loyal to beloved King Bhumibol Adulyadej.
For a little more background, check this out:
Thailand’s Prime Minister Thaksin Shinawatra, who was threatened Tuesday by a military coup, is a self-made billionaire whose autocratic style of leadership sowed deep divisions.
The 57-year-old tycoon, one of the wealthiest men in Thailand, built his political success on support from the nation’s poor, highlighting his own rags-to-riches story.
Opponents despised the former policeman for some of his autocratic tactics, but supporters admired the charismatic leader for his get-tough governance and economic stewardship.
Thaksin finally bowed in April to months of protests demanding his resignation for abuse of power after a huge protest vote against his rule in weekend elections. He announced the decision after talks with Thailand’s revered King Bhumibol Adulyadej.
But since April the political crisis has limped on with the prime minister’s opponents accusing him of political posturing while polls to elect a new prime minister were repeatedly delayed.
I have no analysis to offer; this just happens to be a hell of an interesting story.
It doesn’t go very far in explaining why so much of the recent new cycle is being dominated by Willie Nelson’s Magical Drug Bus, though.