Fonzi has some commentary on the Asia Times interview.
BP: Korn acquits himself well although you do have the hypocrisy charge given his rhetoric under Thaksin. Korn is much better when talking about economic policy than trying to play the political partisan.
Labels: Democrat Party, economy
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I doubt if the Bank of Thailand tells Korn that the excess foreign reserves balance is for him to use it. Excess foreign exchange reserves are used to fund long-term investment which is not executed for a short-run goal without careful oversight. Singapore's Temasek and China's public investment arm are the classic examples. The point is that the excess reserves should be managed in a separate balance sheet outside the control of the government.
Well, I guess the elementary macroeconomics class at Oxford at the time Korn studied there failed to teach him about this.
In contrast, his years at JP Morgan might have taught him to operate with the same mantra as majority of American bankers as follows. Use the public money whenever you can!