Well done gentlemen! You've (the government in Thailand) now lost all credibility when it comes to your fiscal, monetary and all other things related to your economic policies. Within 24 hours of announcing restrictions on capital flows from foreign investors (their market was down roughly 19% at one point) the government reversed direction almost completely. The Thai market rallied about 11%. It's obviously still well off its levels from last week but even worse no one will believe anything these guys say or do in the future.
Did they really think that their policy announcement would work? Have these policies ever worked? What were they drinking or smoking? It must have been good sh*t! At least float the idea first to gauge the potential impact.
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