Today, I was supposed to present the third article, Managing Household Debt, in the series "Changing Thailand". In fact, I have finished drafting a payment reduction model which could reduce monthly debt payments by 4.6 times without the hair-cutting debt principal or requiring government financial support. But I will delay that article for now.
Unexpectedly, a big issue of a possible global financial meltdown has arisen following the collapse of financial institutions in the US and Europe. Some fear it could be a repeat of the collapse of Lehman Brothers in 2008, which led to a sharp contraction of the world economy in 2009. Without concerted efforts by major central banks pumping trillions of US dollars, known as quantitative easing, into local economies, the world economy might slip into a deep recession.
The world is no less panicky today with bankrupted Silicon Valley Bank (SVB) in the US and collapsed Credit Suisse (CS) in Switzerland.
