The sensitivity of discussing the King of Thailand’s health cannot really be overstated.
Not only is the world’s longest-serving living monarch revered by many Thais as a demi-god – the embodiment of the ultimate spiritual virtues of a Buddhist leader – but his image, and that of the rest of Royal Family, are protected by strictly enforced lese majeste laws.
These laws mean the utterance of anything, by anyone, that could be perceived as being critical, insulting or defamatory of King Bhumibol Adulyadej faces 15 years in prison.
So it is perhaps understandable that out of reverence for their king, and also the law, Thai analysts and commentators refrain from making public comment about the implications of the deteriorating health of the 88-year old.
But markets speak, and while they cannot describe with nuance or detail, they can at least give an indication of the unspoken nervousness in which Thailand finds itself… see more