Fun post by an American tourist writer discussing real estate with a Thai business man in Phuket:

“…what’s really wrong with the US is that we have no honor. Actually, that’s not how he puts it. He says in Thailand the financial and legal consequences of defaulting would be secondary. A defaulting borrower would suffer a serious loss of face and incur negative religious points, or karma. Some real estate investors are still “making merit”–performing redemptive religious acts–for losses following the 1997 crash.”