"In 1997 Thailand, especially Bangkok, was hit hard by the Asian Financial Crisis. Much like the bursting of the housing bubble in the States that inspired this website, the Thai Baht collapsed in 1997 due to a serious overextension of real estate. During the earlier years of the 90s, Thailand was the largest growing economy in the world, growing over 9% annually and speculators were going wild. Ghost towers are scattered throughout the city and major roads are flanked by half finished pylons ready to become super highways. Unfortunately, Thailand was also taking on a lot of foreign debt, bankrupting the country and causing the baht to collapse.
The decaying corpses of the 1990’s prosperity are a bit sad. A blemish protruding from an otherwise youthful city. They stand, usually taller than their neighbors, like blackened elephants in the room- a reminder that Bangkok isn’t the first world. Though the nearly furnished residences in Sathorn Unique are evidence that at one point it was on its way. There were toilets and bath tubs! I can only imagine. Anyway, anyone trying to truly get off the beaten path on their back-pack trip through Asia should see if they can make the pilgrimage to the top of Sathorn. It will be one of the few adventures that no one else on Khao San will be talking about. Plus, the view really was breath taking." (read the full post from this day here)