Over at East Asia Forum, University of Queensland academic Patrick Jory has a brief analysis titled “The crisis of the Thai monarchy”. It was written late last year. He concludes by arguing:

The disastrous floods of late 2011 have forced a pause in the ongoing cold war between the forces arrayed behind the monarchy and those supportive of Thaksin, the Pheu Thai government led by his sister, Yingluk Shinawatra, and electoral politics more broadly. It is likely, however, that political hostilities will resume as soon as the floodwaters recede. The stakes involved in this struggle are massive. Vested interests in the military, the judiciary, senior levels of the bureaucracy and certain business groups depend on the monarchy and will fight to preserve its leverage over Thailand’s political system. On the opposing side, deep and widespread resentment against the monarchy exists among those who view it as complicit in the killings of red shirt protestors in the violence of April-May 2010. They are unlikely to tolerate another coup, and with uncertainty surrounding the succession, the monarchy’s future looks precarious indeed.

Jory’s full article is available here.