PHUN PHIN, THAILAND – The politician’s house is hidden behind two giant billboards, one of Thailand’s revered monarch and the other of the crown prince. “Long Live the King. May it please Your Majesty the King, on behalf of Thaugsuban family,” read the signs. In this corner of southern Thailand’s rubber-growing heartland, respect for the royal family is strong. But so too is respect – some might say fear – of the family of Suthep Thaugsuban, a veteran politician and dealmaker who is the face of antigovernment protests in Bangkok. He is a key player in a complex drama that, at its core, pits a conservative elite against an arriviste billionaire. Last weekend’s parliamentary elections saw Mr. Suthep’s movement in full throttle: Protesters blocked polling stations in the capital in a bid to defeat Prime Minister Yingluck Shinawatra’s formidable political machine. In the south, an opposition stronghold, many districts had no candidates and hence no ballot.