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On Thursday each week my column appears in the Euro Weekly News. My opinion is just that, an opinion. Feel free to put your oar in but in a constructive way if you please. Thanks so much. - Michael

27 August 2013 @ 10:58



The Hungarian government, now regarded by the unelected EU leaders as a rogue nation, has expelled the International Monetary Fund (IMF). This bankers’ cartel has been told to clear its Budapest desk and to not slam the door on the way out. The European Central Bank (ECB) has also been told, ‘thanks but no thanks’ by Hungary’s government.

Describing the radical move as an historical decision is overstepping it. Flinging the money-changers out of the temple has been done before, most notably by the German government in 1933. They paid a high price for their impertinence. So did other ‘rogue nations’ that decided to cut themselves lose from the banking cartels. The Libyan government and those of Iran, Saddam Hussein’s Iraq, President Assad’s Syria were or are being dealt with.

Other financially independent countries are too big for the bankers to consider sending in the heavies (NATO). Brazil, Russia, India, China and South Africa (BRICS). Where will Hungary fit in? I should imagine that the EU and its bankers have painted themselves into a corner on this one. They want Hungary reined into the European Union. However if the EU takes a confrontational stance then Hungary could easily be driven into the arms of Vladimir Putin’s Russia.

The global rebellion against the bankers’ cartels appears to be gathering momentum. Iceland not only threw out the bankers, it filed charges against them. The heads of Iceland’s banking system were declared fugitives and fled to Europe. Recently, Hungarian Prime Minister Viktor Orbán, promised to serve similar justice on his socialist predecessors.

The Hungarian leader charges that previous administrations sold the nation into unending debt slavery under the terms of the IMF. The governments of Spain, Greece, Italy, Portugal and Ireland, are just some of the other European states that imposed bankers debt slavery on their hard-earned citizens.

More savvy than their fellow Europeans, the Hungarians elected Victor Orbán’s Fidesz Party. Hungary’s popular prime minister told the IMF that Hungary neither wants nor needs further ‘assistance‘ from the Wall Street orchestrated banks.

No longer will Hungarians be forced to pay usurious interest to private, unaccountable central bankers. Instead, the Hungarian government has assumed sovereignty over its own currency. It now issues money debt free, as it is needed.

The results have been nothing short of remarkable. The Hungarian nation’s economy, formerly staggering under deep indebtedness, has recovered rapidly.

The Hungarian Economic Ministry recently announced that it has, thanks to a ‘disciplined budget policy,’ repaid on August 12, 2013, the remaining €2.2B owed to the IMF, well before the March 2014 due date. Victor Orbán declared: “Hungary enjoys the trust of investors. He was referring to investors who produce something in Hungary for Hungarians and fuelled genuine economic growth. It is estimated that if Spain followed Hungary’s example prosperity would be returned in months. Will the ‘get out of gaol’ option catch on?

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pearl mcknight said:
31 August 2013 @ 06:57

what a brilliant and brave move

peter faulkner said:
31 August 2013 @ 08:08

Is it really clever and brave though? If a country just prints money as it needs, and it looks as though Hungary has printed over €2.2 billion, this will de-value their currency and fuel inflation. Things could rapidly get to the stage where citizens will need a wheelbarrow to take their money home and they will still not be able to afford to buy anything.

midasgold said:
31 August 2013 @ 08:11

Wih the worlds financial system in melt down
it's only a matter of time.

midasgold said:
31 August 2013 @ 08:25

It took the US of A - 2OO years to get the first ONE trillion of national debt.
It took Obama, after his election, ONE year to get the next one trillion !!!

mike_walsh said:
31 August 2013 @ 08:57

I am not setting myself up as an expert on global economics. What I can say with some certainty is that those countries currently independent of the ‘conventional’ bank system (i.e. Goldman Sachs, IMF and ECB) are doing fine. BRICS comes to mind.
In the past, those countries that opted out of the Wall Street prospered with immediate effect before their impertinence - they were kicked back into the bankers controlled ‘democracy.’ National Socialist Germany, Syria, Iran, Libya, Iraq etc.
Not generally known; because of the tier-based lending usury built in to the system, we all pay 40 percent more for everything we purchase from local authority services to a pair of shoes. This is based on an accumulation of debt accrued by Western banks lending portfolios.
This is why countries opt out. The bankers dominated and managed EU and U.S. simple cannot, in the long run, compete with undercutting and bartering preferred by those countries that have opted for a more transparent and fairer system.
BRICS again comes to mind; it is why we cannot compete with China, Brazil. BTW: North Dakota has its own independent bank. It is the only U.S. state to be unaffected by the recession. The fewest employees and the most viable economy. Estonia has an independent business bank that has fuelled the economy.

catalanbrian said:
31 August 2013 @ 09:12

"Prosperity" in Hungary comes at a very high and unaffordable price. If you wish to live in a country where the judiciary is not independent of the executive, so the individual has no protection from the actions of the government then follow the Hungarian model. Personally I have no desire for "prosperity" at that price

mike_walsh said:
31 August 2013 @ 09:33

You think the judiciary system in the West is independent? It has government interference fingerprints all over it. The British judiciary system is not independent of parliament; parliamentarians are elected on a very much flawed and unrepresentative rotating-dictatorship system. According to Wikipedia, in Hungary:

The Judiciary is independent of the executive and the legislature.

MarkM said:
31 August 2013 @ 09:36

Peter Faulkner wrote:
Is it really clever and brave though?

Yes it is very brave. Clever? Clever would have been never having allowed this to happen in the first place.
As for inflation: it's going to happen anyway as a result of what the banks have done - and continue to do - more so now than before 2008. The only real choice is does a country want to regain control of its monetary system or allow exterior forces to own them.

From the original:

"The Hungarian leader charges that previous administrations sold the nation into unending debt slavery under the terms of the IMF. The governments of Spain, Greece, Italy, Portugal and Ireland, are just some of the other European states that imposed bankers debt slavery on their hard-earned citizens."

From a practical standpoint, there is very little difference between chronic debt slavery for the next few generations and inflation (which is artificially induced anyway and serves as a stealth tax).

The only other option is to force an all out war which, historically, clears all debts and causes a reset.

Not much of a choice - just different levels of 'ugly'.

catalanbrian said:
31 August 2013 @ 10:19

Mike_walsh, I think that you need to put less trust in Wikipedia and should perhaps check what the UN High Commissioner For Human Rights has to say about it go here

In the UK the judiciary IS independent of parliament. Yes the Government does from time to time try to interfere but only to be rebuffed by the courts. See the various (understandable) attempts by the government to deport various people that it wanted rid of for example.

mike_walsh said:
31 August 2013 @ 10:38

Well, we can all cherry pick to make a point. The U.N.‘s credibility has its global cynics and is seen by many to be an extension of U.S. policy. This is hostile to Hungary’s government for reasons already covered.
Let the Hungarian people decide: the ruling party Fidesz has 262 seats (53% of the votes). Their nearest rivals, the Socialists 59 seats (19%) of the votes.
The Hungarian leadership is demonstrably far more popular than the Cameron-Clegg dictatorship. I don’t think either of these unpopular figures would risk a spontaneous pressing the flesh ramble through any of Britain’s high streets. I now await the usual mantra, the Hungarian electoral system is bent.

catalanbrian said:
31 August 2013 @ 10:41

I refuse to enter into puerile opinion based, rather than fact based arguments, so I will post no further on this matter

midasgold said:
31 August 2013 @ 11:09

Using voodoo economics of quantitive easing (printing money )
we can all live happly evermore in the knoledge that DEBT does not matter.Our politicans would be happy for we stupid people
to think this.
P.S. ref the USA - with quantitive easing, Obama now in his
2nd term of office, has got the national debt up to a massive
SIXTEEN trillion. As i said before it is only time before the poo hits the said fan.

mike_walsh said:
31 August 2013 @ 16:48

No political influence in the UK? Dream on! This in today's Daily Mail. The readers response is spot on.

globalworker said:
01 September 2013 @ 10:25

If catalanbrian presumably lives in Spain, a collection of autonomous regions (in all but name) with a long history of judiciary ignoring or interpreting the law in line with the self interest of politicians / businessmen to the detriment of the country and its citizens. Most people do not care about the politics but more for whether they can feed their family and pay their bills.

Christine said:
02 September 2013 @ 16:23

@midasgold...intrested to know Obama (himself) got the debt to 16 trillion? Also you might want to go backover your notes.

adambloggerchrist said:
18 December 2013 @ 00:13

mr peter faulkner and midasgold:
are you aware that the british government is just doing the same: printing as much money as they need?
britain has debts which it can not pay of the interest without printing money...
if you trust the official gov. figures, your british very own figures, check this stats and have a look who has how many debts -debts to GDP- go to worldwideweb:

The economic and political way we took in iceland and which is now implemented in hungary, too, is the only way to create a society where our children have not to pay and to suffer for politicians and 'banksters' ,ahem, errors...

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