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Hungary Rebels Against IMF, Declines Aid Conditions
Even as Goldman's representative to the ECB continues to drone, a few hundred miles east of Frankfurt, one country has rebelled against the new world world:
- HUNGARY REJECTS IMF AID CONDITIONS, PREMIER ORBAN SAYS
What is wrong with them? Don't they know that the globalist central-planning dictators always know what is best for them? Needless to say the Hungaria Forint tanks, just as intended.
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Many old world countries still know the wrath of hyperinflation, famine and war in general. Hungary is one of them.
The music plays on, nothing changes until contracts to deliver real goods (i.e. commodities) start to default.
Pop quiz, complete the following quote and identify the author;
"When goods and services stop crossing borders... "
Fuck you Rothschilds!
Please... Listen to G. SACKS and do as your told ...
Right now your on Planet Earth, aren't you? Well, WE OWN IT...
Fortunately for Hungary, there's an endless supply of taxpayers in other countries lining up to hand over their pension money on whatever terms Hungary would prefer.
...pop goes the weasel?
Hungary seems be under attack by Icelanders!!!
....armies take their place
It's all fun and games until nuclear war...
Armies do.
http://en.wikipedia.org/wiki/Fr%C3%A9d%C3%A9ric_Bastiat - I think there is a poster here who has taken on the handle. Author of the broken window fallacy.
on another note looks like crude has just crudely slipped a finger up Draghi's ass.. soon enough it will be a fist I'm thinking.
too bad greece is hungry, and not hungary..........................
Let their Azeri brothers bail them out with blood money....
http://www.bbc.co.uk/news/world-europe-19440661
let's have a voice vote....Approved. Hungary agrees to the conditions by 2/3 majority.
I'm from Hungary. Our PM is 1st) an idiot 2nd) there were no imf conditions, he made those up this morning, by publishing them ONLY in his favourite newspaper 3rd) they have pretty bad press recently, need something to distract.
Conclusion: with such an idiot (the guy has schizophrenia) we are going to get into a very bad situation pretty soon. We have a lot of foreign currency debt (previous IMF loan, other bond) which we are (probably) unable to refinance without an IMF agreement.
youre right...the best way out is to borrow more from the loansharks to pay back the loansharks.....its the way of the world.....................
I haven't said that. The new IMF loan would be on purpose to basically extend the current one with lower rates. No new capital is needed, only refinance is needed. So all the benefit from a new loan would be lower interest expense in the coming years.
But our self-educated dictatorish PM is looking after only his personal interests. I'm pretty sure they had made a hell lot of money on their private accounts today ;)
I am also from Hungary, the IMF conditions are probably true (it will be denied of course).
I do not like the PM either, it is bad strategy to fight the Bank Cartel head-on. Hungary should agree to any condition attached to the aid, then totally ignore such conditions. If confronted with this, blame the burocracy or whatever.
And spend the money on restoring the gold reserves of the country.
Or even better, just lie about everything, make up the budget out of thin air, totally unrelated to reality. And buy the Hungarian bonds from ourselves through some proxy.
Telling the bank cartel to fuck off, is hazardous to health. Soon, some EU investation will start regarding some made-up reason and Hungary will be penalized.
Conditions were denied to be true by noon at many newspapers, it was the PM's own worst case scenario. I'm pretty sure IMF will deny by them as well.
On the other hand, these games can be played only 1 way. By the rules of the stronger. As you've said, sooner or later the penalty will arrive as well, because we simply don't know the basic rules.
I am also from Hungary
Be safe sheep, be safe...
We are all hungarians.
I'm just hungry. Is it lunch time yet?
"Telling the bank cartel to fuck off, is hazardous to health. Soon, some EU investation will start regarding some made-up reason and Hungary will be penalized."
Yeah man, right the next day Al Qaida would strike Hungary you can be sure about that.
I am also a Hungarian and happened to be in Hugary at the moment. I don't know much about Orbán, but I am convinced that it was the right thing to do to reject the IMF bailout. However, it must be followed by an immediate repudiation of all foreign debt and an end to all foreign borrowing. Taxes must be reduced, the EU minimum wage scrapped, entitlements adjusted, and the myriad EU regulations on what the country can produce and how, simply ignored.
This country is in its death spiral. You cannot maintain, much less grow an economy with 27% VAT on virtually everything and all the productive people leaving the country to seek jobs and a better life abroad. Almost every second house and apartment is for sale or lease, businesses are closing at an alarming rate; there are vacant store fronts in Váci utca and Andrássy út. Hospitals cannot keep doctors and nurses, they are all going abroad to work -- to Swededn, the UK, Ireland, Belgium, etc. There are two productive workers for every one who is not -- either retired, on welfare, or in the employ of the national, regional, or municipal government.
Meanwhile, prices are going up for everything, as are taxes. Some taxes are double of what they were a year ago.
Orban is my hero period. You are lucky to have him. I wish our Bunga here had such balls underneath.
Hungary is still prospering, the highways are jammed with cars. Budapest has almost pre 2008 levels of traffic jams.
The decline is not worse (so far) than almost any other country on the planet. It is no Spain or Greece or even Italy yet.
I think that this is the only strong card Hungary has: "repudiation of all foreign debt."
But I think, that could turn into a disaster.
not that easy to repudiate foreign debt
this government/Hungary is already painted proto-fascist/not-law-abiding by the MSM
what do you think they would get then?
I leave it your fantasy.
and please don't use iceland as an example, because it got along quite well with the imf
(due to its geopolitical importance?)
I'm NOT from Hungary. I am from the former Soviet Union.
I have a great respect and admiration for Hungarian people. They fucked Stalin's thugs during the WWII. Taking Budapest cost the Soviet army more that 200,000 soldiers dead.
In 1956, Hungarian people rebelled against Soviet's Jewish commissars and their Soviet Gestapo (a.k.a NHVD). Yes, Soviets were able to put the rebellion down but it was the beginning of the end of Zionist/Bolshevik cancer over the Eastern Europe leading to the eventual collapse of the sadistic/barbaric Zionist-created Soviet Empire.
To make the long story short: Long live Hungary and its brave people! Comrade Lenin liked to say that the great revolutionary fire always starts from a small spark. The world banksters occupation is coming to the end and we just do not know what will be the decisive spark that will create a revolutionary inferno. As for the CIA/Mossad created fanatical/extremist Muslim lovechild, it must and will be also destroyed.
So the first political party in Europe to say "fuck you" to the globalists is a proto-fascist party.
Wonderful.
'proto-fascist party': was that intended as a compliment? BTW, what makes you think so?
So.......when is Tyler Durden and John Galt's next meeting?
Only John Galt knows.....and we don't know where he is.
He's in Galt's Gultch in Colorado. The problem is, I've been all over that state, and I'm sad to say it doesn't exist.
Some people just don't know what's best for them (sarc)
ORBAN...clearly an alien name. Venusian, perhaps?
I just knew they would save us!!!
The unintended consequences of all of this Eurozone nonsense are economic distortions in smaller economies like Hungary. For more on the background leading up to the rejection of the IMF aid, read here:
http://dareconomics.wordpress.com/2012/08/28/hungary-and-unintended-cons...
The trend is your friend.
They should take the money, flip IMF the bird, and drop out of the EZ and EU.
Come on, don't be so naive. The Hungarian PM plays a communication game. Do not listen to what he says in the headlines, but look at what he does (well I doubt you have that kind of info, if you don't live here, but anyway).
The list of conditions he refers to is made up. Of course it's better if the austerity measures he has implmented and plans to implement, by his own will alone!, can be blamed on the IMF.
The PM's and the IMF's political agenda are very close, as is the opposition's: cut, cut, cut spending. The only difference is that the PM cares about his reelection, so he wants to cut where he thinks it minimizes the chances of losing votes. The IMF and the EU want to cut where it fits their neo-liberal ideology and hurts the international industrial-financial complex the less. So the areas may not always coincide.
But this little show they put up is for the voters' amusement. Anything that keeps them from counting change in their pockets.