The Second Hungarian Uprising

Published by carolyn on Fri, 2012-01-20 10:55

  Victor Orban, Hungary's right-wing Prime Minister
By Michael Walsh
It may be a coincidence but the timing is exquisite. Just as Hungary declares financial independence from the European Central Bank (ECB), the latter finds €489 billion Euros. This will be spread among 523 European banks to offer credit to lame duck economies. Hungary is excluded. The bankers’ move coincided with Hungarian Prime Minister Viktor Orbán declaring unilateral independence from the ECB and major European banks.  He says he is ready to offer a ‘national revolution to the economy.’
Having modernised Hungary since the collapse of the bank-financed Soviet slave empire the maverick prime minister’s next goal is Hungarian financial independence.  Fed up with the economy being held back by ruinous interest rates, Orbán aims to replace non-Hungarian credit by purchasing and nationalising Hungary’s banks to turn the economy around. <--break->

He intends to use their profits to finance local businesses at low rates of interest; tweak tax legislation to favour those borrowing from Hungarian banks; offer credit to EU nations at better rates than those offered by the ECB. He also has his eye on non-Hungarian banks: ‘If Austrian and German banks can purchase Hungarian banks, nowhere is it said that the reverse cannot apply.’

Government-owned financial institutions created by the state are now under the direction of trusted associates. A highly popular prime minister he is filled with confidence: ‘When you have two thirds of the seats in parliament, you can do almost anything.’

We’ll see. Not if the ECB has anything to do with it.  The gutsy prime minister says: ‘Hungarian capitalism cannot exist without Hungarian financial capital.’ Orbán’s aim is to ensure profits from Hungarian enterprise stay in Hungary. He says interest from credit provided by non-Hungarian banks ECB should remain in Hungary to rebuild its economy. It is interesting that he follows the example of an earlier Central European anti-banking revolutionary, Adolf Hitler.

If you want this explained; imagine a household running on each member’s credit card for which they pay high interest rates. The head of the household says; ‘enough is enough; send the cards back. I will lend you money at zero interest rates.’ The banksters do not like heads of government who declare independence.

Hungary’s prime minister is a brave man; we have seen what happens to those who declare independence. Do as the Greek premier did; accept early retirement and allow the banksters to run things or they send NATO’s heavies in. I predict the early ousting of Prime Minister Viktor Orbán.

This is again line in the sand time. There could be problems if Russia steps in to offer finance to Hungary. Former Eastern Bloc nations like Hungary are being foxily wooed by Russia.  Only the big boys get away with declaring independence; Hungary is not one of them. I wouldn’t mind betting that this is ‘war by other means’ and the man pulling strings is Russian Prime Minister Vladimir Putin. Russian can step in and replace the ECB. Who will save Orbán.

 Michael Walsh can be contacted at [email protected]


European Union

Add new comment