Hungary Sheds Bankers’ Shackles
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Kernunnos
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Hungary Sheds Bankers’ Shackles
• International Monetary Fund told to vacate the country; nation now issuing debt-free money

By Ronald L. Ray

Hungary is making history of the first order.

Not since the 1930s in Germany has a major European country dared to escape from the clutches of the Rothschild-controlled international banking cartels. This is stupendous news that should encourage nationalist patriots worldwide to increase the fight for freedom from financial tyranny.

Already in 2011, Hungarian Prime Minister Viktor Orbán promised to serve justice on his socialist predecessors, who sold the nation’s people into unending debt slavery under the lash of the International Monetary Fund (IMF) and the terrorist state of Israel. Those earlier administrations were riddled with Israelis in high places, to the fury of the masses, who finally elected Orbán’s Fidesz party in response.

According to a report on the German-language website “National Journal,” Orbán has now moved to unseat the usurers from their throne. The popular, nationalistic prime minister told the IMF that Hungary neither wants nor needs further “assistance” from that proxy of the Rothschild-owned Federal Reserve Bank. 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 and now issues money debt free, as it is needed. The results have been nothing short of remarkable. The nation’s economy, formerly staggering under deep indebtedness, has recovered rapidly and by means not seen since National Socialist Germany.

The Hungarian Economic Ministry 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. Orbán declared: “Hungary enjoys the trust of investors,” by which is not meant the IMF, the Fed or any other tentacle of the Rothschild financial empire. Rather, he was referring to investors who produce something in Hungary for Hungarians and cause true economic growth. This is not the “paper prosperity” of plutocratic pirates, but the sort of production that actually employs people and improves their lives.

With Hungary now free from the shackles of servitude to debt slavers, it is no wonder that the president of the Hungarian central bank, operated by the government for the public welfare and not private enrichment, has demanded that the IMF close its offices in that ancient European land. In addition, the state attorney general, echoing Iceland’s efforts, has brought charges against the last three previous prime ministers because of the criminal amount of debt into which they plunged the nation.

The only step remaining, which would completely destroy the power of the banksters in Hungary, is for that country to implement a barter system for foreign exchange, as existed in Germany under the National Socialists and exists today in the Brazil, Russia, India, China and South Africa, or BRICS, international economic coalition. And if the United States would follow the lead of Hungary, Americans could be freed from the usurers’ tyranny and likewise hope for a return to peaceful prosperity.

Ronald L. Ray is a freelance author residing in the free state of Kansas. He is a descendant of several patriots of the American War for Independence. - See more at: http://americanfreepress.net/?p=12418#st...ks5Y3.dpuf


source

http://americanfreepress.net/?p=12418
2013 Sep 05 21:09
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RE: Hungary Sheds Bankers’ Shackles
The author has certain ... partisan tendencies! ... but the article is referring to an actual withdrawal of an EU state from the international currency pawning scam so beloved of the Bank of England and US Federal Reserve?! That IS news! I am impressed! Anyone got anything on this without too much Totenkopfennachostendrangende garnish?

"And now if a whole nation fell into that? In such a case, I answer, infallibly they will return out of it. For life is no cunningly-devised deception or self deception, it is a great truth that thou art alive, that thou hast desires, necessities: neither can these subsist and satisfy themselves on delusions, but on fact. To fact, depend on it, we shall come back: to such fact, blessed or cursed, as we have wisdom for."
Thomas Carlyle
2013 Sep 05 21:47
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RE: Hungary Sheds Bankers’ Shackles
Err...

"Devil, I am devil." ― Pekka Siitoin
2013 Sep 06 01:55
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Aptrgangr
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RE: Hungary Sheds Bankers’ Shackles
What is debt-free money?

the only source I found is this:
Quote:The issuance of social credit - "debt-free" money issued directly from the Treasury - rather than the sourcing of fresh money from a central bank in the form of interest-bearing bonds. These direct cash payments would be made to "replenish" or compensate the populace for the net losses some monetary reformers believe the populace suffers in a fractional reserve-based monetary system.(...)
http://en.wikipedia.org/wiki/Monetary_reform


Quote:Although banks no longer have the right to issue bank notes, they can create money in the form of bank deposits when they lend money to businesses, or buy securities…

The important thing to remember is that when banks lend money they don’t necessarily take it from anyone else to lend. Thus they "create" it.

Robert B Anderson
Secretary of the Treasury under Eisenhower
Interview on 31 August 1959 for U.S. News and World Report.
http://sovereigntyparty.org.au/money/debt-free-money




http://en.wikipedia.org/wiki/Richard_Werner

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"Both oligarch and tyrant mistrust the people, and therefore deprive them of their arms."
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"Right, as the world goes, is only in question between equals in power, while the strong do what they can and the weak suffer what they must." Thucydides
(This post was last modified: 2013 Sep 06 07:55 by Aptrgangr.)
2013 Sep 06 02:45
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Dussander (06-09-2013)
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RE: Hungary Sheds Bankers’ Shackles
Well, states technically do create money. A central bank prints the money and lends it to commercial banks at some, typically low interest rate. The banks then use the money by investing it, mostly by granting different kinds of loans at much higher interest rates. Since the amount of actual money in existence is always less than that required to repay all the loans, the central bank simply prints more money. This of course generates inflation, which is why modern states are so dependent on GDP growth.

This system is called Fractional reserve banking because its circular mechanism constantly increases the amount of virtual money in relation to real money, leading to the fact that only a fraction of funds would be available to withdraw in the event that all clients chose to do so all of a sudden.

There is a sort of debt-free alternative called Full reserve banking. It's even been proposed by some high profile mainstream economists like Milton Friedman, I think.

We must dissent.

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2013 Sep 06 10:42
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Aptrgangr (06-09-2013)
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RE: Hungary Sheds Bankers’ Shackles
(2013 Sep 06 10:42)Dussander Wrote:  Well, states technically do create money.
This might be the case in Croatia, but not in general.
(2013 Sep 06 10:42)Dussander Wrote:  A central bank prints the money and lends it to commercial banks at some, typically low interest rate.
Exactly, the central banks print, mint and allocate money. Central banks are privately owned banks, see the Federal Reserve, Bank of England etc. The ECB legally is not "in private hands", but can not be made accountable for its policy. Ironically the President of the ECB is the Ex-Goldman-Sachs banker Mario Draghi, in fact the private banks have tremendous policy on both, the ECB and the governments. The Federal German bank saving law was written by the then minister of finance, Peer Steinbrück (Socdem) AND the then chief executive of the (privately owned) Deutsche Bank, Joseph Ackermann.
http://en.wikipedia.org/wiki/Josef_Ackermann
http://www.tagesspiegel.de/meinung/komme...80624.html
The government did what the bankers wanted, its that simple - and of course, that Swiss multi-millionaire roots for the social democrats in these "elections", and their leader, the millionaire Steinbrück. Birds of a feather....

Interesting (which does not mean I agree with everything)








(2013 Sep 06 10:42)Dussander Wrote:  The banks then use the money by investing it, mostly by granting different kinds of loans at much higher interest rates. Since the amount of actual money in existence is always less than that required to repay all the loans, the central bank simply prints more money. This of course generates inflation, which is why modern states are so dependent on GDP growth.

This system is called Fractional reserve banking because its circular mechanism constantly increases the amount of virtual money in relation to real money, leading to the fact that only a fraction of funds would be available to withdraw in the event that all clients chose to do so all of a sudden.

There is a sort of debt-free alternative called Full reserve banking. It's even been proposed by some high profile mainstream economists like Milton Friedman, I think.

Yes Yes Yes - the problem is just there is no interest/debt free money, the examples brought forward like it existed on the Island of Guernsey during the 19th century does not mean it could work in a complex economy like the German one. Money (obviously) is worth something, and that value must be determinated to fix exchange rates etc. Also, there won't be free loans, that simply is an illusion...
http://community.zeit.de/user/taxos/beit...reies-geld

"The secret to happiness is freedom... And the secret to freedom is courage."
Thucydides

“My country, right or wrong; if right, to be kept right; and if wrong, to be set right.” Carl Schurz

"Both oligarch and tyrant mistrust the people, and therefore deprive them of their arms."
Aristotle

"Right, as the world goes, is only in question between equals in power, while the strong do what they can and the weak suffer what they must." Thucydides
2013 Sep 06 12:59
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RE: Hungary Sheds Bankers’ Shackles
Quote:The ECB legally is not "in private hands", but can not be made accountable for its policy. Ironically the President of the ECB is the Ex-Goldman-Sachs banker Mario Draghi, in fact the private banks have tremendous policy on both, the ECB and the governments.

The usual answer to this is that a central bank is an institution separate from the government because otherwise politicians would be tempted to use it to achieve their goals in the short term, while ruining the economy in the long run.

We must dissent.

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2013 Sep 07 19:34
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Aptrgangr
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RE: Hungary Sheds Bankers’ Shackles
(2013 Sep 07 19:34)Dussander Wrote:  The usual answer to this is that a central bank is an institution separate from the government because otherwise politicians would be tempted to use it to achieve their goals in the short term, while ruining the economy in the long run.
€ convergence criteria in short:
- max 60% (of GDP) debts
- budget decifit, not more than 3% annually
- not more than 1.5% inflation
http://en.wikipedia.org/wiki/Euro_convergence_criteria
http://en.wikipedia.org/wiki/Eurozone_crisis

Almost all countries in the Eurozone broke these convergence criteria, politicians were quick in simply making laws that allow exceptions.

[Image: 652lj46k.gif]
http://www.bbc.co.uk/news/business-13361930
http://en.wikipedia.org/wiki/List_of_cou...ublic_debt

The usual answer, of course, is they had to do it on order to stabilize the economy and prevent a meltdown. Good, but why do they start with that after the crisis happened, and not before - like e.g. preventing the housing bubble? Also, it is always said the "free market" can fix it, then why did banks in trouble not simply borrow money from banks that were not affected? Why suddenly this distrust in the free market, why not share the risk and distribute it on many private shoulders so to speak?
It is comfortable to privatize profits, and nationalize debts and risks, that's why we saw bankers having preached the rules of free market mechanisms and less regulation suddenly promoting the nationalization of banks in order to avoid bankruptcy in a way we only use to read in concept papers of Marxist-Leninist parties...
Whereas Germany certainly is no angel*, we still also must take note of all banks that had to be rescued here had bought AAA-rated papers from the US, which turned out to be worthless, toxic assets as they call them.

BTW Germany used to have a working central bank, the Bundesbank, which enjoyed much independence, but still had to report to the government. The ECB once was founded in order to pursue a policy following Bundesbank principles...

Another thing, historically interesting, the Rentenmark, which ended the hyperinflation in Germany over night.
http://en.wikipedia.org/wiki/German_Rentenmark

Greece, Spain etc, should have a look at that as a solution to create an own currency (once they get rid of the austerity yoke and the ECB).


*
Germany's Role in Europe and the European Debt Crisis
http://www.stratfor.com/weekly/germanys-...ebt-crisis

"The secret to happiness is freedom... And the secret to freedom is courage."
Thucydides

“My country, right or wrong; if right, to be kept right; and if wrong, to be set right.” Carl Schurz

"Both oligarch and tyrant mistrust the people, and therefore deprive them of their arms."
Aristotle

"Right, as the world goes, is only in question between equals in power, while the strong do what they can and the weak suffer what they must." Thucydides
2013 Sep 07 22:55
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