13-08-08 Hungary sheds Banksters' shackles!

he news was burried, but finally came to my attention: A second nation, after Iceland, is calling quits to the game!

___

REUTER, July 15, 2013

http://www.reuters.com/article/2013/07/15/us-hungary-centralbank-idUSBRE96E07U20130715

Hungary wants to repay IMF loan early and close fund's office

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BUDAPEST | Mon Jul 15, 2013 2:20pm EDT

(Reuters) - Hungary plans to pay back its IMF loan early and called on the fund to shut its Budapest office in what could be a symbolic move by Prime Minister Viktor Orban's government to display its economic sovereignty.

Hungary's ability to avoid the austerity programs faced by many of its European neighbors will be the government's main selling point when it bids for re-election next year.

In a letter to International Monetary Fund Managing Director Christine Lagarde on Monday, central bank chief Gyorgy Matolcsy said Hungary was considering an early repayment of outstanding sums owed on the 2008 loan.

Central Europe's most indebted nation was pulled back from the brink of bankruptcy with a 20 billion euro rescue package from the IMF and the European Union amid the global crisis.

Shortly after taking office in 2010, Prime Minister Orban abruptly ended that program as the government sought to control the country's financial affairs on its own. It initiated an unorthodox campaign that included Europe's highest bank tax and special levies on business.

Relations between the two sides have been tetchy since then, with Orban's populist government bolstering market confidence for about a year with the promise of a new IMF safety net, while running an anti-IMF campaign in local media.

By issuing the country's first international bond since 2011 in February, Orban demonstrated he could go it alone by borrowing on global financial markets.

Central bank chief Matolcsy, Orban's former economy minister, said he would initiate closure of the IMF's resident representative office in Budapest, saying it was "not necessary to maintain" any longer.

An IMF spokeswoman said that as the posting of the Fund's representative in Hungary, Iryna Ivaschenko, will end in late August and "the IMF's presence in member countries is at the invitation of country authorities, the IMF will not seek to replace her."

"The IMF looks forward to continued cooperation with Hungary in the context of regular bilateral consultations as with other member countries," spokeswoman Angela Gaviria said in an emailed reply to Reuters questions.

Based on a summary by the country's debt agency, Hungary had been due to repay the equivalent of 913 million euros to the IMF in each of the third and fourth quarters and another 299 million in the first quarter of 2014, an election year.

Based on IMF data, Hungary's payment obligations towards the IMF total around 2.9 billion euros. An analyst at Citigroup, Eszter Gargyan said the difference was due to the fact that besides the Hungarian state, the central bank also owed more than 700 million euros to the IMF.

In the letter to the IMF, Matolcsy highlighted the pro-growth stance of the central bank, which has slashed interest rates to a record low of 4.25 percent over the past 11 months.

"Let me use this opportunity to personally congratulate you for your efforts in making the most of the Fund's mandate... to promote economic growth," Matolcsy wrote to Lagarde.

"Let me assure you that at the Magyar Nemzeti Bank, the central bank of Hungary, we put equal emphasis on this goal, in line with our legal mandate."

(Reporting by Gergely Szakacs; editing by Ron Askew; Editing by Toby Chopra)

___

CENTRAL BANKING.COM, August 8, 2013

http://www.centralbanking.com/central-banking/news/2287856/imf-shuts-up-shop-in-budapest-as-hungary-clears-its-debt

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IMF shuts up shop in Budapest as Hungary clears its debt

Central Bank of Hungary repays remainder of its €1.44 billion loan ahead of schedule; IMF’s Budapest office will close at the end of August as part of ‘a message to voters’

Author: Tristan Carlyle

Source: Central Banking | 08 Aug 2013

Categories: Central Banks

Topics: Hungary, National Bank of Hungary, IMF, Special drawing right (SDR)

The Central Bank of Hungary has repaid its €721 million debt to the International Monetary Fund (IMF) ahead of schedule, clearing the way for the Fund to pack up its representative office in Budapest at the end of the month.

The repayment wipes the slate clean between the Central Bank of Hungary and the IMF, and the Hungarian authorities are keen to reduce the fund's presence in the country. The central bank's governor, György Matolcsy, informed the IMF's managing director, Christine Lagarde, of his plans to close the fund's Budapest office last month.

An IMF spokesperson acknowledged the Fund's presence in its member countries "is at the invitation of that country's authorities" and hence it "will not seek the replacement of the resident representative [Iryna Ivaschenko] when her mandate expires" at the end of August.

Under Hungary's stand-by arrangement (SBA) with the IMF, the central bank drew down 1.26 billion special drawing rights (SDRs) – worth €1.44 billion – in 2009. It began paying back the loan in 2012 and cleared its remaining obligations earlier this week.

András Balatoni, a senior economist at ING Bank, said the central bank had been losing money by holding the SDRs, as the cost of sterilising them was "very high".

By repaying the debt back early, he explained, the central bank was seeking to minimise its – and the government's – losses. The Central Bank of Hungary recorded a loss of 39.8 billion forint (€130 million) in 2012.

The Hungarian authorities will retain a relationship with the IMF – they will remain members and conduct "regular bilateral consultation", according to the Fund – but the closing the IMF's Budapest office is emblematic of the Hungarian authorities' recent attitude towards the institution.

Balatoni acknowledged that the central bank's repayment of its debt reduced the need for the IMF to have a physical presence in the country. The move will mean little to the markets, he said, and will serve more as a "message for the voters".

The relationship between the Hungarian authorities and the IMF has been strained at the best of times during the past few years, as the government refused to comply with the conditions of its loans and the central bank this year repeatedly ignored IMF advice on monetary policy.

In its latest meeting, at the end of July, the central bank's monetary council sanctioned a 12th successive 25-basis point rate cut as it dropped the key policy rate to 4%. In a statement accompanying its decision, the council suggested it would rein in its monetary easing on account of the growing volatility in global financial markets.

The minutes from that meeting , released today, re-asserted that view. "The significant reductions in interest rates so far and the volatile conditions in financial markets might justify changing the pace or extent of policy easing over the coming months", the minutes said.

According to Balatoni, the council will either continue to cut the rate by 25bp but do so more intermittently, or keep cutting at every meeting but by a smaller amount. Either way, he said, the easing cycle will likely stop when the rate drops to 3.5%.

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Daily Paul, August 26, 2013

See more at: http://americanfreepress.net/?p=12418#sthash.9jSVyVgg.dpuf 

Hungary Sheds Bankers’ Shackles. IMF told to vacate the country; nation now issuing debt-free money

Submitted by go213mph on Mon, 08/26/2013 - 21:23

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• Current Events

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. - See more at: http://americanfreepress.net/?p=12418#sthash.9jSVyVgg.dpuf 

13-09-21 US: Freedom o Assembly was lost!

CUNY Student Group: Six Students Violently Arrested Protesting Petraeus Await Charges==
Posted: 19 Sep 2013 05:30 AM PDT
Six student activists were violently arrested yesterday outside of a City University of New York (CUNY) Macaulay Honors College fundraiser featuring former CIA Director and Honors College adjunct professor David Petraeus.

The activists have yet to receive charges, currently detained at the New York Police Department’s 20th Precinct.

They await an arraignment hearing scheduled for “between 9:00 a.m. and the afternoon at the Arraignment Court in the Manhattan Criminal Court,” according to a press release issued by the Ad Hoc Committee Against the Militarization of CUNY.

“Students were punched, slammed against vehicles and against the pavement by police captains and officers, after the NYPD forced them off the pavement and into the street,” the press release further explains.

One student quoted in the Ad Hoc Committee’s press release explains the violent nature of the arrests juxtaposed with what they say was peaceful, non-violent protest.”As students were chanting ‘War Criminal Petraeus Out of CUNY Now,’ I was shocked to see several police officers grab and brutalize one of the demonstrators,” one male student details in the release. “This was completely unprovoked, as demonstrators made clear that they were there to defend our university in a peaceful protest.”

Others echoed this description.

“Protesters were marching in a circle on the sidewalk and chanting, but the police forced them into the street and then charged. One of the most brutal things I saw was that five police officers slammed a Queens College student face down to the pavement across the street from Macaulay, put their knees on his back, and he was then repeatedly kneed in the back,” another male student explained.

According to the press release, the beat-down was gender neutral, with one female student “heaved through the air and slammed to the ground.”

Fareed Zakaria – foreign policy advisor to President Barack Obama and host of “Global Public Square” on CNN — was also in attendance at the fundraiser. So too was Honors College Dean Ann Kirschner, who also serves as a Board member of the Apollo Group, which owns the controversial for-profit online college, Phoenix University.

The arrests come just a week after statements condemning the Petraeus protests by both Kirschner and CUNY’s Faculty Senate Executive Committee.

Update: The Hunter College Professional Staff Congress (faculty and staff union) and Faculty Delegate Association have issued a joint resolution defending the students arrested and still being held without charges. It reads as follows:

“Resolved: In light of the assault by the NYPD on Tuesday, September 17, 2013 against CUNY students who were protesting peacefully, in front of the CUNY Macaulay Honors College, the PSC Hunter Chapter and the Hunter FDA reaffirm their defense of students’ right to protest peacefully and call for all charges against the students to be dropped immediately

13-09-21 JP Morgan Slammed with $920 Million Fine Over Trading Loss - But Where Are the Charges Against Senior Bankers?

JP Morgan Slammed with $920 Million Fine Over Trading Loss - But Where Are the Charges Against Senior Bankers?

In a rare admission of wrongdoing, US's biggest bank admits fault in major trading bungle -- but still no top-level executives are punished.

READ MORE: http://www.alternet.org/news-amp-politics/jp-morgan-slammed-920-million-fine-over-trading-loss-where-are-charges-against?akid=10952.1117888.nv875p&rd=1&src=newsletter898716&t=7

13-09-21 Fukushima Operator Dumps 1,000 Tons Of Polluted Water In Sea

Fukushima Operator Dumps 1,000 Tons Of Polluted Water In Sea

Polluted water poured into the sea after a typhoon raked the facility on Tuesday.

September 19, 2013  |  

 

 

The operator of the leaking Fukushima nuclear plant said Tuesday that it dumped more than 1,000 tons of polluted water into the sea after a typhoon raked the facility.

READ MORE: http://www.alternet.org/environment/fukushima-operator-dumps-1000-tons-polluted-water-sea-0?akid=10952.1117888.nv875p&rd=1&src=newsletter898716&t=5

13-09-17 Governor of Bank of Israel, Stanley Fischer, acted as a foreign agent on behalf of the U.S. security services and the banking cartel

The U.S. law FATCA , part of a U.S. electronic spying operation was implemented in Israel by Stanley Fischer and Bank Hapoalim - contrary to the laws of the State of Israel.
 

Pictures: 
Page 1 and Page 2: Letter from the office of Stanley Fischer, regarding his refusal to enforce the laws of the State of Israel on Bank Hapoalim , and in practice - providing his patronage for the subjection of Israeli banking to the NSA.The letter concludes : "With all our understanding of the inconvenience and trouble caused to customers due to FATCA, unfortunately, we can not help beyond providing clarifications. "
_
Most Israelis certainly have not even heard about FATCA - a relatively new Act of the United States Congress, which has neither been promulgated nor been enforced by the United States government so far.  The Act requires U.S. citizens abroad to sign a "Waiver of Privacy" activities to the benefit of the U.S. government.
FATCA it is part of the global mechanisms for illegal electronic spying on U.S. citizens, led by NSA [3]
On January 1, 2013 , after I refused to sign a "Waiver of Privacy" of this type, Bank Hapoalim, BM, froze all my bank accounts and left me penniless .

However, there were a couple of legal problems with that conduct:
1 ) Then and now, FATCA was not and is not enforceable in the United States, since no Regulations have been promulgated so far (and the prospects of promulgation appear steadily shrinking);
2 ) Then and now, FATCA was not and is not a law of the State of Israel, and is not enforceable in the State of Israel, absent any US-Israeli international agreement in this matter.
3 ) All actions against me were perpetrated without any legal procedure . Bank Hapoalim refused even to issue a paperwork on the matter. They just told me over the phone that I no longer have access to my accounts, and refused to my requet, appearing in the bank, to withdraw my money in cash.

Regardless, then Govenor of the State of Israel Stanley Fischer permitted and provided his patronage to such conduct by Israeli banks, in deference to a non-existing US law for the abuse of the rights of people in the State of Israel, in violation of the law of the State of Israel.

Fischer also violated Israeli law by refusing to duly register and review my Consumer's Complaint in this matter, which I filed against the Israeli Bank HaPoalim, BM. [2]

And the Supreme Court refused to duly register my Conditional Decree Petition in the Israeli Supreme Court in this matter against Stanley Fischer,  asking that he explain, why he would not enforce the law of the State of Israel in Israeli Banking Regulation. [1]

Finally I got my money back only after I asked the sponsor Consul of Germany in Israel !

The case is important because it records :
First . the Governor of the Bank of Israel Stanley Fischer acted as a foreign agent - for the benefit of the security apparatus of the U.S. government and the interests of the international banking cartel .
Second, Stanley Fischer worked to put the banks in Israel above the law of the State of Israel.Third. Israel is today administered as a corporatist province of the Unted States;
Fourth, the role reversal between Germany and the US, where now Germany is a center of Liberty, and the US is a center of Oppression.

It should be noted that the nominated new Governor of the State of Israel is again a non-resident, and member of the same clique.

The practice of appointing non-residents as Governor of the Bank of Israel is unacceptable!

== Links ==
[1] 13-03-04 Press Release: FATCA, Stanley Fischer, and altered records of the Supreme Court of the State of Israel
http://www.scribd.com/doc/128638635/
[2] 13-01-27 Response by Governor of Bank of Israel Stanley Fischer, in re: unlawful seizing of bank accoutns by Bank HaPoalim, BM
http://www.scribd.com/doc/123951835/
[3] Financial Data Provided to ' Intel ' Agencies Considered ' Not Inherently Confidential " under U.S. Law FATCA : A Tool of the Electronic Surveillance State
http://www.repealfatca.com/index.asp?idmenu=4&title=News&idsubmenu=135

13-09-20 Hello world!

Recent:

9/20 @ 3:13 : Berlin, DE

9/20 @ 1:51 : Los Angeles, California, US

9/20 @ 11:40 : Johannesburg, ZA

9/20 @ 11:22 : Dhaka, BD

9/20 @ 11:04 : Alpharetta, Georgia, US

9/20 @ 8:07 : Nairobi, KE

9/20 @ 7:19 : Huntsville, Alabama, US

9/20 @ 5:51 : Bradenton, Florida, US

9/20 @ 5:02 : Clearwater, Florida, US

9/20 @ 3:37 : Baton Rouge, Louisiana, US

13-09-20 Sic Transit Gloria: Suez Crisis (1955) and Syria Crisis (2013) - twitching of dying empires!

 

"Damaged Egyptian equipment", "Suez Crisis" (1955); Street scene, "Syria Crisis" (2013).

Berlin, Orianerburgerstrasse,  September 19 - the unprecedented nature of recent events, relative to the so far failed attempt by the United States government to launch an all out war in Syria, should not be overlooked.

The most notable comprable event was the "Suez Crisis" of 1955.  UK, France and Israel, in a well-coordinated, violent military adventure, captured the Sinai Peninsula and Suez Canal from Egypt by force.  The United States issued and ultimatus, and the three agressors went packing...  

The "Suez Crisis" should be seen as twitching of the dying British Empire, and announcement of US hegemony.  And it was done without any use of force.

Since then, it is difficult to recall any instance, where the US failed to launch a war at will, through provocation, no-provocation, or fake provocation...

But in Syria, the US has so far failed to launch the war as planned.  The reason is most likely a short and dry statement issued by Beijing - that war in Syria is to be avoided, since it would cause a hike in oil prices and deepening of the current global economic downturn.  With it, some (but not major) media reported movement of a realtively small, single Chinese naval vessel into the Mediterranean and the coast of Syria. Suich Chinese actions were sufficient to deter the US, which is depedent of Chinese cash infusion to the vein on a monthly basis...  And  the Putin dramtics provided the background music for the game.

 The "Syria Crisis"  should be seen as twitching of the dying US Empire, and announcement of Chinese hegemony.  And it was done without any use of force.

13-9-18 High levels of disagreement between the People and the US government on fundamental constitutional issues - a poll

Comparing the results of the poll below and the extreme conduct of the US government in violation of International Law in this matter, even at the risk of undermining its international relations in Latin America, Russia, and more, a reasonable person would conclude that there is a high level of disagreement between the People and the US government on fundamental constitutional issues!

jz

________

  

The Banality of Systemic Evil

A recent poll showed that 70% of people aged 18 to 34 thought Edward Snowden "did a good thing." Has the younger generation lost its moral compass?

http://org2.salsalabs.com/dia/track.jsp?v=2&c=2f81DZz4gHRegQ6wFRWfTff1IVTRr17b

13-09-18 US: No More Freedom of Assembly!

Occupy America
10 Arrests in 87 Minutes: The Anatomy of the NYPD’s Protest Dispersal Process
Posted: 17 Sep 2013 05:30 AM PDT
Occupy Wall Street Anniversary from Paul Sullivan on Vimeo.
On the eve of the second anniversary of the Occupy movement, two video activists, have released a 10 minute short film providing perhaps the most detailed civilian account to date of the NYPD’s process of crowd dispersion during mass mobilizations. The video, shot on September 17th, 2012, during Occupy Wall Street’s first anniversary celebration action, details 10 arrests that took place over the span of 87 minutes. While at first glance many of the individual arrests appear to be arbitrary, careful analysis from the videographers illustrates a larger picture wherein the NYPD’s actions are calculated and designed to derail the protestors ability to effectively assemble.
This video is a powerful resource for activists of all stripes in New York City. Please watch it, share it, carefully examine the NYPD’s process in it, and use it to inoculate yourself from their coordinated attempts to stifle your first amendment protections.“On the eve of the second anniversary of OWS it bears remembering that the occupations didn’t simply fizzle and dissipate,” says Paul Sullivan, who videotaped the police response, “this video, shot last year on the morning of the first anniversary, not only reminds us of how difficult it is to protest when the NYPD is determined to shut you down, but also how the NYPD continues to supress civil liberties in order to stamp out the movement.”
Read more at Sparrow Media.
http://www.sparrowmedia.net/2013/09/nypd-s17-occupy-wall-street-10-arrests/