Hungary’s New Constitution Threatens the Global Financial System
Hungary is currently in political and economic free-fall and almost no one is talking about it. Hungary, and notably Budapest, is home to Europe’s third largest Jewish community, although it is difficult to confirm precise figures.
Almost two years ago, in Hungary’s last General Election, the Fidesz Party, a nationalist right wing Party rose to power in a landslide victory, with 52% of the vote, throwing the ruling Socialist Party out of power after 8 years of rule. Most worrying was the rise of the Jobbik Party – a neo-fascist party, which unlike many of its European counterparts does still openly talk about Jews. The now opposition socialist polled 19% whilst Jobbik polled almost 17%, translating into 26 seats in the Hungarian Parliament.
Jobbik ran an openly anti-Semitic campaign, excessively focusing Israeli’s individuals and businesses ruining Hungary’s economy. Jobbik does not speak too fondly of the domestic Jewish community either. However, most of Jobbik’s vile rhetoric is focused on the Roma community.
This is the key link between Jobbik and the ruling Fidesz Party, and its leader Viktor Orban. They both have a serious issue with the Roma community, claiming that the Roma milk the state for all that they can and that they need to be deported, assimilated or kept away from mainstream society. It sounds familiar, right? Something straight out of Nazi Germany.
The majority vote gained in the last election has enabled Fidesz to change the constitution, and some of the laws made have already been passed and are now in effect. Changes threaten to limit Human Rights, abortion law, same sex couples, and allow for life long imprisonment, without chance for parole. Additionally, as with other European states, most notably Lithuania – Hungary is trying to write the Holocaust out of their national memory. The new constitution states that Hungary lost its independence when invaded by the Nazis, insinuating that it should not be held responsible for what happened to the nations Jews.
Over the past several weeks we have seen large protests in the streets of Budapest and other cities, campaigning against this new backward constitution – and since then the Hungarian economy has worsened.
Hungary is the next European country that needs bailing out – and of course this bailout has to come, as fellow European nations are heavily exposed to Hungarian national debt and that of their banks. Hungary needs £20 Billion within the next few weeks or like some of its Mediterranean neighbors, it is facing a default. The IMF and the European Union have stated that withdrawing some of the new constitution is a condition to receiving funds. At the time of publication here, the Hungarian Government has yet to comply.
In Italy, Greece and other countries that have been in need of assistance, we could be reasonably assured that these countries would implement reforms in order to receive the bailout. With Fidesz, we cannot be so sure.
Keep watching this space.