Two nations against EU orthodoxy

The European Union has embraced an economic orthodoxy defined by tight budgets, anti-inflation central banking and limited government fiddling in the economy.

But that orthodoxy is facing an uncomfortable fact: Two nations that have been challenging it in recent years—Hungary and the U.K.—now boast two of the 28-nation bloc’s best-performing economies.

Hungary and the U.K., neither of which are in the euro zone, are among several governments fighting back against what they see as unwarranted intrusion into their political life by unelected officials at the European Commission, the EU’s executive arm

Economic recovery in Hungary, in the UK and the EU

writes the Wall Street Journal.

New Fidesz supermajority is official

After a lot of re-counting and legal appeals by the postcommunist “Government Changers” (Kormányváltók) coalition, Hungary’s High Court (Kúria) has announced their sentence today: the distribution of MPs seats wouldn’t change.   Another Fidesz supermajority after four years in government sounds like a real political miracle.

I do worry about Fidesz though. As the saying goes, “Power corrupts; absolute power corrupts absolutely”.  All in all, I think Fidesz got away with relatively little corruption  in the last four years, given the power the Hungarian voters gave to Fidesz and PM Orbán in 2010.  I hope very much I could write the same in 2018…

 

The seats in the new Parliament

 

The “Government Changers”, in close cooperation with the global neoliberal media,  have been, and are, trying hard to question the legitimacy of the elections results. Well, that’s one could expect from the  Reding-strategy after all.   One of their major “argument” is that Fidesz got a 67% majority with “only” 45% of the votes and that’s sooooo unjust and it’s soooo dictatorial. They don’t have any answer to the fact, other than ignoring, that Fidesz would have won 95% of the seats under the election rules of the United Kingdom.   They keep whining about “gerrymandering by Fidesz”, “the lack of freedom of speech”, “an electoral system which makes Fidesz impossible to defeat”, etc.   Apparently MSZP chairman Attila Mesterházy didn’t think last December that the very same election rules would prevent them from obtaining a supermajority.    EU propaganda, or US mouthpieces like the Wall Street Journal,  focuses  on Jobbik, which got more votes than in 2010 but a smaller percentage of seats!,  instead of that why Fidesz had another landslide victory or  why their postcommie/left-liberal cronies suffered such a huge defeat again from the Hungarian voters…

Instead of trying to learn from the lessons the Hungarian electorate gave them, the postcommies  have been  playing the “anti-Semitic card” for months and they have been trying very hard, with a lot of help from the aforementioned global media,  to stir up more and more hysteria about a planned monument which will be dedicated to all victims of Hungary’s military occupation by Nazi Germany in 1944.   Maybe I’ll write a separate post about this.  In the meantime I highly recommend reading this (very instructive!) article how a descendant of Holocaust victims,  the leader of the leftist-green party LMP,  was be labelled  and attacked when he had opined in the same way as I wrote in the previous sentence.

And these “progressive, democratic forces who represent European values”, together with their foreign overlords in the EU and in the USA,  are apparently unwilling to face up reality: Hungary has had enough of “Kormányváltók”, that is the wreckage coalition of MSZP, its splinters like the small parties established by former Socialist prime ministers and the leftovers of the now defunct extremist “liberal” party SZDSZ.

 

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More news about Hungary’s improving economy

There was a very strong demand for Hungary’s T-bonds on yesterday’s  auction and this prompted the State Debt Management Agency to increase the issuance.  At the same time the bond yields were three to twelve basis points lower than at the previous auction held a fortnight ago.

Hungary’s construction industry output showed  a whopping 28.3% year-on-year growth in February.

Construction industry output

The industrial output was 8.1%  higher in February than a year earlier.  The month-on-month growth was 1.6%.

The gross average monthly wages in Hungary were 1.7% higher in February than a year earlier. Excluding those employed in public work programmes , the figure shows an increase of 6.9 percents!  The monthly gross wages averaged HUF 240,000 per month, 5.2% up year-on-year, in the private sector alone.

Pre-tax wages

Hungary’s inflation was flat at 0.1% year-on-year in March and it’s yet another  “surprise to the downside”.  The “market’s call” was for a 0.3% CPI. Core inflation measures declined again which confirms the absence of underlying price pressures.

 

Inflation rate

 

The central bank continued with their cutting the base rate which is at a historic low of 2.6% now.  Let’s note that the base rate was 7% when Hungary could get rid of bank chairman András Simor, a neoliberal/postcommunist stooge of the IMF. BTW, Hungary’s international reserves jumped to a new 2.5-year high at 36196.70 EUR millions.

 

Base rate

 

Hungary’s  balance of trade surplus jumped to EUR 766 million in February from EUR 482 m in January.  The surplus was EUR 118 million higher in annual terms than a year before.   Exports and imports (in EUR) increased by 5.0% and 3.5%, respectively in February, 2014 compared to the February of 2013.

 

Balance of trade

By December 2013 – February 2014, the number of unemployed people decreased by 123 thousand to 379 thousand over one year, and the unemployment rate diminished by 3.0 percentage points to 8.6%.

Unemployment rate

 

Employment in Hungary is at an all time high. The number of employed people was 4,053 thousands in February which is 236 thousand more than a year ago. The employment rate of people aged 15-64 increased to 60.4%.

Employment time series

 

Those London economists are surprised on the upside at the GDP growth  yet again.  JP Morgan revised their forecast for this year to 2.5%. Capital Economics expects 3.5% GDP growth and they write:

What’s more, the recovery seems to be broad based. Not only are export-led industrial sectors improving on the back of stronger demand from the euro-zone, but consumer spending is also staging a (long-awaited) recovery

This is the latest (2013Q4) figure, compared with other countries:

GDP growth in Europe

 

In the meantime the three big credit rating agencies carefully keep Hungary’s bonds in the junk bond category and economic newspapers like Financial Times, The Wall Street Journal, The Economist, etc. are all whining about Hungary’s autocratic tendencies, anti-Semitism and what have you.    In the meantime  The Jerusalem Post asked in their usual “Nazi Hungary” editorial that

Why would Hungarians support a party and a prime minister that legislate policies that hurt their weak economy ?

I think the above economic figures themselves give a good answer . Though I doubt very much indeed that the author(s) of  the Jerusalem Post editorial  wouldn’t have known these facts otherwise.

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Hurrah, I live in EU’s only dictatorship

Hungary may well be the European Union’s only dictatorship

the global news agency Bloomberg commented after  Fidesz won another landslide victory in democratic and free elections.

The  postcommies and libnazis  are whining madly about “”free but not fair elections”.  Their foreign comrades, their  sponsors  and their overlords try to amplify that wailing hard.  They all drivel about that “only” 62% percents of Hungarian voters cast their votes and “only” 45% of these supported Fidesz but that still resulted in 66% of the seats and how “unfair” that is.  Let’s note that these figures would have resulted in more than 90 percents of the MP seats for Fidesz under the pure “first-pass-the-post” electoral system of the UK. Can anybody recall a lot of crying about the “unfairness” of the British election system and what a dictatorship the UK is?

Terrified people in front of the Hungarian Parliament, demonstrating against the dictator who got 45% percents of the votes in free but unfair elections

Other  mouthpieces of  the globalist big businesses took similar viewpoints like Bloomberg:

  • The Wall Street Journal wrote about “Hungary’s reactionary lurch” in its editorial.
  • The Washington Post posted a hostile piece, written by Charles Gáti, drooling about a “personally managed, semi-authoritarian” regime.
  • Earlier they published an editorial, whining about Hungary’s banning the so-called “gay marriage”,  with the conclusion that “the European Union and NATO should not tolerate a member government that violates fundamental democratic principles”
  • The Telegraph posted a blog entry titled “Hungary is becoming the biggest reason why we may have to leave the EU”
  • Reuters congratulated  with the usual Nazi-theme.
  • The (British!!!) Financial Times cries  like this: “The EU cannot continue to look the other way as a member undermines its democratic standards”.

The list could be probably continued for a long time, of course…

All in all, I’m quite pleased that my vote contributed to all these articles.

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