A Peoples’ QE: Hungarian Style

You know how our US QE went to big banks and they just sat on it because the Fed paid them too?

Didn’t you hate that?

Me too.

Luckily Hungary provides us with a great blueprint for a true “Peoples’ QE”

“Gyorgy Matolcsy is rewriting the rules for central banking inside the European Union to include family and friends.  Since being tapped to run the National Bank of Hungary by Prime Minister Viktor Orban three years ago, the former economy czar has funneled the equivalent of almost $1 billion to six foundations he set up over the objections of his supervisory board and to the irritation of EU officials.”

 

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When asked for comment, PM Orban said, “Checks and balances are a U.S. invention that for some reason of intellectual mediocrity Europe decided to adopt,”

Ah yes, the USA where the Magna Carta was signed in 1215 (I believe it was in Dallas)!

So people, when people ask you why does our Fed have to be such a stick in the mud?, you can answer, “intellectual mediocrity”/

 

 

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