Implode-Explode Heavy Industries news feed http://implode-explode.com/ Tracking the many faces of the global credit implosion. en-us iehi-feed-55981 Thu, 29 Jan 2015 16:02:28 GMT Russian Sanctions Might Be Obama's Greatest Blunder http://implode-explode.com/viewnews/2015-01-29_RussianSanctionsMightBeObamasGreatestBlunder.html iehi-feed-55978 Thu, 29 Jan 2015 15:37:55 GMT ​PACE 'ceases to be a forum' for solving Ukraine crisis following Russia's exclusion http://implode-explode.com/viewnews/2015-01-29_PACEceasestobeaforumforsolvingUkrainecrisisfollowingRussiasexclu.html iehi-feed-55975 Wed, 28 Jan 2015 20:16:04 GMT Iran, Russia to create joint bank for national currency trade http://implode-explode.com/viewnews/2015-01-28_IranRussiatocreatejointbankfornationalcurrencytrade.html iehi-feed-55972 Wed, 28 Jan 2015 16:12:51 GMT "No Money For War"--IMF to Ukraine http://implode-explode.com/viewnews/2015-01-28_NoMoneyForWarIMFtoUkraine.html iehi-feed-55971 Wed, 28 Jan 2015 16:12:12 GMT New Greece Gov't says No to EU statement on Russia http://implode-explode.com/viewnews/2015-01-28_NewGreeceGovtsaysNotoEUstatementonRussia.html iehi-feed-55965 Tue, 27 Jan 2015 22:49:53 GMT Hungary DIDN'T Get Hit By Swiss De-Pegging - Orban Kicked Out Predatory Franc Loans And Has Muzzled Banksters http://implode-explode.com/viewnews/2015-01-27_HungaryDIDNTGetHitBySwissDePeggingOrbanKickedOutPredatoryFrancLo.html This comes courtesy of Jim Willie at the Hat Trick Letter, as a tip from a Hungarian subscriber of his:

"As collateral damage, the Polish and Hungarian exposure has come to the fore, as they hold significant Swiss bank mortgages on property."

Jim, you need to know that amongst the Eastern European nations Hungary is the only one that does not have a property mortgage CHF exposure at all anymore! None.

You are right, we did, and actually it was widespread, but the Orban government with uncanny forsight and great courage has taken on the entire banking sector and neutralized all of it in three waves over a two year period and completed the termination of those loan shark mortgages just a couple of months ago. Talk about timing...

- First wave: the Orban governement forced the banks to allow those who could come up with the money to pay off their mortgages at the exchange rate when those CHF denominated loan shark mortgages incured. Those who had the means scraped all resources, family members chipped in from uncles to grandmothers to come up with the balance. This is when I had paid off my sister's mortgage also.

- Second wave: those who were unable to take advantage of this opportunity, the government established a mandatory exchange rate barrier. Voluntary for the debtors, mandatory for the banks. Basically they extended the payment period at a fixed exchage rate.

- Third wave (and this turned out to be VISIONARY) : the Orban government forced the banks to convert ALL foreign currency denominated property mortgages into Hungarian Forint (HUF) mortgages. Note that this took place just a couple of moths before the CHF depeg.

- Also note that the HUF is not pegged to any currency including USD, EUR etc. Orban wrote into our constitution years ago (and took a lot of heat for it in the EU) that our national currency is the Hungarian Forint. This may also turn out to be a visionary decision given what the near term future may hold for us all.

- Once on the subject, note also that Orban even wrote into our constitution that we are GMO free zone.

- What we have left in CHF are auto loans and consumers loans, but those are maturing soon, so those were left untouched for now. But the elephant in the room has been dealt with.

- The Polish and Romanian governments officially requested expert help from the Orban cabinet to advise them on the details how they did it because they are facing the full impact of the CHF depeg.

- And Orban even did all this very cleverly, hiding behind Supreme Court rulings. He started by calling on the Supreme court to rule on details of this whole issue...

- Didn't destroy the banks, didn't anger them to the point of no return, just went to the very limit (and then some more) without fatal consequences to himself or to us. Mind you, we may well get a colored revolution this coming spring as a payback for revolting all the time.

- One more thorn in their side is that Orban practically nationalized our Central Bank (by the way, happens to be the most beautiful building in the World, built in 1902 ....) hence the 2,5% loans that businesses can take advantage of these days, amongst a range of other beneficial policies.

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iehi-feed-55959 Tue, 27 Jan 2015 15:25:22 GMT How Much Success is Syriza Likely to Have in Ending Austerity? http://implode-explode.com/viewnews/2015-01-27_HowMuchSuccessisSyrizaLikelytoHaveinEndingAusterity.html iehi-feed-55951 Mon, 26 Jan 2015 19:49:16 GMT Haftar forces seize Libya central bank branch in Benghazi http://implode-explode.com/viewnews/2015-01-26_HaftarforcesseizeLibyacentralbankbranchinBenghazi.html iehi-feed-55940 Fri, 23 Jan 2015 00:23:34 GMT Abdullah of Saudi Arabia, a wily king who embraced limited reform, dies http://implode-explode.com/viewnews/2015-01-22_AbdullahofSaudiArabiaawilykingwhoembracedlimitedreformdies.html iehi-feed-55937 Thu, 22 Jan 2015 19:22:01 GMT Poroshenko's Emergency Return to Kiev http://implode-explode.com/viewnews/2015-01-22_PoroshenkosEmergencyReturntoKiev.html iehi-feed-55927 Thu, 22 Jan 2015 04:27:59 GMT Distortions, lies and omissions: The New York Times won't tell you the real story behind Ukraine, Russian economic collaps - Salon http://implode-explode.com/viewnews/2015-01-21_DistortionsliesandomissionsTheNewYorkTimeswonttellyoutherealstor.html iehi-feed-55898 Mon, 19 Jan 2015 14:51:20 GMT "De-Dollarization" Deepens: Russia Buys Most Gold In Six Months, Continues Selling US Treasuries http://implode-explode.com/viewnews/2015-01-19_DeDollarizationDeepensRussiaBuysMostGoldInSixMonthsContinuesSell.html iehi-feed-55889 Sat, 17 Jan 2015 16:56:59 GMT FATCA: "The Worst Law Nobody Has Ever Heard Of," Part I http://implode-explode.com/viewnews/2015-01-17_FATCATheWorstLawNobodyHasEverHeardOfPartI.html iehi-feed-55887 Sat, 17 Jan 2015 15:50:15 GMT Mutiny in the Ranks: EU Split on Maintaining Russian Sanctions http://implode-explode.com/viewnews/2015-01-17_MutinyintheRanksEUSplitonMaintainingRussianSanctions.html iehi-feed-55881 Fri, 16 Jan 2015 20:07:25 GMT China and Russia to launch new credit rating agency in 2015 http://implode-explode.com/viewnews/2015-01-16_ChinaandRussiatolaunchnewcreditratingagencyin2015.html iehi-feed-55880 Fri, 16 Jan 2015 20:03:09 GMT 'Huge scepticism' on US-EU trade talks, EU trade chief admits http://implode-explode.com/viewnews/2015-01-16_HugescepticismonUSEUtradetalksEUtradechiefadmits.html iehi-feed-55872 Thu, 15 Jan 2015 18:35:58 GMT Europe Rediscovers Nationalism http://implode-explode.com/viewnews/2015-01-15_EuropeRediscoversNationalism.html iehi-feed-55869 Thu, 15 Jan 2015 14:58:57 GMT Russia to Shift Ukraine Gas Transit to Turkey as EU Cries Foul http://implode-explode.com/viewnews/2015-01-15_RussiatoShiftUkraineGasTransittoTurkeyasEUCriesFoul.html iehi-feed-55868 Thu, 15 Jan 2015 14:52:46 GMT Swiss ATMs "Unable To Dispense Euros At The Moment" http://implode-explode.com/viewnews/2015-01-15_SwissATMsUnableToDispenseEurosAtTheMoment.html iehi-feed-55865 Wed, 14 Jan 2015 18:59:39 GMT Did Russia Just Pull Itself Out Of The Petrodollar? http://implode-explode.com/viewnews/2015-01-14_DidRussiaJustPullItselfOutOfThePetrodollar.html