Hungarian Speaker: international financial system “is a giant pyramid scheme”

The balance of powers between democratic states and private global powers without a democratic mandate “can still be restored”, the Speaker of Parliament said on Friday.

Speaking at an event held in Parliament as part of the study days of the European Conservatives and Reformists’ committee of regions, László Kövér said the balance could be restored only as long as “the majority in European countries still stand for normality, and there is still parliamentary democracy, and while there are political forces shouldering responsibility for their homeland, nation and Europe.”

The current international financial system “is a giant pyramid scheme”, Kövér told the event entitled Defending common sense and strengthening cooperation in the EU’s multi-level governance. In that system, he said, state finances based on a budget saw growing debt each year while “private powers” saw their “stock of outstanding loans growing and growing”. The power of states to represent their interests “is shrinking while that of private powers grows”, he said.

“Although the connection seems remote, that process is rooted in abnormal developments in the politics, economy and culture of the western world and Europe,” he said.