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War of the waverers – Bundesbank vs. ECB

On 11th and 12th June 2013, the supreme German court, the Federal Constitutional Court, will rule on the bond purchases, i.e. the purchase of government bonds on the secondary market, by the ECB. This verdict is equally critical in importance as that also passed recently by the same court on the permissibility of the ESM/Fiscal Pact, because it determines how the powers-that-be, such as bankers and other addicts, i.e. politicians, the representatives of the people, and the people themselves, who will have to pay for the alleged rescue, will have to get on with each other in future in the debt union of Europe.
The Federal Constitutional Court gave its position on the announcement of the verdict on the ESM/Fiscal Pact regarding the bond purchases, and prohibited them as long as these purchases served to support the falsified budgets of the Euro countries. The court then agreed to the ESM/Fiscal Pact, but reserved to itself the right to review in the main proceedings whether the allegedly so hopeless rescue policy, according to Angela Merkel, is really so hopeless, if it is supposed to be able to be financed by actually prohibited government bonds.

The forthcoming decision of the Court will be attractive to pessimists; the press is occupied at the moment with a report by the Deutsche Bundesbank on the current status of the Euro rescue (Handelsblatt, 26., 27., 28.4.2013, p. 6 – 9); on 29 pages it criticises the rescue policy of Merkel und Co., as criticised also by the Alliance for Democracy, and also discovered breaches of law, and lies, which are legally incontestable, and which do not conform to the sense or spirit of a functioning democracy. Added to this was the fact that legislative changes have long been ignored; the result was almost arbitrary political decisions, above-average national debt, devaluation of national currencies on the introduction of the Euro and the Debt Union, which is now starting to argue about what route is feasible for Europe in the future: The Euro group of some Euro countries of northern Europe, who are also bankrupt, but still profit from the taxes paid by their fellow citizens, or the rapid transformation of the individual, highly-indebted Euro countries into a great Euro union at the cost of the purchasing power of the Euro, which will lead to a very significant devaluation.
If one believes Jens Weidmann, i.e. the Bundesbank, the Euro rescuers could still be helped, if they immediately stopped paying their debts by means of new loans, whether this happens with or without permission. Insolvency regulations should therefore be created for the countries, who have long since been beyond saving; it would also have to be decided whether this would create a Europe for the citizens, or simply a bureaucracy, because the rescue of the Euro as organised by politics has lead us deeper than ever into the crisis to the point where there is no longer any way out.
Changes to many national laws, the protection of democracy, more joint determination by the people are just a few of the points which would have to change in Europe, so that a crisis such as the present one could be brought to an orderly end. On the other side is the loss of face of politics, and also of the banks such as the ECB, or bodies such as the European Parliament, who all want to preserve their power, and supported the greed of the banks for profits, even if they were thereby gambling away the future of Europe .
It is therefore not surprising when Mario Draghi, as also printed in the Handelsblatt (29.4.13, p. 8), states in his report for the constitutional judges: The ECB is sticking to its mandate and rescuing whatever can be rescued; Tenor: Instead of being condemned, the work of the Euro rescuers should finally be acknowledged and supported. Now either Mr. Draghi is a little soft in the head or a little crooked, because talking in this way means that he must be one or the other (or both).
What a shame that we must now wait until June to find out how the Federal Constitutional Court decides, and thereby determine whether we will be faced with inflation, the flight of capital from Europe, further failure and having to rescue countries such as Spain and Italy as soon as this summer or a little later in autumn. But by then Angela Merkel will have the election in her pocket, and be back in government, and the financial markets will return to being the monster that politics wants them to be, in order to justify its misguided rescue attempts, and perhaps German law has indeed outgrown its democratic basis, which on examination might find: Government bonds for the rescue of national budgets should remain prohibited; and then perhaps there would be no back door behind this verdict, which once again explains the actions of Draghi and Merkel.
It only remains for the Alliance for Democracy to hope that the crash happens as soon as possible, because this would at least preserve the present value of the currency, and spare us more politicians’ chatter and legal skirmishing, and then there would be a little peace and quiet. Perhaps it is actually peace and quiet that Europe most needs at the moment.