Monday, June 10, 2013

Pop Go The Weasels?

Southern Europe has been living off of Germany for quite a while now. The European Central Bank (ECB) has been buying up their debt so their government can continue to support their Pink Police States as they circle the drain. Very soon, the German High Court will determine whether or not this is constitutional. If it isn't, then it will dramatically change Germany's relationship with the ECB. As the ECB's only legitimate backstop, it might just put an end to the fantasy of socialist Europe.
(L)eading authorities on this area of German law say that the European Central Bank's bond buying program is barely covered by the ECB's mandate -- and thus exceeds the constitutional limits established for Germany's role as a member of the euro zone. The critical view of the legal experts is largely shared by the German central bank, the Bundesbank, which says the ECB is overstepping its authority. According to one Bundesbank official, decisions to bail out EU states or even rescue the monetary union "are reserved for other actors, primarily governments and parliaments."
That is, can the ECB commit German funds through bond purchases? Is it constitutional for the German people to be future-taxed without voting on it or without their representatives voting on it?

Print. Print. Print.

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