The man who trades freedom for security does not deserve nor will he ever receive either. – Benjamin Franklin
Germany- Federal Constitutional Court stops deportation of IS supporters for possible torture. The Turkish man committed bank fraud for 25.000 Euros to support ISIS and would have been deported to Turkey. https://t.co/53iUIz7MVW pic.twitter.com/037m1mF2k9
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– German Top Court Finds ECB’s OMT Is Illegal, Then Promptly Washes Its Hands Of Final Decision (ZeroHedge, Feb 7, 2014):
In what was a shocking and disappointing at the same time decision, overnight the German Constitutional court, which had been contemplating the legality of the ECB’s still non-existent OMT program, conceived in July 2012 to prevent the collapse of the Eurozone and still only existing in Mario Draghi’s head as it has zero legal documentation supporting it, said that, in its judgment, the ECB’s Outright Monetary Transactions program likely exceeded the central bank’s powers.
“There are important reasons to assume that [the OMT] exceeds the European Central Bank’s monetary policy mandate and thus infringes the powers of the member states, and that it violates the prohibition of monetary financing of the budget,” the German court said Friday. “Subject to the interpretation by the Court of Justice of the European Union, the Federal Constitutional Court considers the OMT decision incompatible with primary law,” the German court said.
YouTube Added: 17.09.2012
If Nostradamus were alive today, he’d have a hard time keeping up with Gerald Celente.
– New York PostWhen CNN wants to know about the Top Trends, we ask Gerald Celente.
– CNN Headline NewsThere’s not a better trend forecaster than Gerald Celente. The man knows what he’s talking about.
– CNBCThose who take their predictions seriously … consider the Trends Research Institute.
– The Wall Street JournalA network of 25 experts whose range of specialties would rival many university faculties.
– The Economist
And the bailout party goes on (… until there is nohing left).
– Euro, Stocks Climb as German Court Approves Bailout Funds (Bloomberg, Sep 12, 2012)
– Karlsruhe Decision: German Taxpayer Pillage Can Continue (But With EUR190bn Cap) (ZeroHedge, Sep 12, 2012):
UPDATE: EURUSD unsure – but seems like ‘Unlimited’ ECB Bazooka’s trigger (ESM) is now capped at EUR190bn from Germany.The Kardinals of Karlsuhe kame through. As somewhat expected, they declined the complaint that, simply put – and among many other things, the ESM structure (i.e. German payments into it) stretches German constitutionality and can proceed to a broader vote next year – but basically – in a nutshell – there’s no coming back now. As expected there are conditions though – that the market seems perturbed by:
- *GERMAN COURT ALLOWS ESM RATIFICATION WITH CONDITIONS :13347Z US
- *GERMANY MUST SET CAP FOR LIABILITY UNDER ESM WEHEN RATIFYING
- *GERMANY MUST MAKE SURE ITS ESM SHARE IS CAPPED AT EU190 BLN
Limited ESM (primary market) vs Unlimited secondary bond market buying (OMT). Go figure it out
– Germany Can Ratify ESM Fund With Conditions, Court Rules (Bloomberg, Sep 12, 2012):
Germany’s top constitutional court rejected efforts to block a permanent euro-area rescue fund, handing a victory to Chancellor Angela Merkel, who championed the 500 billion-euro ($645 billion) bailout facility.
The Federal Constitutional Court in Karlsruhe dismissed motions that sought to block the European Stability Mechanism, while ruling Germany’s 190 billion-euro contribution can’t be increased without legislative approval. The court said Germany can ratify the ESM if it includes binding caveats that it won’t be forced to assume higher liabilities without its consent.
“We are an important step closer to our goal of stabilizing the euro,” German Economy Minister and Vice Chancellor Philipp Roesler told reporters in Berlin after the ruling today. “It has always been the goal of this government” to establish a “clear limit and to include parliament in all important decisions.”
Read moreGermany Can Ratify ESM Fund With Conditions, Court Rules
– German State Of Saxony Supports Legal Action Against ECB (ZeroHedge, Sep 7, 2012):
Since there have been tens of thousands of lawsuits filed internally in Germany with its constitutional court alleging the ESM is illegal, it was only a matter of time before the Germans decided to sue the ECB as well for its “unlimited” bond buying. The time has arrived. From Bloomberg:
- TILLICH SUPPORTS LEGAL STEPS AGAINST ECB BOND BUYING: WELT
- TILLICH SAYS ECB BOND BUYING SIGNALS EFSF, ESM NOT ENOUGH: WELT
- TILLICH: ECB MANDATE SHOULD NOT INCL. UNLIMIT. BOND BUYING:WELT
Perhaps all those rumors of the Bundesbank’s death were, as we expected, rather exaggerated.
– 18 Indications That Europe Has Become An Economic Black Hole Which Is Going To Suck The Life Out Of The Global Economy (Economic Collapse, Sep 3, 2012):
Summer vacation is over and things are about to get very interesting in Europe. Most Americans don’t realize this, but much of Europe shuts down for the entire month of August. I wish we had something similar in the United States. But now millions of Europeans are returning from their extended family vacations and the fun is about to begin. During August economic conditions continued to degenerate in Europe, but I figured that it wouldn’t be until after August that the European debt crisis would take center stage once again. And as I wrote about last week, if there is going to be a financial panic, it typically happens in the fall. The stock market has seen quite a nice rally over the summer, and many investors are nervous that we could see a significant “correction” very soon. The month of September has been the absolute worst month for stock performance over the past 50 years, and it has also been the absolute worst month for stock performance over the past 100 years as well. Of course that does not guarantee that anything is going to happen this year. But things in Europe continue to get worse. Unemployment rates are spiking, manufacturing activity is slowing down, housing prices are crashing and major financial institutions are failing. What is happening in Europe right now appears to be an even worse version of what happened to the United States back in 2008.
Google translation here: The ESM Violates the Law And EU Treaties (Welt, Sep 4, 2012):
The Federal Constitutional Court rules on 12. September on the constitutionality of the European Stability Mechanism (ESM) . The European Court verifies that violates the euro bailout of EU law. The Constitutional Court has already made clear that a new Euro Treaty and further financial support to weaker euro-zone countries do not cancel the Budget Law of the Federal Parliament must.
The ESM can buy directly from euro zone countries to provide them with government bonds or loans. This allowed the ECB officially not the EU Treaty. However, it emphasizes the federal government sees the ESM prior to a cap of 700 billion euros and limited the German share of it applies to “only” 190 billion euros. Apparently reading the Parties from politicians not or do not understand the details. The ESM is clearly illegal.
Original article here: ESM verstößt gegen Gesetz und EU-Verträge (Welt, Sep 4, 2012):
Das Bundesverfassungsgericht urteilt am 12. September über die Verfassungsmäßigkeit des Europäischen Stabilitätsmechanismus (ESM). Auch der Europäische Gerichtshof prüft, ob der Euro-Rettungsschirm gegen EU-Recht verstößt. Das Verfassungsgericht hat bereits klargestellt, dass ein neuer Euro-Vertrag und weitere finanzielle Unterstützung für schwächere Euro-Staaten das Budgetrecht des Bundestages nicht aufheben dürfen.
Der ESM darf direkt von Euro-Zone-Staaten Staatsanleihen aufkaufen oder diesen Kredite gewähren. Dies darf die EZB laut EU-Vertrag offiziell nicht. Allerdings, so betont die Bundesregierung, sieht der ESM eine Haftungsobergrenze von 700 Milliarden Euro vor und begrenzt den deutschen Anteil daran eindeutig auf “nur” 190 Milliarden Euro. Offenbar lasen die Politiker den Vertag nicht oder sie verstehen dessen Details nicht. Der ESM ist eindeutig rechtswidrig.
More preparations for the greatest financial/economic collapse in (known) world history.
– German Court Reverses Anti-‘Nazi-Era’ Military Restrictions (ZeroHedge, Aug 19, 2012):
Late on Friday, the BBC reported that the German military will in future be able to use its weapons on German streets in an extreme situation. This ruling, we hope purely a technicality – but clearly warranting some concern as to ‘why now?’ – by Germany’s Constitutional Court, reverses some of the severe restriction on military deployments that were set down in the German constitution after Nazi-era abuses. After WWII, the new constitution ruled that soldiers could not be deployed with guns at the ready on German soil – the court has now changed that (it seems on the basis of terrorist concerns – as opposed to widespread bank runs, populist revolts at bailout-back-downs, or Hollande/Monti/Draghi sending over some boys).
Sep. 12 (Bundesverfassungsgericht ruling on the ESM) is the date to watch!!!
Let’s see if Germany walks its talk, because that would mean the end of the euro.
See also:
– Germany Has “Reached Its Limit” On Greek Aid (ZeroHedge, Aug 11, 2012):
While Frau Merkel remains beach-bound somewhere, hence the lack of ‘Neins’ recently, her deputy chancellor Michael Fuchs made it unequivocally clear this morning in a Handelsblatt interview that Germany had “reached the limit of its capacity” over additional EFSF payments to Greece and reiterated the double-whammy that the ESM should NOT receive a banking license and that the ECB should NOT act as “money printing press in disguise” by extending emergency loans and bypassing EFSF/ESM. A decision about whether Greece should be given the second tranche of its loan will not be made until October, after the Troika finalizes its first review of the second rescue program in September. However, BNP Paribas notes that there have been a couple of developments worth noting over the past week and more are likely in the coming weeks.
– Will A German Constitutional Court Delay Today Cripple The EUphoria? (ZeroHedge, July 10, 2012):
While early news are still abuzz with last night’s largely irrelevant FinMin meeting, which came up with nothing new, but merely regurgitated the June 28 summit decisions in a way to send Peripheral bonds modestly higher, however briefly, the real news this morning will be out of Karlruhe, where the German Constitutional Court – which holds the fate of the European bailout mechanism – has already said there will be no final decision on the constitutionality issue. The question now is whether the Court will issue a temporary injunction, which however, the court itself admits “will be interpreted by the foreign press as ‘euro-rescue is halted.” Instead, what will likely take place is a two step process. As Market News reports, “Judges during the hearing suggested a two-part decision was likely, first on the injunction in about three weeks, and then in early 2013 on the broader constitutional question.” Obviously, the court is not in any rush to come up with a definitive judgment. The problem is that Spain is. As is Italy: unless the ESM is able to promptly roll out its rescue functionality, the entire bailout mechanism will be halted and all the “progress” achieved so far will be for nothing. Sure enough, “a delay could have “serious economic consequences” for the Eurozone as well as Germany, and in turn would risk placing the entire euro project “in question,” Schaeuble warned.” Yet not even the German FinMin will dare to tell German’s constitutional arbiters to hurry up. Which is why keep a close eye on those Red flashing headlines out of Germany: they can make or break both the Euro, the PIIGS bonds, and broadly risk, if there is indeed a major delay, and certainly, if the court does order an injunction.
Read moreWill A German Constitutional Court Delay Today Cripple The EUphoria?
The ESM is totally unconstitutional, but who cares?
– German court may delay bailout fund ratification (Reuters, June 21, 2012):
Germany’s constitutional court said on Thursday it will need time to study the euro zone’s permanent bailout mechanism after its expected approval in the German parliament next Friday, which could delay its scheduled start date on July 1.
Angela Merkel’s government and the centre-left opposition reached a deal on economic growth measures on Thursday which should enable parliament to ratify Merkel’s fiscal pact and the European Stability Mechanism (ESM) on June 29.
The ESM cannot come into effect without ratification by Germany, the biggest economy in the euro zone. But a spokeswoman for the top court said the ESM is so complex it expects head of state Joachim Gauck to delay his signature of the text approved by parliament until the court has had time to study it.
And all these bailouts are doomed to fail, will further destroy the middle class, make the elitists even more rich and will just buy a little more time before the then even greater total collapse will occur.
– The Multi-Trillion Euro Bailout Plan Has Already FAILED
Flashback:
– German turmoil over EU bail-outs as top judge calls for referendum (Telegraph, Sep. 26, 2011):
Andreas Vosskuhle, head of the constitutional court, said politicians do not have the legal authority to sign away the birthright of the German people without their explicit consent.
“The sovereignty of the German state is inviolate and anchored in perpetuity by basic law. It may not be abandoned by the legislature (even with its powers to amend the constitution),” he said.
“There is little leeway left for giving up core powers to the EU. If one wants to go beyond this limit – which might be politically legitimate and desirable – then Germany must give itself a new constitution. A referendum would be necessary. This cannot be done without the people,” he told newspaper Frankfurter Allgemeine.
The extraordinary interview comes just days before the Bundestag votes on a bill to revamp the EU’s €440bn bail-out fund (EFSF), enabling it to purchase EMU bonds pre-emptively and recapitalise banks.
Tensions are running high after it emerged over the weekend that officials are working on plans sketched by the US Treasury and the European Commission to “leverage” the firepower of the EFSF to €2 trillion, in conjunction with lending from the European Central Bank.
Carsten Schneider, finance spokesman for the Social Democrats, demanded that Chancellor Angela Merkel and finance minister Wolfgang Schäuble clarify their “true intentions ” before the vote on Thursday.
“A new multi-trillion programme is being cooked up in Washington and Brussels, while the wool is being pulled over the eyes of Bundestag and German public. This is unacceptable,” he said.
Prince Hermann Otto zu Solms-Hohensolms-Lich, the Bundestag’s deputy president and finance chief for the Free Democrats (FDP) in the ruling coalition, expressed outrage over the secret plans.
“Unless the German finance minister can give an immediate assurance that there will be no leveraged formula, I will not vote for this law. We might as well dispense with months of negotiations if all this means is that the Bundestag will be circumvented and served cold left-overs,” he said.
Read moreGermany: Head Of The Constitutional Court Demands Referendum Over EU Bailout
YouTube Added: 07.09.2011
Heute war ein Schicksalstag für Deutschland und Europa. Der zweite Senat des Bundesverfassungsgerichtes erteilte der Klage der fünf Professoren Hankel, Nölling, Schachtschneider Starbatty und Spethmann gegen die Transferunion ein abschlägiges Urteil. Die bisher durchgeführten Rettungsmaßnahmen wurden für Rechtens erklärt jedoch eine deutlich Stärkung des Beschlußrechtes des Parlaments angemahnt. Prof. Dr. Schachtschneider ordnet das Urteil in einem Interview ein.