Monday, September 12, 2011

German Constitutional Court ruling vetoes further EU Bailouts!

As I blogged when the news of the German Constitutional Court Ruling appearing to validate further bailouts of EU spendthrifts, further consideration of the detailed terms would be required before the exact effects could be predicted. Some comment on that question is now appearing, see this report from Business Insider, linked here.

The following is a brief quote of the unsavory reality for the centralizing federalists now planning to impose economic governance, and therefore zero or negative growth, across the EU portion of the European continent. Wealth creation and economic growth cannot be best attained by totalitarianism:

"any permanent overarching economic mechanism that could right this crisis would require a popular referendum to (more or less) abolish Germany as an individual state altogether."

Only temporary bailouts will be viewed as constitutional in Germany and only then as approved by the parliament. The presently negotiated, but as yet unratified ESM seems therefore unconstitutional!

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