German Court May Rule Bailouts Unconstitutional

By:  John Larabell
07/05/2012
       
German Court May Rule Bailouts Unconstitutional

After the German government ratified the European Stability Mechanism, a permanent eurozone bailout package, opponents within Germany asked the nation's Constitutional Court for a temporary injunction against the ESM. The court will then rule on the constitutionality of the bailout scheme, possibly leading to a eurozone breakup.

After the German government ratified the European Stability Mechanism, a permanent eurozone bailout package, opponents within Germany asked the nation's Constitutional Court for a temporary injunction against the ESM. The court will then rule on the constitutionality of the bailout scheme, possibly leading to a eurozone breakup.

Proponents of the eurozone, along with other globalists and Keynesians, were no doubt ecstatic when Germany acquiesced after months of pressure and ratified a massive eurozone bailout package. At the eurozone summit on June 29, the German government finally approved the European Stability Mechanism, or ESM — a permanent European bailout fund. This will take the place of the European Financial Stability Facility, or EFSF (the temporary bailout fund in effect until next summer).

Ostensibly, the ESM will allow economic planners to “save” the eurozone by burying debtor nations under mountains of fiat currency, stimulating their economies and ushering in a new era of financial stability. This would, of course, drive Europe closer to full financial and economic union, which has long been the dream of the globalist elite.

Alas, the partying may be premature. As noted in Der Spiegel:

The German parliament had barely approved the permanent euro rescue fund and the fiscal pact on Friday when opponents of the measures filed requests for a temporary injunction with the German constitutional court. On Monday, the court announced it will hear the complaints on July 10.

Apparently there is a significant amount of opposition to the decision within Germany itself. The fact that temporary injunction requests were filed the same day that the ESM was ratified is noteworthy and illustrates the urgency of the situation for many Germans. According to Der Spiegel, plaintiffs include the parliamentary group of the left-wing Left Party, the conservative Bavarian politician Peter Gauweiler, and an association called "More Democracy" which has 12,000 co-plaintiffs.

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