Re: You Couldn't Make it Up
Back on topic...
So far ...
The German Constitutional Courts wants the ECB to take responsibility for the QE program and to explain how their actions were lawful to the countries that have been negatively affected by it. This includes, for example, all those German savers who now have to pay their bank to hold their money in their accounts and had their pensions decimated as a direct result of the actions taken by the ECB and their enormous (€2.5 trillion) QE program.
After finding the ECB guilty of operating outside of its remit, the German Consitutional Court has asked them a simple question, "In 3 months can you come up with a justification as to why the actions of the ECB and the EU are indeed lawful, according to EU law".
In response, Ursula von der Leyen, instead of acknowledging the request and agreeing to show the legal texts that prove the ECB and the EU acted according to the laws upheld by the ECJ, decided to threaten Germany with "infringement penalties" for Germany daring to question to authority of both the ECB and the ECJ (like most dictatorships, questioning authority always has serious consequences
)
Anyway, in their response to Ursuala von der Leyen threats yesterday, the German Judges gave her a very big slap in the face, who replied...
"It shouldn’t see itself as the ‘Master of the Universe.’ An institution like the ECB, which is only thinly legitimized democratically, is only acceptable if it strictly adheres to the responsibilities assigned to it."
Ouch !
So here is where we are at ...
1. Germany vs Germany in what could be the destruction of the ECJ or the German Constitutional Court - they both can't be right.
2. Germany, the biggest funder of the EU Project, its manufacturing power house and largest economy, finding out that its own constitutional courts are not seen as sovereign anymore, its economy, finances and the wealth of its people at the mercy of an unelected elite and to top it all off, they are the ones who will be bailing out the lower countries in the 27, whether they like it or not.
Now, outside the Eurozone, it looks a bit like this ...
1. Economies outside the Eurozone will be questioning Germany (the big cheese in the EU) as to whether it trusts its own currency anymore. This could destroy the Euro anyway, where other countries effectively take Germanys advice and avoid trading with it like the plague (or Coronavirus if you want something a little more mainstream).
2. If the ECB win their case, Germany could walk away and leave the Eurozone, effectively causing the EU to implode. The German people will not like their sovereign court over ruled one bit !
3. If Germany wins their case, Germany becomes the leader of the 27, over and above the ECJ and taking back control of the ECG (the Euro is basically the Deutsch Mark rebranded by the way). Germany now dominates Europe again and all 26 other nations are under its control.
I personally, don't think Ursula von der Leyen has any defence, which is why she threatened her own country, rather than just saying "fair do, here is the paragraph in the treaties that says so". The best that can come out of this is that some "quiet conversations" will happen behind the scenes and this could all disappear - but only if the German Constitutional Courts agree, bearing in mind they will never, ever see the ECJ as superior to them - it just won't happen, so it would take a miracle.
But, if this does "go away" one thing is clear, that Germany will have had a silent victory and climbed up the pecking order of the member stays so much more so. Its only a matter of time before the 26 remaining members find out that Germany has become the EU Elite, the ECJ and the ECB. Which could very well be the plan all along, it just took another 75 years to complete.
It's either that, or its the end of the Eurozone.