Posted on 08/28/2011 1:56:00 PM PDT by bruinbirdman
German Chancellor Angela Merkel no longer has enough coalition votes in the Bundestag to secure backing for Europe's revamped rescue machinery, threatening a consitutional crisis in Germany and a fresh eruption of the euro debt saga.
Mrs Merkel has cancelled a high-profile trip to Russia on September 7, the crucial day when the package goes to the Bundestag and the country's constitutional court rules on the legality of the EU's bail-out machinery.
If the court rules that the €440bn rescue fund (EFSF) breaches Treaty law or undermines German fiscal sovereignty, it risks setting off an instant brushfire across monetary union.
The seething discontent in Germany over Europe's debt crisis has spread to all the key institutions of the state. "Hysteria is sweeping Germany " said Klaus Regling, the EFSF's director.
German media reported that the latest tally of votes in the Bundestag shows that 23 members from Mrs Merkel's own coalition plan to vote against the package, including twelve of the 44 members of Bavaria's Social Christians (CSU). This may force the Chancellor to rely on opposition votes, risking a government collapse.
Christian Wulff, Germany's president, stunned the country last week by accusing the European Central Bank of going "far beyond its mandate" with mass purchases of Spanish and Italian debt, and warning that the Europe's headlong rush towards fiscal union stikes at the "very core" of democracy. "Decisions have to be made in parliament in a liberal democracy. That is where legitimacy lies," he said.
A day earlier the Bundesbank had fired its own volley, condemning the ECB's bond purchases and warning the EU is drifting towards debt union without "democratic legitimacy" or treaty backing.
Joahannes Singhammer, leader of the CSU's Bundestag group, accused the ECB of acting "dangerously" by jumping the gun before
(Excerpt) Read more at telegraph.co.uk ...
Oh, yes, they have for some time. They got the govt. to repeal the Glass-Steagall Act, and then it was Party Time.....
Pumping money in to a society will not change their behavior for the better. A friend of mine has a daughter who is working for an American company who has a subsidiary in Spain and their biggest problem is finding people who are willing to work. And I do believe and can understand why any straight thinking German would be hostile to give them any money as in the end it would not make any lazy bum more industrious and before long it would be back to square one.
True that. Germany was broke and needed other sources of wealth, which they obtained through the “donations” from their Euro neighbors. The Nazis were collecting loot any way they could, including stockpiling the gold teeth of their victims.
The German people understand that this bailout will not solve anything, just defer the final crash for a little while, at enormous cost. They might as well let it happen now.
If I may, I’ll rephrase your comments..the Germans know that Greece is toasr, kaput, finshed..and they are unwilling to throw good German $$ after bad....the piper must be paid now...
In fact, that’s why Hitler had to go to war when he did, Germany was on the verge of bankruptcy, war couldn’t wait.
Not just Greece — Portugal, Spain, Italy, the list goes on. The EU is done. It never was going to work. The only question now is how much of the wealth of the fiscally-responsible must be pissed away to prop up the EU for a little while longer.
...the latest tally of votes in the Bundestag shows that 23 members from Mrs Merkel's own coalition plan to vote against the package, including twelve of the 44 members of Bavaria's Social Christians (CSU). This may force the Chancellor to rely on opposition votes, risking a government collapse.
a little more at the locked topic:
http://www.freerepublic.com/focus/news/2770109/posts
http://www.galmarley.com/framesets/fs_commodity_essentials_faqs.htm
Gold : prices, facts, figures & research
Commodity Numbers FAQs
How much gold is there?
In the world there are currently somewhere between 120,000 and 140,000 tonnes of gold ‘above ground’. To visualise this imagine a single solid gold cube with edges of about 19 metres (about three metres short of the length of a tennis court). That’s all that has ever been produced.
Divided amongst the population of the world there are about 23 grams per person, about 1.2 cubic centimetres each. This equates to about $250 - $350 worth per person on Earth, depending on the current price.
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