+++ 14. September 2012 +++
Karlsruhe Ruling on ESM,
A Disaster for Germany, Time to Leave the Euro System
Helga Zepp-LaRouche made a short video statement on September 12, giving her assessment of the Constitutional Court decision dismissing the emergency petitions filed against the European Stability Mechanism. She points, in particular, to the importance of the last paragraph of the ruling which leaves the door open to an exit from the inextricable mess the Eurozone has become. Here follows a translation into English of excerpts from Zepp-LaRouche's statement.
"The Constitutional Court ruling of today, September 12, means a real catastrophe for Germany. First of all, it allows the European Stability Mechanism to go into force, after a few amendments are made, and secondly, it means that the move by the ECB, taken just six days before the court decision, to buy unbounded sovereign bonds is a success. Thus practically unlimited quantities of liquidity will be pumped into the system, and Bernanke is expected to do likewise tomorrow in the U.S., by proceeding with another "easing", i.e. liquidity injections. Thus, the entire trans-Atlantic region is threatened in the short term with hyperinflation like in Germany in 1923 – the only difference being that it will not happen in only one country this time, but in the whole trans-Atlantic region. Karlsruhe definitely should have allowed Gauweiler's petition for a temporary injunction because the ECB decision has indeed created a completely new situation.
"Some of the petitioners consider the ruling to be a partial success, and understandably so because it imposes certain restrictions, but I cannot agree with them. The ruling does of course state that in the event of new demands from the ESM, the German representative on the ESM Board, who is Wolfgang Schäuble, as well as the Bundestag will have to agree to them, but knowing the position of Mr. Schäuble, who wants to set up a pan-European state as fast as possible, and knowing how the Bundestag nodded all issues through in the past, often enough without even reading the necessary documentation, these are no real restrictions.
"Especially because this is happening within the dynamic of the collapse of the financial system, and the pressure will also be so high, in order to save the euro and to save Europe, that concessions will be made.
"What we have witnessed over the past years is a complete erosion of democracy and of the Fundamental Law. The rules of the Treaties adopted have been repeatedly broken, be it the "no bailout clause", or the so-called "royal prerogative" of the Parliament, which is responsibility for the budget. The ESM would mean the last step in the setting up of a financial dictatorship. It would be a dictatorship of the markets at the expense of the general welfare. It has already led to an incredible destruction of the real economy, in Greece, in Spain – where youth unemployment is up to 70% in Andalusia – in Italy and other countries, and all of them are facing dangerous social explosions.
"The entire conception of the ESM is a monstrosity in itself, because it would create a dictatorship, whose leading agencies would have legal immunity for life, it would create an area of legal vacuum...."
Zepp-LaRouche quoted from the very last paragraph of the Karlsruhe ruling, which has been blacked out of nearly all the media in Germany, concerning the provisions of the Treaty on Stability, Coordination and Governance (TSG), commonly known as the "fiscal pact".
That paragraph states, among other things: “In the event of an exit from the European Union, the basis for continuing to participate in the reciprocal obligations of Member States of the European Union laid out in the TSCG would not be applicable.... And continued membership in the single currency is the essential basis for binding Germany to the provisions of the TSCG..., which would not apply in the event of an exit from the Monetary Union."
That is the only way out, Zepp-LaRouche says. "Germany must get out of the terror by leaving the EU and the Economic and Monetary Union. Germany must reestablish her sovereignty over her monetary and economic policy, and then immediately set up bank separation, a credit system and a reconstruction program for the real economy...."
~ deutsch + english ~
+++ 24. Mai 2013 +++
Pope Francis Calls for Financial Reform
Two months after his election, Pope Francis has spoken out forcefully against the dictatorship of the financial markets, which is reducing humanity to misery. Speaking in front of the ambassadors of K...
+++ 24. Mai 2013 +++
Bundestag Passes Phoney "Bank Separation" Law
On May 17, the German Bundestag passed a bank restructuring bill touted by the government as the "first bank separation law passed in Europe." In fact, the law is a far cry from what the government cl...