"Who Will Default First On Their Debt Greece Or The United States?" - Question Arises As Germany's Top Court Considers Whether The Greek Bailout Is Even Constitutional
Related link:
Theater Of The Absurd: Greece Has Already Missed Its June Budget Target
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Germany's constitutional court weighs the legality of the bailouts - Guardian
By Daniel Hannan
Germany’s federal constitutional court will today consider the legitimacy of the eurozone bailouts. The case has been brought by a coalition of concerned citizens, including a number of eminent economists, a leading law professor and a CSU MP.
Let me give the judges a hint. All they have to do is look at Article 125 of the Treaty:
The Union shall not be liable for or assume the commitments of central governments, regional, local or other public authorities, other bodies governed by public law, or public undertakings of any Member State.
Pretty open and shut, no? Indeed, no one in Brussels seriously tries to claim that the bailouts are within the rules. It is precisely because the bailouts are illicit that the the Treaty is being changed: rather than amending its behaviour to comply with the law, the EU proposes to amend the law to comply with its behaviour.
As one MEP cheerfully put it recently, “the facts are ahead of the legislation“. Then again, my guess is that public opinion is ahead of both. Finland is the only major net contributor in the euro zone to have held a general election since the bailouts were agreed. Every party there lost ground to the centrist but Eurosceptic True Finns. It is possible, I suppose, that the Austrian, Dutch and German electorates will be more deferential to their elites. But, given the lamentable record of those elites, I wouldn’t bet on it.
BBC discusses the German court ruling...
July 05, 2011 BBC World News
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Lessons of Argentina crisis ignored in handling of Greece
Snip:
For a vision of how the Greek debt meltdown is going to end, look no further than the International Monetary Fund's post mortem into a similar crisis that came to a head almost exactly a decade ago - Lessons From The Crisis In Argentina.
Jul 5, 2011 at 2:43 PM
Reader Comments (6)
Obama is waiting, all fluffed up, to accept the liquidation of anything and everything at fire sale prices to destroy the U.S. for his CIA and NSA handlers. Remember satanic church leader and director of all military psychological warfare under Bush43, NSA General Michael Aquino and his work with impressionable young minds as in the Citadel incident, Conspiracy of Silence, the johnnygosch.com website, the Franklin Cover-up, and others. He is still around and giving advice to the traitors. The U.S. is being taken without a shot, and Congress just mewls while the masses hide in front of the TV.
There is no way in hell that the CFR controlled news media is going to cover anything Dr. Ron Paul does as a presidential candidate. He could cure all cancers, the common cold and perfect water fueled automobiles and personal levitation by noon and they still will give him the cold shoulder. Paul needs clever, wholesome publicity stunts and massive personal contacts to counter this like Carter had to. We must return to a state bank ONLY system before things get more desperate. Greece is experiencing dog leash training. One bad turn deserves another. So we let Dr. Paul and co. redo the dollar and invite Greece over for coffee.
I think not.
Rather ... wait for it .... GOLD.
The world supply of gold is the only asset that can establish the credible convertibility of all outstanding debt worldwide, and if a lifetime isn't enough time to position the supply where it will "end up" when the fiat music stops, then I fear the current Depression which began in 2008 missed its mark.
I humbly submit what may seem cryptic to some, but do check the links in this article:
http://letthemfail.us/archives/9599