German State Of Saxony Supports Legal Action Against ECB

Tyler Durden's picture

Since there have been tens of thousands of lawsuits filed internally in Germany with its constitutional court alleging the ESM is illegal, it was only a matter of time before the Germans decided to sue the ECB as well for its "unlimited" bond buying. The time has arrived. From Bloomberg:

  • TILLICH SUPPORTS LEGAL STEPS AGAINST ECB BOND BUYING: WELT
  • TILLICH SAYS ECB BOND BUYING SIGNALS EFSF, ESM NOT ENOUGH: WELT
  • TILLICH: ECB MANDATE SHOULD NOT INCL. UNLIMIT. BOND BUYING:WELT

Perhaps all those rumors of the Bundesbank's death were, as we expected, rather exaggerated.

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GetZeeGold's picture

 

 

Lawyers, guns, and money.....this is gonna get good!

http://www.youtube.com/watch?v=QPlMmwOq7U8

 

Monedas's picture

Good video for my morning coffee .... I'll never go back to sniffing napalm !

SMG's picture

I want to believe this would put an end to this insanity, but I'm sure "somebody"  behind the curtain,  will "motivate" the court to the "correct" decision.  Then the insanity contuinues.  When will it end, Lord?

falak pema's picture

when the world ends; and according to the MAyans...also the Iranians say the Mahdi is on his way! 

I don't think Draghi agrees with either of them! 

lewy14's picture

Germany will not go down without a fight.

All the same, she will go down. The German people no longer have a say in the matter.

maxmad's picture

September 11th is right around the corner!  They are setting up for the "rug being pulled!"

Monedas's picture

Inflation and bond buying are regressive taxes .... but look at them go ?

Hype Alert's picture

As we follow Zimbabwe and the Wiemar Republic into the history books, I'm really surprised Germany with such a rich history of inflation would want to do it again.

Stock Tips Investment's picture

Regardless of the legal actions, this plan has many risks. The economic estbilidad Europe and probably the world is at stake. The monetary authorities are not up to this big problem. European countries must take steps to correct the serious imbalances. That's the high price to be paid for their irresponsible management. If you want to avoid that pain with "pills" such as buying bonds, they run the risk of a Great Depression.

FlyoverCountrySchmuck's picture

As long as some sucker is willing to buy the bonds, even if it's with unbacked, printed money, the politicians can continue to spend, and spend, and spend.

The merry go round just keeps on going.

In the western world, we now have almost as many people that VOTE for a living, as work for one. Those who vote for a living are unaffected by silly things like inflation, because the Gov gives them "Cost of Living" adjustments.

It's those who WORK for a living who get screwed...

falak pema's picture

don Quixote now a Saxon?

Windmills and windy lawsuits.

Bringin It's picture

Windmills?  As in fruitless tilting at?

This came out on ZH at 57 past the hour.

Please take a look at the Pre-ReAction in FRNs and PMs 22 minutes earlier, 35 past the hour.

I am hoping the Germans can figure this game out.

bentaxle's picture

Gold off to the races at the mere thought of this?

tocointhephrase's picture

Who waar, we waar, Weimar

Xibalba's picture

Just...get...us ...past...expiry

buzzsaw99's picture

the bernank's enormous ballz are the envy of the ecb

EscapeKey's picture

Well, the central banks own the courts as well, so this won't go far.

ParkAveFlasher's picture

Let's hope those funny little red hats are shrapnel-proof.

SheepDog-One's picture

Yea well whatever, lets see the bank owned courts rule zee Germans must hand over zee moneez....Germany holds the trump card just say 'no'.

J 457's picture

SPX should be down 25pts today on this news- but no such luck...

Xibalba's picture

The FRBNY can't afford a correction.  

LawsofPhysics's picture

bingo, and guess who runs bartertown?  there is no "market" anymore.

scatterbrains's picture

This is what lights the crack up boom blaze... when everyone knows the fed must print or die.. and print they will. Like gdp growth, let's not cut now, let's worry about growth, we can always cut later.  This is not the time to stop printing, print now we can always stop or slow the printing later.  If you were running a large company what would you do knowing out there just ahead somewhere is a brick wall ? That's right, you'd clamp the fuck down and brace for impact.   It's over bitchezz, strap in for the ride.

Vince Clortho's picture

The SPX will dam well do what the programmers tell it to do.

"News" affecting the S&P is an out-dated 20th Century concept.

blueridgeviews's picture

It's about time.  How long before the country sues the ECB.

J 457's picture

Or, how long before someone in the USA with some brass sues the FED?

Vince Clortho's picture

With all the new laws passed since 911, I believe it is probably illegal to sue the Fed.  In fact, it would most likely be considered an act of terrorism and force the 291 Social Security enforcement goons, now packing hollow point ammo, to hunt you down in the name of national security.

rubearish10's picture

BS! We all know legal prosecution of oligarchs usually settles in token denomiation. Let's move along.

caimen garou's picture

yes indeed, they have to keep the lawyers ang judges employed!

Benjamin Glutton's picture

I hope our own States Governors are paying attention.

 

 

Boilermaker's picture

They'll roll over, too.

Good to show the 'fight' in public though...right before caving in.

Jason T's picture

Germans have read Faust, they know a Faustiian Bargain when they see one.  

Dr. Engali's picture

He is just looking for his pound of flesh. He will be bought off and quietly go away.

hugovanderbubble's picture

BLACKSWAN....NO ESM AGREEMENT:) i mean GERMANSWAN:)

Xibalba's picture

cue to Cnbs heads:  "priced in"

Mylegacy's picture

OFF TOPIC:

Canada just announced it is closing it's embassy in Iran.

Have the Canucks learned about some shock and awe we haven't yet?

falak pema's picture

I didn't know Canuck Liebensraum extended all the way to Tehran; are they going to send the Mounties in?

They should consult with Davy Crockett before they attack the Alamo of Alamut! 

Zero Govt's picture

"German State Of Saxony Supports Legal Action Against ECB"

The Euro-news just doesn't get any better than this

Yesterday Greek police were fighting Greek riot police. Today German States are (in effect) suing the German Govt

Another double helping of popcorn please

 

morpheus000's picture

At least the EURO trash are doing something instead of americans taking it in the butt and asking for more hahaha

morpheus000's picture

At least the EURO trash are doing something instead of americans taking it in the butt and asking for more hahaha

hugovanderbubble's picture

SPAIN Downgraded to JUNK by MOODYS;SP,FITCH,PETERSSEN,EGANJONES,DAGONG, end of spanish kingdom

piliage's picture

Cool! A buying signal! Push it down until you run out of paper...

pazmaker's picture

EUR/USD approaching 1.28!

solgundy's picture

Shark Team-6 enroute to Saxony

obvious_sarcasm's picture

gold just reached an all time high priced in €euros

spentCartridge's picture

Interesting day ...

DrDinkus's picture

what a day.....got crushed by draghi, saved by the BLS....who'd a thunk......strange times we live in