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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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Fri, 09/07/2012 - 10:00 | 2771480 GetZeeGold
GetZeeGold's picture

 

 

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

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

 

Fri, 09/07/2012 - 10:08 | 2771517 Monedas
Monedas's picture

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

Fri, 09/07/2012 - 10:36 | 2771616 SMG
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?

Fri, 09/07/2012 - 10:45 | 2771661 falak pema
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! 

Sat, 09/08/2012 - 00:49 | 2773962 lewy14
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.

Fri, 09/07/2012 - 10:33 | 2771606 El Oregonian
El Oregonian's picture

Blitzkrieg Bitchez!

Fri, 09/07/2012 - 10:46 | 2771669 maxmad
maxmad's picture

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

Fri, 09/07/2012 - 10:02 | 2771486 Monedas
Monedas's picture

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

Fri, 09/07/2012 - 10:18 | 2771550 Hype Alert
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.

Fri, 09/07/2012 - 10:31 | 2771600 Stock Tips Inve...
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.

Fri, 09/07/2012 - 10:42 | 2771648 FlyoverCountryS...
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...

Fri, 09/07/2012 - 10:02 | 2771489 falak pema
falak pema's picture

don Quixote now a Saxon?

Windmills and windy lawsuits.

Fri, 09/07/2012 - 10:12 | 2771532 Bringin It
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.

Fri, 09/07/2012 - 10:05 | 2771500 bentaxle
bentaxle's picture

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

Fri, 09/07/2012 - 10:06 | 2771506 tocointhephrase
tocointhephrase's picture

Who waar, we waar, Weimar

Fri, 09/07/2012 - 10:07 | 2771508 Xibalba
Xibalba's picture

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

Fri, 09/07/2012 - 10:07 | 2771510 buzzsaw99
buzzsaw99's picture

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

Fri, 09/07/2012 - 10:07 | 2771511 EscapeKey
EscapeKey's picture

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

Fri, 09/07/2012 - 10:12 | 2771531 ParkAveFlasher
ParkAveFlasher's picture

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

Fri, 09/07/2012 - 10:42 | 2771646 SheepDog-One
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'.

Fri, 09/07/2012 - 10:07 | 2771512 J 457
J 457's picture

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

Fri, 09/07/2012 - 10:10 | 2771524 Xibalba
Xibalba's picture

The FRBNY can't afford a correction.  

Fri, 09/07/2012 - 10:35 | 2771612 LawsofPhysics
LawsofPhysics's picture

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

Fri, 09/07/2012 - 10:27 | 2771577 scatterbrains
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.

Fri, 09/07/2012 - 12:33 | 2772095 Vince Clortho
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.

Fri, 09/07/2012 - 10:08 | 2771513 blueridgeviews
blueridgeviews's picture

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

Fri, 09/07/2012 - 10:45 | 2771660 J 457
J 457's picture

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

Fri, 09/07/2012 - 12:38 | 2772113 Vince Clortho
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.

Fri, 09/07/2012 - 10:08 | 2771515 rubearish10
rubearish10's picture

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

Fri, 09/07/2012 - 10:14 | 2771537 caimen garou
caimen garou's picture

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

Fri, 09/07/2012 - 10:09 | 2771519 Benjamin Glutton
Benjamin Glutton's picture

I hope our own States Governors are paying attention.

 

 

Fri, 09/07/2012 - 10:09 | 2771520 Boilermaker
Boilermaker's picture

They'll roll over, too.

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

Fri, 09/07/2012 - 10:10 | 2771525 Jason T
Jason T's picture

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

Fri, 09/07/2012 - 10:16 | 2771547 Dr. Engali
Dr. Engali's picture

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

Fri, 09/07/2012 - 10:20 | 2771553 hugovanderbubble
hugovanderbubble's picture

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

Fri, 09/07/2012 - 10:22 | 2771564 Xibalba
Xibalba's picture

cue to Cnbs heads:  "priced in"

Fri, 09/07/2012 - 10:21 | 2771558 Mylegacy
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?

Fri, 09/07/2012 - 10:39 | 2771635 falak pema
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! 

Fri, 09/07/2012 - 10:26 | 2771559 Zero Govt
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

 

Fri, 09/07/2012 - 20:26 | 2773603 morpheus000
morpheus000's picture

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

Fri, 09/07/2012 - 20:26 | 2773604 morpheus000
morpheus000's picture

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

Fri, 09/07/2012 - 10:23 | 2771568 hugovanderbubble
hugovanderbubble's picture

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

Fri, 09/07/2012 - 12:14 | 2772023 piliage
piliage's picture

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

Fri, 09/07/2012 - 10:23 | 2771569 pazmaker
pazmaker's picture

EUR/USD approaching 1.28!

Fri, 09/07/2012 - 10:26 | 2771580 solgundy
solgundy's picture

Shark Team-6 enroute to Saxony

Fri, 09/07/2012 - 10:31 | 2771586 obvious_sarcasm
obvious_sarcasm's picture

gold just reached an all time high priced in €euros

Fri, 09/07/2012 - 10:46 | 2771671 falak pema
falak pema's picture

1350 E/oz....no big deal!

Fri, 09/07/2012 - 10:30 | 2771599 spentCartridge
spentCartridge's picture

Interesting day ...

Fri, 09/07/2012 - 10:32 | 2771602 DrDinkus
DrDinkus's picture

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

Fri, 09/07/2012 - 10:38 | 2771630 SheepDog-One
SheepDog-One's picture

ZEE LEEGALEETEE!!

Fri, 09/07/2012 - 10:58 | 2771725 jmeyer
jmeyer's picture

Saxons   1

Normans   0

Fri, 09/07/2012 - 11:00 | 2771734 RiskAverseAlertBlog
RiskAverseAlertBlog's picture

Well, if the Bundesbank is not dead yet, maybe it'll end this way. (The metaphoric imagery is just too real to resist.)

Fri, 09/07/2012 - 11:07 | 2771762 JR
JR's picture

It begins; and the victims being to raise their heads.

As the Germans rise up, likewise Americans, those who have $8 trillion of their hard-earned savings in U.S. bank accounts and certificates of deposits, should sue the FED for taxation without representation and for cover up of ZIRP manipulations by discontinuing M3 in 2008.

This stealing in secrecy (an estimated $400 billion a year) and with impunity from the American people that began in earnest in 2008 and is expected to last to 2014 is based on a deliberate falsification and understatement of the rate of inflation.

If the American people ever allow private banks to
control the issue of their money, first by inflation
and then by deflation, the banks and corporations
that will grow up around them (around the banks),
will deprive the people of their property until their
children will wake up homeless on the continent
their fathers conquered.   -- Thomas Jefferson

How is Louis XVI’s stealing from the French peasants and middle class and gifting it to his courtiers any different from Citigroup’s grand gift of $2.5 trillion ($2,500,000,000,000)  provided by the Fed in its first $16 Trillion in Secret Bailouts. These trillions were handed to a reckless and insolvent Citi after its TBTF massive high-risk losses.

And in shades of Marie Antoinette’s let-them-eat-cake was yesterday’s fatherly advice from Citi to low-risk savers that if they want to retire at age 65 they’ll either have to invest in high-risk or drastically increase their personal savings or there will be no cake! That’s classic French Revolution.

And to think, Citigroup's $2.5 Trillion in a free handout to cover high-risk gambling losses amounts to 31% of the total $8 Trillion of the people's hard-earned savings in bank accounts and certificates of deposit -- kept there for "safety"!

 

Fri, 09/07/2012 - 11:44 | 2771905 russwinter
russwinter's picture

Hans Zimmer: Do You Think I am Saxon?

http://www.youtube.com/watch?v=faQa4jJ8pfM

Fri, 09/07/2012 - 12:16 | 2772034 Börjesson
Börjesson's picture

Saxon - Strong Arm of the Law

http://www.youtube.com/watch?v=_XH-nErgnO8

 

Fri, 09/07/2012 - 12:49 | 2772159 CrashisOptimistic
CrashisOptimistic's picture

The German courts could bail out Merkel beautifully.  She can leave the Euro because she is forced to by her courts.  This would not cost her the election.

Fri, 09/07/2012 - 15:39 | 2772890 jmeyer
jmeyer's picture

The election is a minor distraction along the road to Globalist Nirvana. If she ignores the German people she's a globalist; if she takes it to the people she may still be a globalist.

Fri, 09/07/2012 - 15:48 | 2772926 Watson
Watson's picture

I agree.

Indeed, it is even better: according to the reports, one of the conditions is _very_ detailed reporting of the purchases. This means that even if the current legal actions fail, plenty of hard evidence will be available for legal rounds 2, 3...

Plus, German political parties will have hard evidence to put in front of the electorate as to the size of commitments Germany is taking on.

The sterilization will stop any near-term inflation risk, and (to me) publishing all the data means that in the medium term either the 'unlimited purchases' will get capped, or Germany will dump the EUR.

Fri, 09/07/2012 - 21:52 | 2773749 jim249
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