German FinMin Schaeuble has been on TV for the last 30 minutes explaining the 'bailout' reality to the ugly mob that is the German taxpayers. Less than 12 hours after the German Constitutional Court rejected complaints against the ESM - though added conditions capping German indebtedness - it seems the need to explain the limited 'unlimited' liability to the people is high. To wit:
- NEIN - "No country in Europe" can hope for the ECB to "fire up the money printing press," Schaeuble says. Germany "will make sure that it doesn’t happen"
- NEIN - *SCHAEUBLE SAYS ECB DOESN'T HAVE MANDATE TO FINANCE STATES
- NEIN - *SCHAEUBLE SAYS ESM CAN'T HAVE BANKING LICENSE