Germany's Federal Constitutional Court on Friday expressed doubts about the legality of a new panel of lawmakers set up by the German parliament to reach quick decisions on the release of funds from the euro bailout mechanism, the European Financial Stability Facility (EFSF). The court issued a temporary injunction banning the nine-person committee in the Bundestag from taking any decisions on the deployment by EFSF of German taxpayer money.Here's the direct LINK
As I commented yesterday, the "rescue agreement" has a lot of holes in it that can ultimately only be funded realistically by printing money and expropriating the Taxpayer wealth from countries that still have middle class wealth to steal and give to the banks under the guise of "saving" Greece. It's good to see a supreme court that is still independent enough from the tentacles of banking wealth that will take a closer look at everything. That would never happen in the United States these days...
But wait, there's more: The Italian banks are looking a gift horse in the mouth and are lifting their leg on any new capital raising requirements. This is absurd. Italy, on the cusp of financial collapse, gets an offer of a free lunch from German taxpayers (and U.S. per the terms of the rescue deal via the IMF), and all they have to do is pay the tip. Here's the article from the Financial Times LINK
This is crazier than last night's World Series game. I wouldn't short this market, but I wouldn't bet that yesterday's EU deal gets implemented the way it was drawn up...but I would get ready for A LOT more money printing by buying as much gold as possible below $2,000/oz and as much silver as possible below $40.
This was the German public's response to the EU rescue agreement: