Euro Crisis

German Constitutional Court to Rule on Eurozone Measures in September


Germany's Federal Constitutional Court (or the Bundesverfassungsgericht, if you are so inclined) will not rule on the constitutionality of the European Stability Mechanism and the fiscal pact until September. The announcement caused European stocks to fall and has increased the level of uncertainty in Europe among some European politicians. Valentin Marinov, Director of FX Strategy at CitiFX said: 

This adds to the uncertainty about the ability of the euro zone officials to respond adequately to any potential further deterioration of the debt crisis.

While the court is likely to rule in favor of the constitutionality of the bailout mechanism and closer fiscal union, the eight-week delay may be too long to wait before the eurzone deteriorates further. Paul Krugman was saying that it was hard to see how Greece could remain part of the eurozone back in June. Michael Saunders, chief economist from Citigroup, warned that Greece only had seven months left in the euro back in March, which is close to when the Federal Constitutional Court is scheduled to make its ruling. 

A ruling in favor of the measures will almost certainly come with attachments. The most likely of these will be an increase in the amount of influence Germany will have on the bailout conditions. In Germany patience with Greece and Spain is wearing thin and German politicians will be under pressure to make the future bailouts conditional on further austerity measures that would be very unpopular. In fact, it was members of German Chancellor Angela Merkel's own party who were among those who made complaints to the Federal Constitutional Court against the measures. It will be difficult for most Mediterranean countries to comply with the bailout conditions that Merkel will almost certainly have to implement due to pressure from her own party and an upcoming reelection campaign to worry about.

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  1. Alt text: “Bring out the comfy chair!”

    1. “Cardinal! Poke her with the soft cushions! Confess! Confess! Confess!”

      1. The German Supreme Court: Come for the Ruling, Stay for the Inquisition!

        1. I was sitting
          In a temple
          I was minding
          My own business
          I was listening
          To a lovely Hebrew mass
          Then these papus
          Persons plunge in
          And they throw me in a dungeon, and they shove
          A red hot poker up my ass

          Is that considerate?
          Is that polite?
          And not a tube
          Of Preparation H in sight

    2. I was surprised we didn’t get any alt test – not even an “Actung in the Court, Baby”

  2. Word is the EU really wants a win and is bringing in Justice Roberts to write the decision.

    1. And Roberts rules that while the Germans can’t be forced to bailout other countries they can be taxed if they don’t bailout other countries.

  3. Apparently Bundesverfassungsgericht is German for Bloods.

    BTW, just added Bundesverfassungsgericht to my spell-check dictionary.

    1. I have always been proud of the fact that “Reinheitsgebot” is in my phone’s custom dictionary. “Bundesverfassungsgericht” might be even better as a word, though it loses points because 1.) it doesn’t use an ? for the double-s; and 2.) unlike “Reinheitsgebot” I doubt I would ever use it again.

      1. Nipplestrabe!

  4. Since when did the college of cardinals start running the EU?

    1. The Crusades?

    2. Holdover from the Catholic-influenced First Reich?

    3. The Roman Empire never went away, it just rebrands itself every so often.

    4. If you’ve been watching The Borgias like I have, you’d know it was since about 1400 or even earlier.

      1. Look, not everybody can handle watching Jeremy Irons age into his mid-60s. It’s too much for some of us.

      2. It’s okay, it’s about the same as The Tudors in terms of providing a watchable period drama. I suppose the naked women don’t hurt either.

        1. The douche playing Pope Alexander cannot act.

          1. Did you just say Jeremy Irons can’t act? OK, anything you say about cinema is to be utterly ignored in the future. Haven’t you seen Dead Ringers? I guess not, which is an additional reason to ignore your media opinions.

            1. My bad. I was referring to Borgia, where Alexander is played by John Doman.

              1. That makes a lot more sense.

            2. Dead Ringers?

              That is one of the WORST movies I have ever seen and it is the only time in my life that I have seriously considered trying to get my money back from a Theatre.

              1. If you don’t like David Cronenberg movies, don’t talk to me.

        2. I like it a lot. But then again I like most of what Neil Jordan does.

          1. Read the William Manchester book A World Lite Only By Fire. It tells the real gritty Borgia stuff.

            1. Yes very good book.

      3. Meh, I just played Assassin’s Creed 2 and AC Brotherhood. You get pretty much the same gist. Borgias = possibly biggest douchenozzles in history.

        1. Eh. They’re barely in the running for Italy.

  5. This is potentially a very big deal.

    Germany can’t/won’t fund the ESM bailout until the court rules, and the likelihood is that the balloon will go up within 8 weeks.

      1. 99 of ’em, so I hear.

  6. Is the German high court up to popular reelection? This measure is so unpopular in Germany I don’t think they want to touch it.

      1. I think that girl wants a new boyfriend. And I read the other day that Quidich is taking off on college campuses.

        I think I will go kill myself now. If this is what the current generation thinks is cool, I just don’t belong in this world.

        1. Stripper + Chewbacca = Stripbacca!

          1. Steve Smith and his kind need strippers too.

          2. Damn your elusive nature, Stripbacca!

          3. You need to calm down.

            1. Thanks for the advice, Tulpa.

              1. Well, someone has to be an unbelievable asshole, and I can’t let you and Tulpa hog it all.

                1. There is never anything unbelievable about you being an asshole Episiarch.

                  1. BURN!

                  2. I can’t argue with that, John. We should start some kind of Asshole Club, like the Elks Club or the Rotary Club but less idiotic. And we could refuse membership to people at random. It would be great fun.

                    1. It really would be. Considering that we live in the age of the asshole, that is probably an idea whose time has come.

                    2. First person to be refused: NutraSweet.

                    3. Fine. I didn’t want to be part of your boy-touching club anyway.

                    4. No, no, NutraSweet, this is the Super Asshole Club, not the Super Adventure Club.

          4. Honestly, It looks like Chewy on the top and Endor Leia on the bottom. I’m ill and confused, but I bet Han likes it.

            1. Whoops, but the above comment on the first pic. I blame the squirrels. Damn fuzzy perverts.

      1. My Snow White fetish is ruined.

        1. That is Dr. Mrs. The Monarch, you boob.

          1. If it’s a cartoon post-Thundarr, I probably don’t know it.

      2. Please tell me there’s another series where those three are attacked and driven from Comicon in a rain of plush dolls with rocks inside them.

      3. Send in Wolverine to finish them off

    1. You people have no idea what it is like to live here and have the annual invasion.

  7. OT. Behold the stupid that is Hollywood. And his movie a fucking insult to man kind too.

    We are watching capitalism destroy itself right now,” [Whedon] told the audience.

    He added that America is “turning into Tsarist Russia” and that “we’re creating a country of serfs.”

    Whedon was raised on the Upper Westside neighborhood of Manhattan in the 1970s, an area associated with left-leaning intellectuals. He said he was raised by people who thought socialism was a ”beautiful concept.”

    Socialism remains a taboo word in American politics, as Republicans congressmen raise the specter of the Cold War. They refer to many Obama administration initatives as socialist, and the same goes for most laws that advocate increasing spending on social welfare programs. They also refer to the President as a socialist, though this and many of their other claims misuse the term.

    This evidently frustrates Whedon, who traces this development to Ronald Reagan[.]

    We have people trying to create structures and preserve the structures that will help the middle and working class, and people calling them socialists,” Whedon said. “It’s not Republican or Democrat, conservative or liberal [?] it’s some people with some sense of dignity and people who have gone off the reservation.”…..alist-Rant

    1. Meh. So long as Comrade Whedon makes money from the big bad Walt Disney Corporation, the delicious irony makes up for his stupidity.

    2. It’s sad. You have to wonder how much of the libertarian/anti-authoritarian aspects of Firefly even came from him.

      1. They came from Tim Minear. He’s trying to screen adapt The Moon is a Harsh Mistress.

        1. This is my understanding. Tim’s the one with “leanings.”

          1. We all have “leanings”, Pro L. Some of us just “lean” more than others. If you get my meaning.

            1. My litmus test is whether your “leanings” mean a reeducation camp in your future.

              1. My “leanings” are probably a one-way ticket to a firing squad– there’s no redeeming me.

        2. I’m extremely wary of any adaption of that book coming out of hollywood. They are bound to ruin it. Which is a shame because I think it is suited to a screen adaption.

          1. If anyone can do it, it’s Minear. But it is horribly, horribly suited for a screen adaptation. The entire thing (almost) takes place in 1/6 Earth gravity, and that is also a major, major plot point. How are you going to film your entire movie in 1/6 Earth gravity?

            1. Whatever, NASA pulled that off way back in 1969… you telling me Hollywood 2012 can’t? That’s stupid. You’re stupid.

              1. If Ron Howard can do it, why can’t Minear?

            2. Vomit comet soundstage, or you film the thing on the Moon.

              1. Vomit comet simulates zero gravity, not 1/6, dumbass. You’re not being invited to the Super Asshole Club either.

                1. That’s only for part of the flight.

            3. Give the guys at SpaceX and Bigelow Aerospace another decade and they will probably have a solution to this problem.

              Hell they might even have made it cheap enough to be cost competitive to achieving the same effect with other technologies.

          2. I actually don’t think the book would adapt well to a movie. There is simply too much stuff going on in it.

            You would be left with the choice of dropping all the philosophy behind the book and going for a sci fi blockbuster that is all about explosions and sex a’la Starship Troopers or try to keep it in and fail to be able to tell a coherent story due to simple time constraints.

            No the proper format for The Moon is a Harsh Mistress is to do to it what they did with Game of Thrones, Turn it into a 3 season 10 episode per season cable tv series.

            Now obviously doing this would require adding a fair amount of additional backstory however there is enough hinted at in the book (and in some of it’s sequels) to be able to do it well and remain faithful to the original so with a good group of writers it shouldn’t be too much of a problem.

            1. Oh and while they are at it can someone please do this with Lucifers Hammer by Niven and Pournelle.

              You could make a kick ass 40 episode tv series out of that book.

            2. I suppose a miniseries/tv series would be better.

      2. Whedon is more existentialist than anything else, and those guys tend to be hardcore collectivists/commies.

        1. Depends on what kind. If they are more Kierkegaard Dostoevsky Christian existentialists they are not bad and can be down right anarchists. If they got into Heidegger they are generally collectivist assholes.

      3. Maybe he meant Firefly to be a show mocking libertarians, and we didn’t get it.

    3. Funny, I thought the structures which helped middle class and working people were a good educational system, rule of law, a clear tax code and reduced barriers to starting a business. When did those things turn out to be teachers unions, arbitrary enforcement/privilege, the most complicated tax code in history (with special exemptions for political reasons) and more regulations than ever before?

    4. “He added that America is “turning into Tsarist Russia” and that “we’re creating a country of serfs.”

      I think that;s right, but Ithink that’s because of the sorts of initiatives that pols like Obama support.

  8. Dude is not making a lot of sesne man. Wow.

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