by John Galt
July 8, 2012 20:15 ET
And my readers thought I was still uptight after my vacation? HA! Read this from the U.K. Telegraph via Ambrose Evan-Pritchard return:
German president Joachim Gauck has ordered Chancellor Angela Merkel to clarify exactly what she agreed behind closed doors at the EU crisis summit ten days ago, lending a powerful voice to critics dismayed by the surging costs of euro bail-outs.
“She has a duty to explain in great detail what it means, and what it means fiscally. There seems to be a lack of energy in telling the people what is really happening,” he told ZDF television.
President Gauck’s broadside came as markets wait anxiously for a crucial hearing this Tuesday by Germany’s constitutional court on the legality of the European Stability Mechanism (ESM), the EU’s €500bn (£397bn) bail-out fund. A clear ruling against the ESM would throw into doubt Germany’s ability to backstop the euro and risk a dramatic escalation of the debt crisis.
Legal challenges to the ESM have been filed by a range of private citizens and lawmakers, mostly arguing that the fund violates the Bundestag’s sovereign control over budgets, and eviscerates democracy. Mr Gauck will not sign the ESM into law until the court has ruled, probably later this month.
WAIT A MINUTE!
While AEP was on vacation, we were told that according to the MSM and Bubblemedia (after all, CNBS would never spread propaganda, right?), that the Euro was saved, the 1.23 level was “healthy” for all world curruencies and the German people enjoyed assrape in exchange for being able to sell VW’s on credit to nations like Greece and Spain regardless of whether or not they could be paid for. Is Mr. Pritchard calling Angela Merkel really a lying bitch? No way!?!?!
To read the rest of tonight’s fine column dispelling the myths of the idiocy we’ve heard for the last month, click on the link below. It’s fuglier than my best fiction…