The German top court decision on May 5 about the money printing and laundering practices of the ECB sparked fury in Brussels.
Germany is fed up with the ECB practices that mainly facilitates failing EU states as Italy and Spain. The top court ruled that the mass bond buying (quantitative easing with money that does not exist) to stabilize the Eurozone is a violation of the German constitution.
The verdict caused shockwaves in Brussels.
Last weekend, The European Commission threatened Germany 2 times on a row that ‘The final word on EU law is always spoken in Luxembourg’
The EC warns for an institutional crisis on the continent. This all amid the deepest recession in a century.
The historic German court decision might trigger the opening a legal box of Pandora as it challenges and compromise the jurisdiction of EU judges whose rulings are binding across the 27 EU states.
Insiders believe that it is not a matter of if but when other European countries will follow the UK and leave the block.
The end of the EU would be the second annihilation of a totalitarian empire not seen since the end of the Soviet Union.
It seems that many Europeans already forgot what the Spanish dictators did to Catalonia. A democratic vote for independence turned out in jail terms for politicians involved. In addition, don’t forget that since last summer Spain is abandoning tourism from the rest of Europe. Many Britons with a second home in Spain live in fear.
In Italy, Western Europe’s number one corrupt country, entrepreneurs massively go bust. Due to the COVID-19 virus, the government forced business to close while entrepreneurs do not find any understanding at the tax office. No mercy or delay in tax payments at all.