Wednesday, 7 September 2011

08:45 – Merkel has gotten the most favorable court decision she could have hoped for. The German court ignored the law and decided not to drive a stake through the heart of the Euro. Although the Maastricht Treaty explicitly forbids the EU itself or any member nation from assuming responsibility for the debts of any other EU nation or nations, the court ruled that bailouts using German taxpayer funds were legal. The court’s only figleaf, and it’s a small one, is that the founding treaty made an exception for member nations providing short-term aid to other EU nations in the event of natural disasters. Treating massive and ongoing fiscal irresponsibility by the weaker EU nations as a “natural disaster” is legally questionable, to say the least, but at least the decision allows the Euro to live for another day. Ordinary German citizens, at least most of them, are disgusted by what they see as the court approving ongoing transfers of their money to wastrel southern-tier EU nations. Merkel’s party has lost the last six elections in a row, and I suspect German voters will show their fury at this decision in the next election.


PZ Myers doesn’t much like homeschooling, but he’s posted a link to an excellent resource for home schoolers: Information falling from the skies! Right into your hands!