Richter reports that European bankers ensconced in the European Central Bank are saying they are committed to supplying unlimited money to cover debts when talking to speculators and bankers who have supplied credit to governments; but when in a German court in order to reassure the judges, they say their support is limited because they will not bail out countries who they judge to be "profligate".
In any case, the German court is forced to deal with another contradiction of capitalist practices which violate constitutional law. Guess who wins out. Richter doesn't have to guess.
During oral arguments on Tuesday and Wednesday, the Court weighs if OMT violates the constitution’s requirement that budget matters be controlled by Parliament, but a ruling will be delayed until after the general elections on September 22. If the Court, which has no authority over the ECB, rules that aspects of OMT are unconstitutional in Germany, it could forbid the Bundesbank from participating in the one measure that has kept the Eurozone together. The Eurozone as we know it would unravel.
In practice, the Court would never do that.
