Posted by Karl Denninger
The EU/ECB may as well join The Fed in their lawlessness – after all, we know there’s one law for the “little people” (that’s you) and another one for the politicians and “big industry captains” (that’s them):
“It is an enormous change,” Mr Lellouche said. “It explains some of the reticence. It is expressly forbidden in the treaties by the famous no bail-out clause. De facto, we have changed the treaty,” he added.
Changed? No, ignored.
Now consider that on a historical basis when one unilaterally ignores and/or violates a treaty, those acts often lead to war of some sort.
Sometimes economic, sometimes civil, and sometimes good old-fashioned shooting-style.
North Korea sinking a ship was a violation of a treaty, as just one example.
The EU Treaties were entered into by the governments of the respective states specifically to protect their national sovereignty.
Each and every member-state of the EU has an explicit “Causus Belli” at this point with Brussels and the ECB, as the explicit authorization under which those bodies operate has been abrogated and voided by the “bailout mechanism.”
In addition that Causus Belli extends to the IMF and thus the United States as its largest patron as the IMF and thus The United States provoked, promoted, supported and made possible by their explicit acts the treaty violation in question.
Whether any of the parties so aggrieved will come to the realization that they have been bent over the table and screwed – explicitly beyond the authority granted to Brussels and the ECB – is an open question.
If they do……