WTF is happening with the Fed? WTF 7

CK and new co-host Ansel Lindner discuss the recent ruling in German courts that deemed QE activity by the European Central Bank to be illegal. 

Topics

• German courts said ECB’s QE actions were illegal under German law
• EU law is supposed to trump German law
• German courts give ECB 90 days to stop QE
• Real risk of Euro break up
• Fun fact: European REPO is already separated by country

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Ansel Lindner on Twitter @AnselLindner

Christian Keroles on Twitter @ck_SNARKs

Links

German court ruling ties ECB’s hands – now and in the future
https://www.reuters.com/article/us-ecb-policy-germany-analysis/german-court-ruling-ties-ecbs-hands-now-and-in-the-future-idUSKBN22H1SH

Germany’s shock court ruling against the ECB challenges the stability of the euro zone
https://www.cnbc.com/2020/05/12/what-the-german-court-decision-against-the-ecb-means-for-the-euro.html

Germany’s Constitutional Court has gone nuclear. What happens next will shape the EU’s future
https://www.euronews.com/2020/05/15/germany-constitutional-court-gone-nuclear-what-happens-next-will-shape-the-eu-future-view
“The Weiss judgment involves an act of constitutional rebellion with potentially far-reaching consequences at many levels.”

ECB vs Fed roles
https://www.google.com/amp/s/amp.ft.com/content/79258c4c-d56d-11e9-a0bd-ab8ec6435630

Eurozone Breakup Risk at New High
https://www.thestreet.com/mishtalk/economics/eurozone-breakup-risk-at-new-high

What struck me was the close correllary between the ruling and Kentucky nullification acts in the US. This was German courts nullifying EU actions.
https://billofrightsinstitute.org/founding-documents/primary-source-documents/virginia-and-kentucky-resolutions/