Ghost Bundestag votes to dismantle the German debt brake – thousands of billions of deficit spending authorized

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ER Editor: A reminder that the as yet unformulated German govt under Friedrich Merz (CDU) is trying to push through massive deficit spending, which goes against the German constitution. And voters don’t want it. We believe it is all theatre to wake people up. As we are fond of saying, nobody governs like this.

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See also this by Zerohedge —

Germany Passes Biggest Debt-Funded Spending Splurge In Its History

and this by The European Conservative —

Bundestag Betrays Voters and Approves €1 Trillion Debt Deal

The German parliament has passed a landmark bill allowing the country to take on a massive €1 trillion debt to boost defence and infrastructure.

The bill was passed with the required two-thirds majority of the Bundestag—with the support of the centre-right CDU/CSU, the Social Democrats, and the Greens.

A total of 513 MPs voted for the draft law, and 207 voted against it. No one abstained.

However, critics say the move is undemocratic as it was pushed through in the outgoing parliament. In the new parliament, which was elected in February but will not sit until next week, the three aforementioned parties no longer have a two-thirds majority.

The constitutional court did not side with the voters, either, and rejected legal challenges by the right-wing Alternative für Deutschland (AfD), the far-left Die Linke, the left-wing nationalist Bündnis Sahra Wagenknecht, as well as the liberal FDP to block the vote.

The legislation now goes to the upper house of parliament, the Bundesrat, where a vote is scheduled for Friday.

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Three hours ago, the twentieth Bundestag – 81 days after its dissolution at the end of December – passed one of the most important bills in recent German history.

I’ve explained the details of the debt brake overhaul in prior posts, but I might as well explain them again, for the sake of completeness: Over the next twelve years, 100 billion Euros of debt will be funneled to states and municipalities, in part to ease the financial pain of mass migration. You might be thinking that this means there are no serious plans to put a stop to mass migration, and you would be right! Another 100 billion Euros will be poured into the dubious project of achieving “climate neutrality” by 2045, and yet another 300 billion Euros will go towards a nebulous and relentlessly undefined “infrastructure.”

That is already a lot of money, but it is not nearly the half of it. All defence spending in excess of 1% GDP will be exempted from the debt brake, and thanks to last-minute intervention of the Green Party, “defence” will be defined as broadly as possible for these purposes. This means that the present deficit spending package has no upper limit and nobody knows how much we have committed to piss away over the coming years. It might be a mere 1.5 trillion Euros, it might be 1.8 trillion Euros, and it might even be more. All we really know is that it will be a lot – at least as much debt as Germany has taken on over the past 60 years.

At the very least, German voters ought to have had a say in this decision, and yet the cartel parties have conspired to deny them any voice.

The CDU and the CSU led the charge to dismantle the debt brake, even though they promised nothing but fiscal restraint throughout the campaign. There is breaking promises, and then there is what the Union parties did here – directly and openly reversing themselves on a core point of their own programme within days of the vote. They hammered out their plans to dismantle the debt brake in back rooms with the biggest losers of the election, the Social Democrats, and then to make their ghost Bundestag tactic work they gave the next-biggest losers of the election, the Green Party, everything they wanted too.

Source

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