Comments by "seneca983" (@seneca983) on "Germany vs EU: Why Europe is Taking Germany to Court to 'Save the EU' - TLDR News" video.

@PhilippBlum "As it turns out: They don't." What do you mean they don't? Clearly, they do. That was the ECJ ruling. "QE is financing" I disagree. By that logic, any monetary policy is financing. QE is different mostly in that the central bank directly decides the amount of base money to be created rather than deciding it indirectly by deciding on a policy rate.
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@ivanmase99 There are similarities, especially if you compare to the US of the past when the federal government was weaker than today.
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@ivanmase99 That 33% limit is decided by the ECB Governing Council itself. It was 25% before but at some point, they raised it to 33%. Besides, I've not heard of that particular limit being breached (though I wasn't quickly able to find info on it). Have you?
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@lichansan1750 "Then the German court could be forced to decide that Germany can no longer be part of the EU" I find it hard to believe that a German court would decide that Germany is no longer a member if the German parliament doesn't also want that.
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@PhilippBlum "The point of QE is to manipulate the market in a way which is benefitial for countries with bad ratings." I'm not a mind-reader so I can't know for certain why the ECB chooses to do what it does. However, QE has a clear justification independent of any country's bond spreads. Inflation in the Eurozone has been below the 2% target and without QE it would have been even more so. The ECB did right when implementing QE even if they did it for a wrong reason; or rather they were wrong in that the QE program was too small. "Therefore it's just financing these countries with other instruments." There isn't a clear difference to normal monetary policy which also involves buying assets. "With QE the ECB becomes a direct participant in the bond market. And bonds are a direct instrument to finance governments. Ergo they manipulate the way governments are financed. The treaty clearly states that the ECB doesn't have that power." Buying government bonds is a normal way to conduct monetary policy all over the world. Technically, before the QE program, the ECB didn't directly buy government bonds but rather banks' bonds with government bonds as collateral but that's a minimal difference.
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One difference to the Nullification Crisis is that in this case the ECB isn't that dependent on the Bundesbank. The ECB could, at least in theory, just itself buy all the bonds that the Bundesbank sells or refuses to buy and the German courts would be powerless to prevent that.
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"The EU is not like the USA." The USA in the past was a lot more like the EU is today (though obviously not exactly the same). It just has gotten more centralized over time.
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