Transcript for the Precious Metals Market Report with Franklin Sanders is now available to Subscribers!
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From the transcript:
Catherine: Well, you sent me the German constitutional court report today, and you know, I’m used to – it’s kind of pretty hard to applaud you, but that one really did get under your craw.
Franklin: Well you know, the thing about it is that’s not exactly what you’d call German precision. When it comes to this court to say there’s a high probability this (ECB bailout) is unconstitutional, is it their job to say whether it is or not, and not to give us odds like at some racetrack? I don’t get it.
Catherine: Well, it’s called a Constitutional Court. I mean ––
Joseph: They don’t know whether it’s constitutional or not. It’s probably constitutional, yes. Go ahead and do it. But now that you mention that, I want to bring up a couple of points about that. And first of all, I’d like to tie together what the German Constitutional Court did in conjunction with what Draghi was doing a few days ago, Mario Draghi, the head of the European Central Bank, is Bernanke. Because the point of both of those moves is to bail out the banks. In the case of Europe they’ve got to buy the bad sovereign debt that the European banks own. In the United States, Bernanke’s going to buy what? Mortgage-backed securities.
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