The ECB under the helm of Super Mario has had it chance last week on Thursday to announce its bond buying super bazooka it plans to launch on the Eurozone debt contagion. Of course the failed to announce the bazooka which would have backfired and will do so should it be implemented. The ECB needs to be aware that any attempt to purchase junk bonds from sovereign members of the 17-member Eurozone equates to state financing.

The Germans have been key so far in stopping idiotic actions, but Chancellor Angie has cracked under pressure and vowed to support Super Mario even as her finance minister warns against her course of action. On Wednesday the German Federal Constitutional Court in Karlsruhe will make a decision about the constitutionality of the €500 billion European Stability Mechanism. We can only hope that they will rule it unconstitutional and suspend it permanently which would free up €500 billion.

In general all major political decisions need to be transferred from all 27 EU member states to Brussels where a unification of key legislature for all EU citizens will be governed. The only way forward is one political voice rather than 27. Brussels needs to handle all major decisions, while each state should be allowed to decide on policies which will affect its citizens, but need to obey Brussels decisions.

The German court may not block the ESM, but at the very least will impose strict conditions under which politicians will be able to form an abuse the €500 billion ESM until it is depleted without positive impact for the Eurozone economy. Of course the German high court is not concerned with that matter and only focuses on democratic rule.

In addition to the potential German derailment of the ESM, Greek Prime Minister Samaras failed to rally his government and find what Troika asked for; an additional €11.5 billion. The cuts are a requirement in order for Troika to approve the next branch of payouts from the bailout Greece received. Troika, the European Commission, the ECB and the IMF, has so far voiced concern about the ability of Samara’s three party member coalition government to reach agreement on the budget cuts. Eurozone finance ministers will meet on Friday in Cyprus to get briefed on the progress.

Spain may seek assistance as soon as this week or later on this month as its out of options. Prime Minister Rajoy had enough time to screw the situation and made it worse with ridiculous policy measures. Spain me be forced to accept terms the ECB will pressure down the pipeline after it announced its bond buying bonanza and labeled it limitless in order to see how the markets will react.

Draghi really made a huge mistake last week as he announced the intoxication of the ECB balance sheet and markets have added to their rally which will fizzle out this week and launch a massive correction through the end of the year and into late 2013. September will be a great month for traders as well as sophisticated investors.