Merk In The News     |      Merk Funds News
Home > Media > Mar 24, 2013

Merk In the News: San Francisco Chronicle
Subscribe to our Newsletter

The Fed and Cyprus may not be all that different, portfolio manager Axel Merk tells the San Francisco Chronicle

"...'If you put your money into an insured deposit and the government takes it away, that is theft, ' Merk said.

In Cyprus, 'it was blatant,' he said. 'In the U.S., the Fed is imposing zero percent interest on all accounts. If we had normal rates, everyone would be getting 2 percent. The Fed is stealing 2 percent and nobody is complaining. If you do it with interest rates or inflation, people put up with it. It’s financial repression. It is just legal.'..."