In the News: Bloomberg

Central banks are bad poker players, Axel Merk tells Bloomberg TV

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'Central Banks are very bad poker players: The European Central Bank (ECB) will come to the rescue when push comes to shove. At least that is the general understanding. And so ultimately maybe the ECB will buy the (Irish bank) debt because they don't want to have a collapse in the banking system there. At the same time, because we have a lack of leadership in Ireland right now it might just come to the point where Irish banks are defaulting and that is why we see the additional sell-off in the Irish banks. But again, the rest of the banking system in the eurozone can be kept afloat with the ECB and when the dust settles, we believe the euro can strive simply because they are not printing and spending as much money as we do in the U.S.'

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