U.S. policy makers might not get their act together until the bond market derails, portfolio manager Axel Merk tells Bloomberg TV
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'What we have to wait for, unfortunately, is the bond market. In Europe we see that the bond market is the one incentive policy makers are listening to. Think about what amazing steps have been taken in Portugal, Spain, Greece because of the encouragement of the bond market. In the U.S. because we printed so much money, that incentive is not there. We need to wait, probably, until the bond market derails for policy makers to get their act together…and unfortunately because of our current account deficit, [the U.S. dollar is] far more vulnerable to a misbehaving bond market than the [euro is].'
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