In the News: USA Today

Portfolio manager Axel Merk tells USA Today that U.S. investors may have substantial exposure to European banks

"...

U.S. banks aren't big owners of European government debt directly. It's the indirect connection that's deep and potentially troubling, says Axel Merk of Merk Funds. Many large non-government money market funds, places where U.S. investors often park cash [..], have half their money invested in commercial paper issued by European banks, he says. And those European banks are heavily invested in debt issued by most of the European nations, he says…"