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Cue Panic As Fed Resumes Liquidity Swap Lines, Lends $200 Million To Swiss National Bank, Most Since October 2010
If yesterday's news broken by ZH that one bank was in dire need of US dollars and ended up borrowing $500 million from the ECB was enough to send the market down almost 5% today, then the follow up news that the FRBNY just reactivated FX swap lines with Europe will likely send ES limit down at tomorrow's open. The FRBNY has just announced that in the week ended August 17, it lent out $200 million to not the ECB, not the BOE, but the "most stable" of all banks: the SNB. This is the first use of the Fed's Swap Lines since March, and the most transacted under this "last ditch global bailout swap line" (see more on how the Fed bailed out the world using swap lines here) since October 2010. This event also gives us a hint that the European bank in question in dire need of cash is Swiss, which in turn means that it is not some usual PIIGS suspect, but one of the two "big ones." If true, this means that the European insolvency, liquidity and what have you crisis is about to take an exponential step function higher.
From the FRBNY:
And the history of FX swap usage:
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Methinks it's people don't get loaned money on purpose.
Your hat is stunning, my dear.
Hope you got my short note to you. Great IOU answer to my post on my kid and how to install a moral compass. Doing the right thing springs from a deeper place than rote rule memorization and being told what to do.
That I did, MsC. Many thanks.
(hug)
Ms, better check the specs. It is all aluminum these days--different susceptance from Sn (and susceptance is important, it's the imaginary part ).
Besides, it might muss your hair. ;-)
- Ned
And you, you piglet you, I hope you got my note to you, too. Short version, "willing but don't know where to start."
Gold foil sure is pretty!
You, Madame, deserva all of the gold ;-)
- Ned
{and I hope that your house is getting betta' one day at a time.}
Mines a sheet metal colander...it has breathable holes in it and when I look in the mirror my hair sticks out of the holes. The chin strap is a thin ladies belt riveted to the handles.
Before we went digital I found it refreshing to hook the TV wires to each side, and my fillings would pick up the local AM station (before the fillings, and teeth, all fell out). I haven't hooked it to the TV antenna since the lighting storm though.
It also serves as a handy block to the voices that sometimes talk to me. I think it's rather cool because the colander is a dull tin finish, but the rim and handles are a stylish chipped, green lead-based paint. Ever since the lightning storm the handles fit snugly against my jawline and I get a distinct tingle in my mouth when eating as a fork or spoon comes in contact with the partials wiring.
What's really neat is that when you tape a digital watch between the three feet, exactly in the middle, it will start counting backwards while I'm wearing it. Old style watchspring wristwatches will have the dials' hands twist together, usually at the two fifteen position when scotch-taped to the middle...but only when taped directly to the colander, not hung between the feet.
Even cooler, if I have it on and hold a compass it always points at me.
Have you considered marketing them? :>D
Ben is filling up the helicopters as we speak
C-5's flying form
Let's use that Puff the Magic Dragon airplane, except to dispense cash instead of bullets.
It can put a high-velocity Franklin into every square foot of jungle over a ten acre area.
Selling my new design: mattress with combination safe built in.
Can I get that mattress with the feather pillow with attached loaded 9mm velcroed to the bottom?
Can I custom order an assault rifle insert? Oh hell, and a plug in spot for my wife's "toys".
Holsters built in the sides, ammo clip holders optional. Also full security package available including motion sensors and 3-angle high-def video.
Before the new mattress arrive, maybe digging a foxhole under the bed would be good too :)
That would make quite a mess in my kitchen.
yes, but just think how easy it would make getting a mid-night snack. I am suddenly jealous.
insolvency bitchez..
the ones with gold aren't insolvent....i saw that fax cover letter over at fofoa regarding merrill lynch and the jp morgue........the got plenty.
its under update #1 and #2
$200 Million? What a pitiful amount. The Bernank must of got that from under the couch cushions at the NY Fed.
Again, it is absolutely irrelevant what the amount needed was. The fact that it was needed is the biggest flashing red light.
right, so if you're going to do it, why not go large here? if 20 bucks is going to cause a panic, why not make it 200b?
A moocher never asks for $100k. He asks for $50/$100. It's always a 'small' emergency and the pay back is just next week. Of course, when next week comes, he doesn't have your money, but he does have a new emergency.
Exactly. In the first act of the sub-prime crisis, BSC pledged $3.2 billion collateral to bail out it's 2 insolvent hedge funds (June 2007). And many said "that's nuthin".
Could it be a fake out? Convince them to take some money to stir shit in Europe to make the US look better by comparison, while at the same time scaring the shit out of those who have fled to the franc, effectively killing two birds with one stone?
It smells like it...
Hope they paid them with CDS's, or MBS's for that matter. lol
Time to unload some fiatsco, I think.
That's exactly what this was. You can't have one currency looking better(for flight to) than the USD. TPTB have been playing the Euro/Dollar scenario for awhile. All of a sudden people start to notice how well the CHF is doing. Most likely the 200M never happened. It makes absolutely no sense, 200M, were they just remodeling the bank?
So what does that signal to you? How does it play out from here? Sorry to be a newb. International finance isn't my thing. I'm in the medical field trying to get my head around this. Does it fall out as akenathon and Low Profile predict above?
Thanks
that's quite a bar at the end of that chart there...
quite a bar, and it's last call.
Even the ugly ones look pretty at closing time.
sometimes you eat the bar...sometimes the bar eats you...
Heh, reminds me of a sign at a bar i saw in Brussels a few months back:
Noone's ugly after 2am
Truth.
How can this be? They should be flush. They should be brimming over with reserves.
What does this mean for the price of ski lift tickets at St. Moritz or Zermatt?
Bought in which currency?
Bring your gold. If you let them touch it a little they'll let you ride for free.
Funny I used to use that same line as a cab driver!
pods
Zimbabwe notes are looking better!
This shit is getting frighteningly real.
Indeed...and here's your fan.
http://php.delawareonline.com/blog/allgreentome/uploaded_images/EarthTal...
.
SUI? I thought their money was too powerful. A Fed bailout in plain site will knock it back down and make it all better.
Good for gold.
"A Fed bailout in plain site will knock it back down and make it all better."
Good point - wasn't there an article a few days ago where it was postulated that the SNB would soon be unable to cause any intervention at all in the future, based on the short life of their previous interventions? This could be Hanks Bazooka being loaned to the SNB for effect. That could be the game plan - as rumor results can be stronger than the actual truth!
If Swissies are the new PoBoyz then what does that make the rest of them?
You smell something?....
It's what's for dinner if you had beef yesterday
...mmm...a great cheese fondue...
...not that i'm a dog...
...not that there's anything...
Are the afterhours numbers I just glanced at on CNN.com correct? Dow down 386, Naz down 94 and S&P down 47?
No.
-419
-131
-53
Respectively.
Wowzers.
Commodity Futures Online Trading - Bloomberg
thx, dawg! this is from the bloomie "commodities for idio-toes" page (attempt paste):
Dow 10,990.60 -419.63 -3.68% S&P 500 1,140.65 -53.24 -4.46% Nasdaq 2,380.43 -131.05-5.22%
Thanks for that link, Slewie. I usually have my Ameritrade charts running but didn't have them open after the market close. I glanced at the afterhours numbers on CNN and saw what I posted above, but thinking those numbers were down that much more after the close. I think fyrebird thought I was talking about the closing numbers, as well, but I didn't connect the dots earlier.
I hope you were keeping your head low today, or playing it short. Crazy shit going down.
That is just Bernanke putting his retirement funds in a safe location....he will soon need them I think
I think its a refund to Hank Paulson for disputed transactions in his name.
YES!
Can someone please explain what in the hell this piece of information means. Is a $200MM line meaningful for the SNB?
Tyler did upthread.
I just watched a "Rick Steves" travel show on Switzerland.....it looked so idyllic and perfect - of course, it was filmed in like 2005 or something. Still, mountains, goats, chalets, trams.....AND EVERYBODY HAS A BUNKER!
And their military issue battle rifles.
What I would pay for a nice G3 MBR (yeah, german I know)!
Think that the issue is now a 5.56mm, have to ask my boss. Call me nostalgic, but I like the old MBRs.
pods
I think they are issued Sig 551s. Nice rifle.
Yeah - that one is good. The 7,65 coming out of the long barrel pack a lot of ..uummppf
No longer the case.....................PC stuck there.................alas, they are like the rest of the EU disarmed nations.
Does this mean that the Swissy is not a safe haven anymore?
Or will we get a repatriation of USD around the world back to Switzerland like it happened in 2008 after Lehman with the USD or like it happened with JPY after Fukushima?
That's would be one way to devalue CHF
wtf.. did I wake up and it's 2007?
Cover the loss of gold taken by Hugo...
Gezzzzz.
SNB borrowing dollars form the Fed,
Vennutsuwailia trying to glom onto all their own gold.
Ah... list's too damned long.
World's gone bonkers, bloody bonkers.
Bonkers would have been last year.
What we're seeing now is the waking up.
People also slept through the first 20 minutes of the Titanic sinking.
Now you know why Swiss 10 year bonds went through the roof today.
Another "secret but leaked" Hildebrand attempt trying to weaken the CHF?
$200M? That's it?
Maybe someone was light for the bar tab. They're good for it.
Katie, bar the door, God's away on business...
http://www.youtube.com/watch?v=U5X4N2exOsU&feature=topvideos_music
+1000 CHF
If, next week, other banks take advantage of this facility, they'll be able to say, "It's not a sign of our being in trouble, because SNB just did the same, and thy're not in trouble."
Maybe that was the purpose of this loan--to give a cover story to subsequent borrowers.
Just like when GS was "forced" to take a loan so the *other* banks wouldn't look so bad... yeah, we've seen that and we all believed it.
what do you mean we Spanky ?
CHF is a "safe haven" only until UBS or Credit Suisse need to be bailed out.
After that, not so much.
If this doesn't deserve the "Deer in Headlights" picture, I don't know what does.
That's being saved for Dow 10,000.....
Naw, save it for Dow 6,000.
This is bullish for their cheese, right?
Yes.
Let's say your currency is on a 1 to 1 gold standard, this means there is a finite amout of it and any1 wanting to purchase your currency would need to trade you gold for it,
that would instantly ground this currency(because no1 could purchase it without having gold to trade), so the Swiss would do best to just 'Peg' the Franc to gold 1to1 and demand gold in exchange for Francs, problem solved
Demand does not matter when you can't pay for what you want to buy
But when the Franc can be freely exchanged for USD and EUR than you have Trillions in demand for Billions in supply and can't stop the flood no matter what you try
The Swiss SNB can't win this 'central bank roulette' they are too small and at best will end up being bichtezz for the bigger central banks
..
For example to buy Oil you need USD because the amount of USD is 'infinite' the price of oil has no upper limit, so the 'value' of oil is determined by the amount of USD
more USD the higher the 'value' of oil, however if the amount of USD was limited (sic.) the 'value' of oil would also have a limit, so putting the Franc on a gold standard
and demanding gold in exchange would put a solid limit on it's 'value', thus 'undervaluing' the franc instead of having it 'overvalued' in the current system
This would be a win-win for the Swiss they would get tons of gold for free and an undervalued currency
Well - they can - but they'll make enemies. Anytime someone wants to buy francs, you print them and sell them to 'em. Unsterilized. Then take the EUR or USD or whatever they sold you, buy gold, and take delivery of the physical metal. So - in the net - you turn on your printing press and buy gold.
Now that'll piss-off the other central banks - but at some point you take care of your own country and you just don't care.
This is the 'Simple' logic, you allow them to flood you with their fiat paper so that you can in a few months turn around and buy gold,
but this is closing the barn after the horse escaped, you allow them to import deflation and than after the damage was done you try to make the best of it,
this is exactly the opposite of what I am saying it's a loose-loose, you allow deflation/inflation in the 1st place and than make it worse by 'promissing' to buy gold and make the currency even stronger.
By demanding physical up front you prevent the demand and never import any deflation/inflation to begin with and instead get a steady stream of AU. This system has it's problems ofc to trade with the Swiss you would need to buy gold 1st so that would kill trade too, but not if you implement a 2 tire system,
so if any1 wants to buy from you, you accept whatever he want's to offer you EUR/USD etc. but only the currency trade would be restricted to gold/franc
In a World where everybody wants to screw you (violentyl) it's best to have STD, (gold is like STD to banks), you can't fight paper with paper when you opponent has x100 more of it
..
The Chineese are trying this and loosing 100x of Billions a year, but I think the Chinesse are trying to implement what I am saying here, when they gather enough gold to satisfy internal
demand they will implement a 2 tire system internal with a limited supply currency and external with a gold backed exchange system, thus combating inflation at home and stopping
the hemorrage on the outside(no more backstoping of budget defitits in USA and Europe)
When China comes out of the closet with this in let's say 5 years the USA won't know what hit them, they have a stable internal currency to insulate them selves from external carnage
and they will smoke the dollar at the same time by dumping USD for anything tagible in the International markets, something they'll already doing 'part time' now
Next Up - The Cubs win the world series, holly cow!!!
Welcome back Harry!!!!!!!
Credit Suisse was one of the most aggressive playas in all the loan exotics that are now looking fatal. Likely the limping gazelle about to be thinned from the herd.
.
Oops!
Tyler, which one do you think, UBS or Credit Suisse? I'm sure you guys are already digging for answers, but what is your gut feeling?
How about one of the insurers? Swiss Re? I don't know if they have access to the SNB or not, but they may be involved in the CDS payout party that is coming when Greece defaults.
Tyler, what makes you think that it was the SNB and not another one, the bank that got the $500 mill from the ECB?
Tyler or anyone else ..here is a really important question I would like to know the answer to.
Since we lent out trillions to these banks via the Fed and they repoed back to us God knows what in exchange for our digitized Printocchio dollars...What happens if these Euro banks fail and we are stuck with garbage bags of paper without value?
Who absorbs that loss..the Fed?
Oh c'mon now. I'm sure you know full well that the US tax payer/sucker will be eating that sh1t sandwich.
Fed -China who ever wants to act as lender of last resort
The Fed will spin off a "bad bank" with a junk rating and loan the assets at par, and ZIRP rates.
Problem solved.
fyrebird, maybe the FED IS the 'bad bank' already.
It does seem obvious, does it not? They take such blatant crap on their books and call it collateral. AIG will pale in comparison before all of this is over. Maybe they won't get arrested because they will fess up later that they were trying to "save the system" and "what else could they do?"
Another way to think about it, because the US backstops the debt that goes to them, is that we are becoming the "bad country." Might as well fund the world. FTW = Fund the world = Fuck the world.
again, it may in the end come down to that magical accounting item called 'goodwill'.
Goodwill may well turn out to be "priceless."
"for everything else, there's Mastercard."
J-McC: dude, ya gotta get it right. It is certainly not:
Sheesh. Why, here's the history: in the beginning was IBM, and they invented (well, standardized, marketed, widespread, etc.) punched cards,
http://en.wikipedia.org/wiki/Hollerith_cards
and the punch holes made great confetti for the proto-geeks of the world. Why they were available in proto-garbage bags, but were often distributed to various events for various uses. But, then, the miracle: all of the holes (HOLE .EQ. 1, NO HOLE .EQ. 0) became transferred to electronic media that decay over single digits of years, vs. the punch cardz that remain eternal.
So, well, we won't be stuck with anything physical, that is so 1900s.
U must b on your fourth <complete adult legal/marginally illegal> consumer unit to ask that question ;-)
- Ned
{Seriously, that is how ASCII DEL became decimal 127}
John, @ 16:46,
'What loss?,we lent shit, just a digital trnsfer, untraceable, and immaterial.
Nothing of real value lost, if they do not ever pay back.
Fed just removes jots n tittles.x's and o's.
Presto..............back to square one.Who knows what went where?.
I have read the Bernank has digitally loaned, spent, 16T OFF BOOK.
On top of what we are told.
Eh? I don't get this move at all.
You can rationalise all you want, but the SNB borrowing $200M from FRBNY makes as much sense as Warren Buffet asking me for a spare cigarette and me giving it to him even though I'm not a smoker. Yep, it's that surreal.
It's my understanding that they just "printed" 50% of their GDP, so WTF do they need that for? Souvenir of a currency about to disappear off the face of the earth or what? If Hildi wanted to weaken the CHF, he could have bought a couple of trillion dollars of US debt, or checked himself to a Novotel in NY insisting on a crackhead to turn down the bed.
No doubt we'll get a convoluted explanation fairly soon.
Good way to bring your currency value down is make people believe there is a problem when there really isn't.
True.
What again? Didn't Hildi's mum read him any wholesome European fairytales? Somebody ought to tell him about what happens when you cry wolf too many times.
My guess? Probably something to do with buying commodities.
And then there's the American and EU way:
Tell everybody all's hunkie-dorie when its sooooooo fucked up that even the dead know it.
The 200 mil was probably to pay off bad bets with goldman. Somehow the vampire squid had to be invloved in this.
This is not the way to devalue a currency, this is the way to start an avalanche. Nothing good will come of this.
http://www.youtube.com/watch?v=hLSOHqNesng&feature=related
EuroZone Version......
Is it safe? Is it safe? Is it safe?
What do you mean is what safe?
Is it safe? Is it safe.
Is it safe? Is it safe?
LOL
http://www.mineweb.com/mineweb/view/mineweb/en/page31?oid=133697&sn=Deta...
sprott selling gold and buying silver? oh my............imagine that.
I wonder why Sprott seems so cock-sure regarding silver. Yeah, yeah, the fundamentals, but what about it being such a small, easily manipulated market? Who's going to break the cartel's hold on silver?
The cartel will be broken when nobody will take IOUs or payoffs in fiat in lieu of real physical.
Lets see what happens when gold blows through $2k/oz. - my guess is that we'll see this $40/oz line breached solidly.
Think Sprott Physical Silver Trust.
He take real 100% physical LMBA good manner delivery to his warehousing agent, the Royal Bank of Canada, which is held in allocated, unencumbered form.
Evey follow on offer is more silver out of the paper system's vaults.
And PS.... Not all's perfect in Sprottland either. Earlier this year (last year?) he sold PHYS and bought gold miners as a valuation play. Opppps!
This makes no sense. Surely they must have metric fuckton of dollars from all the interventions they made recently.
think Perry is right, this is Treason
Yes, it "is" treason, but the gutless wonder Perry said "almost" treasonous.
I disagree with this analysis.
I think the swap line is in preparation for a coordinated intervention in the next day or so.
...nah, this is how Federal Reserve Swiss Cheese is made, with black holes ...Bitchez. lol. http://www.youtube.com/watch?v=DMi_o6ki2_0
sorry if this is a double post, I haven't read all of the comments yet, but just read this quote:
Lars Frisell, chief economist of the Swedish Financial Supervisory Authority, said that Swedish banks must do more to prepare for a deterioration in Europe's debt crisis that could freeze interbank markets and cut off funding. "It won't take much for the interbank market to collapse," Frisell said yesterday in an interview in Stockholm. "It's not that serious at the moment but it feels like it could very easily become that way and that everything will freeze."
I really don't know what Bernanke is waiting for.
With 10-yr. yields plummeting under 2%, he's got the green light to do $1 trillion in liquidity swaps to anybody on the globe that needs it.
If S & P scoffs at that plan and lowers the rating to single A, then the 10-yr. yield will plunge to 1.5%.
With crude down nearly $6 today and L.A. gasoline prices in total freefall....
http://66.70.86.64/ChartServer/ch.gaschart?Country=Canada&Crude=f&Period...$/
He's got nothing to worry about as far as inflation goes.
The Treasury vs. TIPS spread is probably near record lows, so Bob Brinker can chortle on about how the "implied 30-yr. inflation rate" is something like 1.5% per year.
You should act on the basis of your theory
i like the one where he told us "gold and silver were being pulled up kicking and screaming by the spoos."
Spoos, are those related to smurfs?
Momo, there isn't enough time in eternity for all the things you 'don't know'. Just keep buying those blue chips for divvies. The yields are soaring.
robottrader: processing 1099's and dispensing free stock quotes since 2011.
RT he is waiting for you to go broke so you'll shut the fuck up. Over and out!
And Bachmann promises $2 gas. So her economic plan is to crater the economy for cheap gas, so we can use said cheap gas to rebuild?
I clearly support more federal funding for her husband to convert more gays to straight. Hopefully, the success rate is a tad more than alcoholics and drug addicts, what, about 3%? That has to be worth hundreds of thousands of dollars in aid. And weekends on her farm with all those government subsidies, too.
Good thing she wants to do away with all Wall Street regulations. If there's anyone who can rebuild this crashed economy with cheap gas, it's the people that crashed this economy. Genius.
The dunce in the white house is the one destroying the economy and yes $2 dollar gas is what happens when the economy contracts. Unless of course the dirt bag at the Fed decides that inflating the heck out of everything is a solution to our debt. You tell me how in the heck Geithner and Bernanke have not been fired by now.
Cloward-Piven.
Or Fabianism, take yer pick!
"With crude down nearly $6 today and L.A. gasoline prices in total freefall...."
Er. . . Brent closed at $106/bbl. I don't know what counts as a "free-fall" in LA, but here in Seattle gas might be down $0.15/gal over the highest last month - That's not even close to enough to make me do a happy dance and buy an iPhone with all the extra money I'll have.
Hi Robo! He's not waiting- see 10 yr? He's just not advertising.
http://www.xtranormal.com/watch/12373724/q-and-a-w-slash-with-larry
Crude price will snap back at break neck speed along with all commodities if the Bernak goes to QE. He is boxed in big time with the CPI and PPI numbers that printed this week. Don't expect a rescue from J hole because it will be the end of the fed if he goes there. TIPS? Who actually uses them any more. The Fed has made them useless because of there unending manipulation.
fofoa: A Eurodollar is "bank credit" denominated in dollars, but existing outside of the Federal Reserve System, primarily in Europe. And when I use the term "bank credit" that really means it is a commercial bank liability for a dollar. In banking circles, a liability is when someone has a claim on you, and an asset is when you have a claim on someone else.
In Central Banking, a foreign currency reserve is an asset, a claim you hold, denominated in that foreign currency, on some entity outside of your zone (presumably in the zone of that currency). In Europe, these CB reserves are Realdollars, not Eurodollars. So the question isn't how many Eurodollars the BIS has, but how many Realdollars it has.
Remember back in 2009 the Fed swapped $500 billion with foreign CBs? That was for this same purpose. Those Eurodollars need to be serviced with Realdollars from time to time. But that $500 billion swap line has now been withdrawn. Today it is $0 which you can see on the Fed's balance sheet. Without that access to Realdollars from the Fed, Eurodollar players must bid up Realdollars on the exchanges, which the Fed doesn't like.
No need for a currency peg. This will be the only news needed to soften the CHF for the next few months.
Swiss National Bank intensifies measures against strong Swiss franc
"In order to achieve this new target level as quickly as possible, it will continue to repurchase outstanding SNB Bills and to employ foreign exchange swaps. Furthermore, the SNB reiterates that it will, if necessary, take further measures against the strength of the Swiss franc."
http://www.snb.ch/en/mmr/reference/pre_20110817/source/pre_20110817.en.pdf
Exactly. But the swap line doesn't just create money; it changes the nature of money from credit money to base money. Base money creation is hyperinflationary. This is a lit fuse.
derivative of derivative plays to cover up your tracks, which tracks have been all over the world, juggling balls in so many deals that now even the insiders don't know how much exposure is linked with cross deals interlinked by shadow banking reporting. As I scratch your back while you do that of my friend's friend, who is my partner in a deal that can't go wrong in China but did because Fukushima came at the wrong time. Now we puted and called and carried and hedged and swapped and done OTC until we're blue in the face, until out of the blue when the bank run came we found we are bare bones naked. Our backs to the wall and no cover. Our friends now our enemies as they are shit scared that if we fall we take them with us. If Finland can't pay us back next week we can't call our play in Greece and God knows what will happen if they call our exposure in Italy. Too few plugs and too many sink holes and not enough gravy to go around, as our fat gets creamed every day as the bourses burn.
My bonus, my parachute and my pension all go up in fumes if I lose this crazy juggling act...I'm toast, I'm roast, I'm just a banker without a post.
I remember a guy in derivatives who said, "I don't know what the fuck I'm selling".
You're hard to follow sometimes, but you always make me smile. Cheers.
" ... one of the two big ones ... " would be then either UBS or Credit Suisse, correct?
does anybody know if either would be known to have lots of mortgages in Eastern Europe? ... There was another article (on Zerohedge I believe) that indicated that many mortgage holders in Eastern Europe were getting into problems due to the strong Swiss Franc ...
So if a large Swiss bank were to get into trouble, All the folks who ran to the Franc would run back out ... and into ... Gold? or what?
Ponzopoly (tm) the one with the biggest ponzi scheme wins.
Panic? I see the ES off 0.50. Non-event ...
The Ben Bernank is a fart smeller . . . er, smart feller--don't worry, it's only a little match. . . .
How much interest is the fed going to the snb for taking the loan?
7 days @ 1.08%
http://www.reuters.com/article/2011/08/18/fed-forex-swaps-central-banks-idUSN1E77H1WR20110818