Swiss waking up to the fact that the SNB has offered loans to CS and UBS without any normal collateral.

Swiss waking up to the fact that the SNB has offered loans to CS and UBS without any normal collateral. Certainly a sign of crisis. But surely the mistake is to regard the SNB as a "conservative central bank". Have you seen its currency reserves? LARGE investment v. deflation! twitter.com/MarkDittli/sta…

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