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Agree... For the Swiss, their other issue is that their property mkt is overheating and moral suasion on behalf of the govt and the SNB is insufficient to prevent the cantonal banks from doing crazy things (it's just a matter of there being nothing else for them to do).

Just plural, is all... Sell many 1x2 spreads.

If you push out the duration of your liabilities, you lower your rollover risk.

They really really want to screw people, so they got involved. In general, they have done this sort of stuff in the past, so it's nothing new.

Sell 1x2s.

Banks are likely to get screwed...

The only ones I know are all UK-listed, like this one: http://uk.ishares.com/en/rc/products/IGLT

Yeah, I subscribe to his stuff... Even argued with him a bit once (over smth unrelated in Sweden).

Well, how effective has QE2 been for the US? What about the effectiveness of years of aggressive easing (of all sorts) by the BoJ?

He's not dumb, IMHO, and his point is valid. Specifically, he doesn't say that a given CB can't do what the SNB did, but rather that, if it did, these measures will be ineffective if its economy is undergoing a particularly acute deleveraging. So in the case of Switzerland monetary policy can...

But Switzerland is not in a balance sheet recession surely? The Swiss situation doesn't imply that Koo is wrong at all, in my view... Their probems can be addressed, to some extent, by monetary mechanisms.

Hildebrand ain't no grey-suited bureaucrat... He's a punter.

Currently, the two-way executable mkt in 1y GGB (4.1% Aug2012) is 86.899%/77.308% in terms of yield (56.50/59.50) in price). €1mil a side, but that's standard size for Greece these days. As to whether you will get paid, it's certainly not clear.

Well, it's not quite that easy... Arnd these here parts, if you lose money on Greeek bonds, you'll lose your job, at the very least. You will also likely get sued, although it would depend.

That's the usual ZH bullsh1t. Firstly, the SNB doesn't buy crap sov debt. In EUR, they only buy Germany and, to a lesser extent, the other AAA Eurozone sovereigns (France and Austria). They also diversify their reserves into a variety of ccies other than the EUR, so they buy lots of CAD and...

They have been busy bees, diversifying out of EUR into other ccies... And yes, they do buy shorter-dated German paper with them Euros, but what else can they do?

They live in Switzerland and the peripheral Eurozone countries.

So we have the usual suspects being bid in the mkt now... SEK and NOK are bullet bid, so EURNOK getting mullered.

Difference is the following: Switzerland - three guys in a room (with the main one being a former HF punter) Japan - a byzantine bureaucracy with all sorts of govt branches involved

PA = "Personal Account"