This is ridiculous

The USD swap market is now "frozen". Things are moving so fast that you cannot keep up. The head of Citi's streategy (a dutch guy) said that Europe was weeks or months from implosion. Maybe he was right, just got the timing wrong. Banks don't trust each other anymore...

This could end badly...

I can only hope (I'm almost sure its the case) that the Bank of Canada is ready with the cash. When there is a crisis, its not what you want to sell that you sell, you sell what you can sell. Canada money market,s overeign bonds can be sold.

I expect the CAD to take a big hit over the next few days/weeks -- don't know if we will hit the 90/1.10 but we could get very close to that.

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