Great read, and appreciated the speculation around FIMA borrowing.

Not too long ago, CS's investment bank was considered with pretty high esteem here in the US - less prestigious than GS, MS or JPM, but a very solid middle-of-the-pack bulge bracket bank, and probably better than DB/Barclays/UBS/Bofa. Its been interesting to watch their reputation fall along with each blunder over the past five or six years.

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Your writing is superb.

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Mar 25Liked by Joseph Politano

Crazy times we’re living in

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Does the At1 debt have any relationship to the EU tier 2 debt. The latter is debt with the Northern nations like Germany from the southern nations like Greece.

It is thought to be what will never be paid back and will eventually crash the euro, by some.

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Wonderful and insightful analysis!

However, I need to mention what seems to be a bug in Substack's app for Android: When you insert a text with an hyperlink, it only shows the first 8 words.

So, for example, from my app I read: "The SNB has set up 200B Swiss Francs of... ", and I can't know the rest of the sentence unless I read it from my mail or on desktop.

I know that this is due ti Substack's design, but perhaps by limiting the hypertext to the first 8 words, it would improve the readability on mobile.

Just a tip that might increase user engagement.

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