Jackson Hole is over and the ECB and BOE meet on Thursday so let’s take a minute and look at what is going on with the Swiss National Bank and the impact its EURO policy is having on world asset pricing. As the SNB maintains its present floor on the EUR/CHF cross rate–REMEMBER 1.20 is the level–the BANK is forced to continue buying EUROS to maintain the PEG. All those EURO PURCHASES have to go somewhere as the SNB does not want to be left holding the proverbial bag if the Germans say NEIN to the EU and the EURO would collapse. The SNB has been forced to buy German, Dutch, Austrian, French and Finnish sovereign debt, but with those instruments yielding negative rates on 2-YEAR NOTES the Swiss are forced to seek out alternative assets to alleviate the massive exposure to the peripheral sovereigns.