lost here is the frank has more concentration risk within its banking system than the US. the credit suisse rescue placed a csrtoonish amount of the countries reserve in UBS.

therefore if the US needs to cut rates to save her banks, switzerland even more so.

as they say:

are you thousands in debt? thats your problem

millions in debt? your the banks problem

billions in debt? your the countries problem

trillions in debt? your the worlds problem