Joan McCullough is irreverent and salty. I love her endless wellspring of stats and data, most of which will not make it into OMS, as we are trying to focus on macro-level things. But in this short brief she talks about Fed swap lines with the ECB, which we all know about. We saw last night that the ECB gave some banks over $500 million. Where do they get it? My guess is that your quick and dirty source, ECB, is the Fed. This is going to become an almost unlimited supply of dollars (not sure the actual limits). This gives me pause, as it is back-door dollar liquidity. Of a size that could be bigger than QE2 if Europe really hits the fan. This is something to pay attention to.