Since August, the amount of Central Bank intervention has been increasingly extreme.  It almost seems like the Fed, ECB and Bank of London are conducting some kind of competition.  I call it One-Upbankship.  The ECB injected $500 billion for 2 weeks at a rate of 4.21%.  That’s about twice they had projected to do and more than I think they have ever done at one time.  It makes the Fed’s TAF program seem a bit small.  Last week, TAF was huge.  We’ll see how it went in a day or so, but judging from the Bank of England auction, I am just waiting to see what’s next.  Each program is bigger and more complex and since I don’t think the TAF will solve the liquidity problem, I expect that One-Upbankship will continue to play out.