The wild and wacky world of negative real and nominal yields moved along the path from the Tin Man to the Cowardly Lion today. The Swiss issued a 3 month T Bill at -30bp down from -20. Giants CS and UBS are charging large customers for the privilege of lending them money. The Australians cut the rate and the ccy dutifully rose against the greenback. The competitive devaluation of the currencies is shifting to overdrive.