Earlier today the Swiss National Bank reported a record CHF50.1 bln loss. It has got the chins wagging, but the real implications are minor. The losses are not realized and are unlikely to be repeated. In fact, if the SNB's report had covered the month of July, the loss would likely have been smaller. More of the SNB's loss stemmed from the valuation of its foreign currency holdings in the face of franc appreciation, especially after the cap was abandoned in mid-January. Here in July the franc fell nearly 3% against the US dollar and about 1.3% against the euro. These two currencies account for nearly 3/4 of the ... (full story)