As Crisis Swap Lines Tapped, Zoltan Pozsar Says ‘The New Shadow Banking System’ Needs A Backstop

European banks took advantage of more favorable terms on the Fed's swap lines, tapping the crisis-era facility for the most funding since... well, since the crisis. In total, take-up was $130 billion, with eurozone lenders accounting for $112 billion. UK and Swiss lenders took $15.5 billion and $2.6 billion, respectively, in the operations, announced in concert with the Fed as part of Jerome Powell's Sunday evening "whatever it takes" moment. Wednesday's operations were being watched closely a