I'm not sure just how this helps them, or anyone else. The were holding interest bearing paper; and now they are holding non-interest bearing paper.
ML/NJ
It helps them in that they are the first ones with a chair.
Guess who will be left without one when the music stops:
The American people/taxpayers.
How do you know that?
Smart money is now going into real property -- real estate, gold mines, etc.
>> The were holding interest bearing paper; and now they are holding non-interest bearing paper.
Maybe they have some place better to put their money.
I hear Greek sovereign debt is yielding pretty high these days.
:-)