Nothing but a debt trap. Exchanging long term debt that yields for reserves that yield IOER and stay on bank balance sheets and enter the economy slower and slo

Nothing but a debt trap. Exchanging long term debt that yields for reserves that yield IOER and stay on bank balance sheets and enter the economy slower and slower the more they do it. https://fred.stlouisfed.org/series/M2V https://fred.stlouisfed.org/series/M2V