A weak and divided Europe will tempt Russia to pursue dangerous paths into the future.

These governments already spend tax money on direct foreign aid. So they should weigh tax breaks that might entice employers to keep migrant workers on the payrolls, as this would probably be a much more efficient way to support these poor countries.

But no one should be fooled, even if the Fed holds the bonds to maturity. The attempt to ensure that the losses are not recognized might tempt the Fed to rely excessively on untested, uncertain, and costly monetary policy tools like paying high interest rates on reserves to induce banks not to lend.