The Euro-Dollar System Is the Thing That's Messing Up Central Bank Theories

Central banks are often to theory, and in practice, they can't make sense of why time and time again, their theories don't add up. And the answer is, this monetary system in between their theory and reality. When you factor the euro-dollar system and conditions in it, you can see why they think, oh, QE is supposed to do this, and reality instead goes in the opposite direction.