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You’re not crazy, if you want to find lots of discussion about this topic head to https://alhambrapartners.com/tag/eurodollar-university/ https://alhambrapartners.com/tag/eurodollar-university/ But to be fair to the Fed (not to excuse plenty of incompetence), the banks in 08 became close to insolvency. The ‘proper’ way to inject money into the economy would’ve required Congress to authorize a recapitalization of banks - which would’ve been political suicide.