Central banks have been fumbling with inflation for years, and it’s safe to say they’ll never get it right. Their strategies are flawed, and they’ve shown time and again that they have no clue what they’re doing.

With inflation subsiding, the European Central Bank is cutting its benchmark interest rate to prop up tepid growth with lower borrowing costs for companies and home buyers.

Officials in some countries started cutting rates last year, but others, including those in Europe and the United States, have taken a more cautious approach.