What Did the Bank of England just Do?

When inflation is high, and US central bank has raised the interest rate to suppress the acceleration of the inflation, the Bank of England can not wait but do Quantitative Easing (QE) again?!

https://twitter.com/BitcoinMagazine/status/1575576517287251970

Unfortunately, the Bank of England has no choice but to QE during this challenging time.

https://twitter.com/MacroAlf/status/1575542737725968385

Why did England shoot its own feet, then?

One of the oversized industries is pension fund which composed 120% of the GDP of England. It is too big to fail.

The Bank of England is trying to avoid a systematic collapse of the economy rather than an unsystematic collapse as persistent inflation increases.

https://twitter.com/DAVID_FIRTH/status/1575473269351845888

UK has no control over US central bank and how they fight inflation. However, they can control their domestic economy through their monetary policy to stabilize their domestic market, but their fiat currency is further devalued.

And US central bank no longer had the power to bring further inflation down without increasing interest rates to break the economy.

With the current loss of confidence in the dollar and everyone losing, nations carry many more debts, and the central bank will go low-interest rate environment by printing more money to support its financial market to stabilize the market until it can no longer do.

Cryptocurrencies, particularly Bitcoin, will become more and more critical in the coming years to challenge the crown of dollar domination.