Part of the fun of economic and monetary history is following the umpteen competing explanations for recessions and bubbles and piecing together a mosaic of all that seems to make sense. Bystanders have the luxury of not writing those papers unlike academics, who often chain themselves to their own work/school of thought.
Every monetary theory is based on a very limited set of observations. Policies borne out of those theories are even more scarce. I don't expect anyone to be right or wrong all the time. In my opinion, the best way to understand economics is to have a base set of principles and be theoretically promiscuous.
[1] I tend to be a free market fundamentalist so I didn't like it either. That doesn't mean it didn't work.