Fed chief Ben Bernanke has attempted to make Fed decision-making more transparent. At first glance that’s an admirable goal, especially given his predecessor’s penchant for obfuscation. The problem, though, is that in our very complex economy, the attempt to be so forthright can backfire. In fact, what has become most transparent is how little the Fed actually knows. (How many mistakes did Alan Greenspan ever admit to making? The answer starts with a “z.”) When…

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