Coverage of central banks and monetary policy in popular financial media outlets like Bloomberg, Financial Times, Forbes, Wall Street Journal, and The Economist is almost uniformly bad. The reporting and analysis are superficial, and the writers tend to assume facts not in evidence. The same myths repeat themselves ad nauseam: the Fed's vaunted "independence" must be kept sacrosanct; the obvious and proper purpose of monetary policy is monetary stimulus; Ph.D central bankers hold special technical knowledge which us average folks should not question; and that central bank decisions are...