Central bankers: Just ’fess up

The world’s central bankers gathered in Jackson Hole, Wyoming this weekend won’t produce a final communiqué the way that Group of Seven leaders usually do. But if they did, it should sound like this: The financial challenges facing the world are probably the greatest in a generation. Sadly, there’s not much we central bankers can do right now. In most countries inflation is too high for interest rate cuts, while growth is too weak for increases. The best we can offer is an admission of our pas...