In good economic times, the Federal Reserve operates without a lot of attention from the general public.  But now, with the Fed taking what some see as extraordinary measures to push economic rebound, armchair experts on the Fed are easier to find.  Of course, in a democracy, we should be pleased to have open debate and criticism.  I doubt Greg Ip, U.S. economics editor at The Economist and the author of "The Little Book of Economics: How the Economy Works in the Real World," disagrees.  And his column in this week's Washington Post Outlook section appears to help the public discussion.  In the column, Ip tries to address what he sees as recent misunderstandings of the Fed.  Here are his "5 Myths About the Fed":

By printing money, the Fed will create runaway inflation.

The Fed is endangering the global recovery by trying to drive down the dollar.

The Fed is trying to finance the government's profligacy.

The Fed is immune to politics.

Bernanke knows what he's doing.

Read Ip's explanation of why these are myths here.