Distressingly, the answer is that indeed, the US has no idea what it is doing.
Economic history provides compelling evidence that the Fed has never understood what it is doing, and that it still does not.
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"What it is doing is inspiring a generation to get Britain back into business, " he told BBC Radio 4's Today programme.
But he warned that, prior to any final decision, "Parliament must squarely confront what it is doing and accept the political cost".
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First the company must articulate real concern for passengers and clearly communicate what it is doing to make things right for customers.
Second, the company must clearly communicate what it is doing to fix the problem and prevent anything like it from ever happening again.
But Enron is the firm that claims to have invented weather derivatives (in 1997), and it says it knows what it is doing.
In fact, there is a crescendo building in what CVX is saying about the Gulf of Mexico and what it is doing itself and with partners, both onshore and offshore.
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It also barred the CBI from sharing its reports with anyone in the government, and asked the government to inform by July 3 what it is doing to make the probe agency autonomous.
Lehman, which doesn't appear to have sold its Equity Residential or AvalonBay shares since then, is keeping apartment-industry watchers guessing what it is doing with the stock, and that is putting a pall on both companies.
From now on, whenever inflation is one percentage point above or below the target, the Bank will have to account for this in an open letter to the chancellor, and say what it is doing to put matters right.
Many would say a central bank cannot be a true "lender of last resort" in a currency union that does not share a common treasury, or at least it cannot play that role without seriously overstepping its mandate - and raising big questions about the democratic legitimacy of what it is doing.
Which is a curious thing, because the game itself is under siege, primarily because of concerns about what playing it is doing to the brains of its players.
But what it is incapable of doing is generating sufficient employment for all those willing to work.
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What if Twitter turned around and did to Apple what it is now doing to developers?
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That is what it is now doing: Japan's monetary base (currency in circulation and banks' reserves at the Bank of Japan) grew by 23% in the year to January.
The hospital, which is part of Britain's National Health Service, says it is doing what is best for the child.
Two parts provide a practical guide to what the EU thinks it is doing now, and what the German government (at least) hopes it will do next.
ECONOMIST: Germany tries to look to the next 50 years of the EU
Whatever the man pictured in the photo is doing, it seems certain that what he is doing to us in implanting a desire, for those of us who have yet to visit Brazil, to take a trip at the next opportunity.
Our primary point is that the last six trading days has been a prime example of why it is soooo important to stay in tune with what the market IS doing as opposed to what you think it ought to be doing.
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He has proved himself time and time again, but it's not about what he's done in the past it is about what he is doing now.
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To what extent is it doing so, and what do the sanctions mean for China going forward?
Lloyd's has to explain why what it does is worth doing at all.
They had an incredible sense of what it is they were doing.
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What is it doing in baby food?
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But it is still not clear what Bangle is doing at Samsung, if anything.
Russia has been trying to get into the World Trade Organization since 1993 and even though it has Washington in its corner, a lesser known nation is doing what it can to make Moscow walk over hot coals if it wants to join the club.
The Fed doesn't have an unlimited capacity because when it buys the debt what it's doing is monetizing the debt.
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