Nobody has the true answer to economic recovery since no one "really knows" why it has stalled since there has been no situation like this, Federal Reserve Bank of Dallas President Richard W. Fisher said Wednesday.

While many speculate about the economy, "The truth, however, is that nobody on the committee, nor on our staffs at the Board of Governors and the 12 Banks, really knows what is holding back the economy. Nobody really knows what will work to get the economy back on course," Fisher told the Harvard Club, according to prepared text released by the Fed. "And nobody-in fact, no central bank anywhere on the planet-has the experience of successfully navigating a return home from the place in which we now find ourselves."

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