I'm usually pretty good at keeping abreast with The Good Doctor. This one slipped under my radar.
I do have a tendency to hesitate to post videos because not everyone has a high speed internet connection. I think it's important for the readers of this blog to get as much information out of this as they can.
The important section of the video comes at the end.
I wanted to transcribe the most important part.
Hon. Paul: ....you give us the kind of information that you want us to have. I've been on the Financial Services Committee for a long time, but would you invite me to the FOMC meeting? That's something that we get the minutes later on....
Kohn rudely cuts him off, in my estimation, but then what he said next should set off fire alarms in anyone's mind.
Vice Chair of the FRBG, Donald Kohn: You get the transcripts after five years, and you get the minutes after three weeks. I think opening the Federal Open Market Committee to the public would greatly inhibit the discussion in that committee meeting. I think that it would promote financial speculation and would impinge on making good decisions.
By deciding to not publish the minutes and transcripts for public review within the allotted time that decisive action could be taken to halt any kind of future problems that occur, the Federal Reserve is obstructing justice, declaring itself above the law.
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