Tuesday, May 04, 2010


From an FOMC meeting in 2004, discussing the FED's stance on transparency with regard to releasing minutes of previous FOMC meetings.

I will let the reader draw his/her own conclusions about this. I will only add subtle emphasis. Full meeting is here.

(page 90)

CHAIRMAN GREENSPAN. Let me first follow up on your transparency assessment. I think Cathy Minehan has raised an interesting point. I would say this: We run the risk, by laying out the pros and cons of a particular argument, of inducing people to join in on the debate, and in this regard it is possible to lose control of a process that only we fully understand. We have a ratchet in here where, if we were to move forward, we can’t go back.

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