This article is an excerpt from last weekend’s Wall Street Examiner Professional Edition Fed Report.
Let’s talk about the January FOMC minutes released last week. Here’s what you need to know about the minutes. They aren’t what the guys and girls at the table actually said. They are what the Committee, or actually Bernanke, seconded by his sycophants, wants you to think they talked about. The minutes are propaganda, pure and simple. They are an attempt to paint the Fed as a wise, deliberative body that knows what it is doing and has your best interest at heart.
But this is really vintage Goebbels. It’s about manipulation, what they want you to think, and how they want you to react as a result of those thoughts. In short, the FOMC meeting minutes are hogwash.
That fact is only revealed when the actual transcripts of the meetings are released once a year, five years after the fact. We only get to see the truth of how devious and clueless the members are after such a long time because the transcripts are embarrassing for the Fed. By the time they are released, the chairman and the members are usually all gone and out of harm’s way. Five or six years (depending on meeting date) is a long time. By then, nobody cares.