I’ll add a qualification to Cecil’s column, probably edited out by one of Cecil’s minions. While the Federal Reserve deliberates in secret, they release minutes of their meetings three weeks later. Both Greenspan and Bernanke took steps to increase the transparency of the Fed.
Admittedly, I understand that the outcome of the FOMC* meetings is informally worked out ahead of time, presumably via telephone calls between the chair and the other committee members.
Oh, and releasing the minutes in real time might very well tend to disrupt the financial markets. Or that’s what they want you to think!!!
Article: Do secret societies control everything?
- Federal Open Market Committee