BOE minute meetings apparently are impossible
to transcribe so all the data is destroyed.......
And humanity trusts these people in power??????
Chairman Tyrie: “The MPC [Monetary Policy Committee] records might be of interest one day to historians about the inception of QE. MPC records used to be recorded and transcribed when the MPC was created. Is that still the case Mr. Fisher?”
Paul Fisher: “They are not transcribed. They are still recorded so that the secretariat can go back to check any discrepancies between the minutes and what people may have said. But as far as I know they are not transcribed.”
Chairman Tyrie: “And they’re stored?”
Paul Fisher: “The recordings are not kept. Once the minutes are published…”
Chairman Tyrie: [In a booming, outraged voice] “The recordings are destroyed! Why?
Paul Fisher: “Because we have one copy of the minutes; that’s the one that’s published and there are not alternative versions.”
Chairman Tyrie: “There are more than one purpose for these. There’s the minutes after a fortnight and there’s the historical value. The Fed Open Market Committee publishes full transcripts of its meetings with a five year delay. Whether it’s a five or ten year delay, certainly these are of huge historical significance. Why aren’t you putting something similar in place?”
Paul Fisher: “This goes back to when the Committee first started. They initially did try to make transcripts, unsuccessfully.”
Chairman Tyrie: “What do you mean unsuccessfully?”
Paul Fisher: “It was very hard to actually physically transcribe the tapes in any way which made any sense in terms of the written material.”
Chairman Tyrie: “Is that because you’re shouting and throwing things about. Most organizations manage to transcribe a record. Even the House of Commons manages to do it on a good day.”
Paul Fisher: “I’m trying to explain what I know of it. My understanding is that people talking, very free flowing discussion, and they couldn’t make a sensible transcript.”
http://wallstreetonparade.com/2014/03/bank-of-england-drops-a-bombshell-on-parliament-it-shredded-its-crisis-era-records/
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