1:30 Robert and I moved forward, I guess instigated, a FOIA request, a campaign where I put up about $65,000 and then we did a Go-Fund-Me thing for the other $35,000 to come up with a FOIA request against the FED because we wanted to push back against the auditing that they're doing, but more specifically them completely ignoring the Federal Reserve Act in 2020. So the way this work is that you've got to do the FOIA request first and if they tell you to pound sand long enough, then you've got to give them a deadline, you have to go ahead and sue them. We were hoping we wouldn't have to come to the lawsuit part of it, we'd go ahead and do the request, we dot the i's, cross the t's. It's incredibly expensive to hire an accountant to do that. But we were hoping they'd say, "Okay, that's fine. Here's what you requested," but I guess that's not the path they've taken.
2:36 We started out with some basic requests, then we expanded it to a lot of detailed requests across the entire history of the Federal Reserve, so we wanted internal documentation on how they interpreted their own legal authority. [Whoa] How have they interpreted any limitations or restrictions or restraints on their legal authority. How have they interpreted their authority to the income tax and various revenue acts that have passed. The things we know that they have done some internal review on, we asked for everything that could possibly relate to that categorically. So not just to specific items in 2020 and in past years where they took actions that appear to be outside the Federal Reserve Act but also everything they have internally talked and discussed about their own power or the limits on their own power and how it correlates with the income tax, and, of course, given that the Federal Reserve came in at the same time as the income tax, 1913. And I've seen some documentation concerning other banks talking about what the Fed was talking about all the way back to 1915 in the New York Public Library. So we incorporated all of that, . . .
3:48 Hired a forensic accountant who is also a former bank auditor to say that we really want to audit the Fed, what should we ask for, so he came up with very specific requests as if he were auditing the Federal Reserve and we combined the two, submitted it, they gave us the run-around, the run-around, the run-around, and finally they said, "We have no idea what you're talking about. We don't have indexed files here. We don't even know how to search our own files here at the Federal Reserve. If you could tell us exactly which day we actually did that analysis, then we can search for it. But if you don't have the exact day and the exact time . . . ," the Fed has got away with this
4:31 This is the game they play. Explain that, Robert, because to the laymen, they may say, "Well, that's a legitimate claim, but no, no, this is just a game to draw this out as long as possible to make sure you're spending as much money and they're just hoping that you drag it on long enough to where you just forget about it or you run out of cash.
4:51 It's apparent that no one has ever asked for this before. No one ever tried to FOIA the Fed until after the 2008 global financial crisis and then some media institutions, including Bloomberg did, but they requested very specific information they already knew about in advance . . .
5:07 And they were successful. . .
Absolutely.
