The most powerful testimony at last week's anti-Fed hearings in Congress came from economic historian Tom Woods. The author of Meltdown, which we excerpted way back in March, explained that most reasons given for keeping the Fed's books secret are hogwash.

The argument that greater transparency will somehow give Congress authority over setting interest rates seems far fetched, Woods explains. Nothing in the bill seems likely to lead to that consequence. What's more, arguments that the bill could compromise the Fed's independence frequently overstate the existence of that independence.

"We should investigate that issue," Woods says. "How independent is the Fed? How independent could it be? The Fed chairman is occasionally up for reappointment. The chairman typically wants to ingratiate himself with the President, and often will accommodate him with loose monetary policy."

Someone has helpfully put up the best of Woods testimony on YoutTube. We decided to collect them for you all on one slide show. If you want to read Woods's own take on how he did during his testimony, click here.