Theoretically speaking it seems like it would improve certain things in life if secrets would be abolished. In politics for example, if one party doesn't deliver upon their promises in their manifesto then they would forced to admit that they won't put this policy into practice so they might not get lots of votes - that is good. But if this saying applied to all of life and everyone's privacy in life was to be intruded then I can imagine lots of people would get annoyed and every secret in life revealed for better or for worse.
In the case of the general public the ramifications could be immense. Surprise birthday parties rendered obsolete. More people would pass exams as the questions would no longer be secret and people could just Google the answers rendering high grades a thing of simple task, lowering the overall bar.
So what I think of that saying is - it's mad and will only bring utter chaos. No privacy for the general populous just seems so intrusive and will probably bring people to riot - the difference between freedom and being under constant surveillance.