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Auditing the Federal Reserve is More Urgent Than Ever

AlexWallenwein Wrote: Jul 30, 2012 5:32 PM
This is incorrect: "The public has the right to know what exactly the Fed is doing with their money. " Federal Reserve Notes are not "the public's" money. They are the Fed's money. The public is the debtor, the Fed is the creditor, so FRNS (so-called "US Dollars", a misnomer) are quite literally and legally the property of the Fed. The public is only on the hook for what the Fed prints (lends into existence). All the more reason to audit that damn outfit.

No government institution is more secretive than the Federal Reserve. Believe it or not, the Central Intelligence Agency (CIA) is more transparent than the central bank of the United States. This is a huge cause for concern as the Fed dramatically affects the lives of every single American.

The Fed has never been fully audited in its nearly 100-year history. The American people only got a small glimpse of what happens behind closed doors last July. A watered-down audit conducted by the Government Accountability Office (GAO) revealed $16 trillion in Fed bailouts to banks and corporations around the world at...