[quote=markmax33][quote=SK in CV][quote=markmax33]You could fix the current dollar to the current value of gold and audit the fed properly and reestablish a gold standard over night. It’s not that hard. The price of gold might go up though![/quote]
I figured this would eventually come up, because it always seems to. The fed gets audited every year. It’s a financial audit, and something I actually look at when it comes out. Pretty interesting. So when I hear screams to audit the fed, and claims that the fed has never been audited, it seems funny, stupid and uninformed.
So when given the opportunity, I ask these questions. If you have issues with the current audit, exactly what are those issues, and what is the basis for the argument? If you would like an audit with a different scope, what precisely is the scope of the audit you’d want? And most importantly, how is an audit going to fix anything going forward?
And in advance of your possible claim that by asking these questions, I’m presuming that everything the fed has ever done has been good, clean, and appropriate, I’ve made no such presumption. This is focused solely on your assertion that auditing the fed will provide solutions. I think that assertion is silly and misguided, and driven by conspiracy nuts who ignore reality because it’s not near as interesting as fantasy.[/quote]
I’m glad you asked! The federal reserve is not audited on a regular basis as you suggest like EVERY OTHER GOV OFFICE. They have NEVER been fully audited by the GOV’s internal auditor, the GAO. Why are they the only “GOV agency” to never get an audit?
During the first partial audit of the FED it was revealed to the American public the FED loaned out $16T. Did you know that beforehand? Did you have access to that? Did you know they loaned money to Libya’s Khadafi? I’m sure he bought bullets with that money to fire at us. I sure didn’t know and of that and I challenge you to find an audit before Ron Paul’s audit that shows it! There are certain programs inside the fed which are not allowed to be audited, IRONICALLY they are the largest and most powerful programs!
The federal reserve system has been the subject of 574 reports by the GAO over the last 45 years. (I looked that up.) More than 10 a year. 93 of them specifically related to federal reserve banks. I suspect there is some operational or financial system that has not undergone a GAO exam. I don’t know what that system is. But your claim that it was the first partial audit of the fed is easily disproved. Just go to the GAO website and you can see yourself. (The fact that you haven’t read the reports doesn’t mean they weren’t done.)
The $16 trillion that they loaned is a total number. They never had anywhere near that amount outstanding at any one time. At the end of 2010, less than 10% of that was outstanding.
They have been audited annually by external auditors related to their financial reporting and those audit reports are available to the public.
So you didn’t answer my question. Do you know what an audit is? What exactly is the scope of the audit you want? And precisely how will an audit fix things as you claimed?
