SV,
I think that the main line of the audit should be focused on obligations that the FED has with counter parties, and what the value is of thier entire balance sheet and what comprises their balance sheet. Its funny but Ron Paul was ridiclued by Ben Bernanke about the possiblity of the US funding part of the Greek crisis about 3 months ago now and it turns out our committment may be $60 billion or so.
Who should perform? Great question. I am pretty sure that HB 1207 and SB 604 say that entity should be the CBO. I don’t know enough either way to advocate for against that recommendation. I do disagree with you on your premise that “we” would not find out new information. I think that the majority of the American population would be appaled at what this independant organization has gotten us into. I don’t know the specifics but the notion that we live in a free society will be smashed when the FEDS’ committments are revealed. I think it would amount to the Germans funding Greek workers retirements at 50 years old x 100. I think that it will be difficult to control mass anger in the US at that point.
Bottom line is that we as a country (not individually) have been living beyond our means since 1982 and our debt needs to be either restructured or paid. The FED has been the bartenter – and Americans the drunks. So that is why-btw I am sitting it out in real estate….I think a lot more hurt is coming down the pipe.
