If the Fed is audited, what might we find that they are doing which would be bad?

An audit of the Fed would reveal to the world that the Federal Reserve System is simply a counterfeiting operation set up to enrich the elite at the expense of the many.

John Maynard Keynes told us that a long time ago,

 

Gee, you mean the Fed isn't audited? Where'd ya hear that?
http://www.federalreserve.gov/monetarypolicy/files/BSTFRcombinedfinstmt20072008.pdf
http://www.federalreserve.gov/monetarypolicy/files/BSTcombinedfinstmt2009.pdf
http://www.federalreserve.gov/monetarypolicy/files/BSTcombinedfinstmt2010.pdf
http://www.gao.gov/new.items/d09722r.pdf
http://www.gao.gov/assets/660/654462.pdf
http://www.gao.gov/new.items/d11696.pdf
http://gao.gov/assets/600/590056.pdf
http://www.gao.gov/new.items/d11616.pdf
http://www.gao.gov/new.items/d12122t.pdf
http://www.federalreserve.gov/publi...udits.htm#FederalReserveSystemAudits-4AF32DDA
http://sanders.senate.gov/imo/media/doc/GAO Fed Investigation.pdf

 

H.R.1207 - Federal Reserve Transparency Act of 2009. It passed the house and died in the Senate. And from Harry Reid who tried to get the Federal Reserve audited before he sold the American people out and blocked audit the Fed legislation.

Harry Reid: "I think we should audit the Federal Reserve"
[video=youtube;oXOsZ7Ad7dM]https://www.youtube.com/watch?v=oXOsZ7Ad7dM[/video]

 

Funny. Each of those links I cited were an audit of the Fed. Did you bother to look at them?

Summary of some of the findings from the recent GAO audit of Fed operations:


The Federal Reserve System and Its Emergency Activities Were Subject to Multiple Audits and Reviews


The Emergency Programs Have All Been Subject to Audits and Reviews

The Federal Reserve Act requires the Federal Reserve Board to order an
annual independent audit of the financial statements of each of the 12
Reserve Banks.57 Each Reserve Bank prepares annual financial
statements that reflect its financial position as of the end of the calendar
year and its related income and expenses for the year. The Federal
Reserve Board also prepares combined financial statements of the
Reserve Banks, which include the accounts and results of operations of
the 12 Reserve Banks. As shown in figure 2, the loans and other financial
assistance provided through the Federal Reserve’s emergency programs
are recorded in the Reserve Banks’ publicly reported financial statements.

The Reserve Banks have voluntarily adopted the internal control reporting
requirements of the Sarbanes-Oxley Act of 200260 and provide an
assessment of the effectiveness of their internal control over financial
reporting annually to their boards of directors.61 Internal control over
financial reporting includes those policies and procedures that (1) pertain
to the maintenance of records that, in reasonable detail, accurately and
fairly reflect the transactions and dispositions of the assets of the entity;
(2) provide reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements in accordance
with accounting principles, and that receipts and expenditures of the
entity are being made only in accordance with authorizations of
management and directors; and (3) provide reasonable assurance
regarding prevention or timely detection of unauthorized acquisition, use,
or disposition of the entity’s assets that could have a material effect on
the financial statements.

...

Since 2007, Deloitte has been the independent external auditor for the
Federal Reserve System. Accordingly, Deloitte performs the audits of the
individual and combined financial statements of the Reserve Banks and
those of the consolidated LLCs. Deloitte also provides opinions on the
effectiveness of each Reserve Bank’s internal control over financial
reporting. In 2009, Deloitte began providing opinions on the effectiveness
of each LLC’s internal control over financial reporting. 63 To help ensure
auditor independence, the Federal Reserve Board requires that its
external auditor be independent in all matters relating to the audits.
Specifically, Deloitte may not perform services for the Reserve Banks or
others that would place it in a position of auditing its own work, making
management decisions on behalf of the Reserve Banks, or in any other
way impairing its audit independence.

FRBNY management also engaged external firms to review certain
aspects of the emergency programs. For example, FRBNY engaged the
auditing firm KPMG LLP (KPMG) to assist FRBNY in developing a conflict
of interest inspection and fraud-review program for certain programs
created in response to the financial crisis. In 2009 and 2010, KPMG
executed reviews of vendors and agents supporting the Agency MBS
program, Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC,
TALF, and CPFF. The scope of this work covered an evaluation of the
vendors’ and agents’ adherence to their own conflict of interest policies
and more program-specific provisions contained within their engagement
agreement with FRBNY. These reviews are discussed in greater detail
later in this report. In 2009, FRBNY contracted with a management
consulting firm, Oliver Wyman, to conduct an independent review of the
governance and management infrastructure surrounding its new market
facilities and emergency programs created throughout 2008. This review
was specifically focused on the three Maiden Lane LLCs, CPFF, and
MMIFF and included an examination of internal reporting and
management updates, business and strategic plans for relevant Reserve
Bank functions, internal risk assessments, Reserve Bank policies and
procedures, committee charters, and organizational summaries.

In addition to external audits and reviews, the Federal Reserve System
has a number of internal entities that conduct audits and reviews of the
Reserve Banks, including the emergency programs. For example, each
Reserve Bank has an internal audit function that conducts audits and
other reviews to evaluate the adequacy of the Reserve Bank’s internal
controls, the extent of compliance with established procedures and
regulations, and the effectiveness of the Reserve Bank’s operations. The
internal audit function conducts audits in accordance with the
International Standards for the Professional Practice of Internal Auditing
and maintains organizational independence from management by
reporting directly to the audit committee of the Reserve Bank’s board of
directors.64 During the period from 2008 through 2010, FRBNY’s internal
audit function conducted audits pertaining to the Agency MBS program,
TSLF, Swap Lines, TAF, CPFF, TALF, and PDCF, as well as the three
Maiden Lane LLCs.

...

The OIG also conducts audits, reviews, and investigations related to the
Federal Reserve Board’s programs and operations, including those
programs and operations that have been delegated to the Reserve Banks
by the Federal Reserve Board. The OIG is required to submit a
semiannual report to the Chairman of the Federal Reserve Board and to
Congress. In November 2010, the OIG reported on its review of six of the
emergency programs: TSLF, PDCF, MMIFF, TALF, CPFF, and AMLF.
The OIG stated that the purpose of its review was to determine the
function and status of these programs and to identify risks in each of the
programs to assist the Federal Reserve Board in its general supervision
and oversight of the Reserve Banks. [/QUOTE]

 

More ...

Page 46:

Audits and Reviews Have Not Identified Significant Accounting or Financial
Reporting Internal Control Issues Concerning the Emergency Programs

The Reserve Banks and LLCs Received “Clean” Opinions on their Financial Statements

Deloitte rendered unqualified (clean) opinions on the individual and
combined Reserve Banks’ financial statements for the years 2007, 2008,
2009, and 2010. As described earlier in this report, the Reserve Banks’
financial statements include the activity pertaining to the emergency
programs, including the accounts and operations of the LLCs, which are
consolidated into FRBNY’s financial statements. Deloitte also has
rendered clean opinions on the financial statements of each LLC
beginning with the creation of Maiden Lane LLC in 2008. A clean opinion
indicates that the financial statements prepared by management are free
of material misstatements and are presented fairly in accordance with
U.S. generally accepted accounting principles (GAAP) or, in the case of
the Reserve Banks, accounting principles established by the Federal
Reserve Board, which is a comprehensive basis of accounting other than
GAAP.

The independent external auditor conducted its financial statement audits
of the Reserve Banks and LLCs in accordance with U.S. generally
accepted auditing standards as established by the Auditing Standards
Board and in accordance with the auditing standards of the Public
Company Accounting Oversight Board.67 These standards require that
the auditor plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement
and whether effective internal control over financial reporting was
maintained in all material respects. The audits of the Reserve Banks’ and
LLCs’ financial statements included examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements,
assessing the accounting principles used and significant estimates made
by management, and evaluating the overall financial statement
presentation.

Since the development and implementation of the emergency programs,
the independent external auditor’s internal control opinions related to the
Reserve Banks and LLCs have all been clean, indicating that these
entities have maintained, in all material respects, effective internal control
over financial reporting.

As mentioned in the previous section, in addition to the independent
external auditor, the Reserve Banks’ internal audit function, RBOPS, and
the OIG performed audits and reviews of the emergency programs.
Similar to the external audits, the audits and reviews conducted by these
other groups did not report any significant accounting or financial
reporting internal control issues.

+++

The Fed is probably the most heavily audited entity in the world.

 

And yet Harry Reid is blocking Rand Paul's audit the Fed bill in the Senate. Maybe having the government audit itself is like letting the government investigate itself. Maybe it is not smart to let the fox guard the hen house.

 

When did Deloitte become the government?

 

Deloitte is not government. I have no clue what you are babbling about. The Federal Reserve System is a system of counterfeiting theft. Their people tell us that fact.

Perhaps you don't believe it. Perhaps you do. Maybe you don't care. Maybe you are on the take. None of that matters. What matters is a proper audit of the Fed will expose them as the thieves they are. The fact of the matter is that the Federal Reserve System of "elastic currency" is theft from the many to enrich the few. The Federal Reserve System is theft. They need to be audited by an independent auditor.

The thieves must stop stealing for there to be equitable distribution of wealth.

 

You obviously did not bother to look at my links or read my quotes and chose instead to remain ignorant about how the Fed is heavily audited, or you would not have made such a statement. Nothing I can do with that.

Nonsense. The Fed is the system for managing the money supply. It is not counterfeit or theft.

Lenin was wrong about many things, wasn't he?

Then write your Republican Tea Party reps and tell them to stop "trickle down" and coddling the 1%.

There was certain inequitable distribution of wealth before long before fiat money or the Fed. And there was certainly much more equitable distribution with the Fed. The great inequality started around 1981, when "trickle down" became the policy.

 

You'd have to ask Harry Reid why he did it, but I would guess it has to do with Paul's bill not being about an audit but being about politicizing the Fed by making its policy deliberations and communications public. Paul has made it very clear is goal is to eliminate the Fed (and replace it with what I don't know) has been known to demagogue about such things.

The Fed is probably the most heavily audited entity in the world, which you would know if you read the links.

 

I don't need to waste my time reading nonsense. I get your point. You believe they are being transparent with so much auditing. Obviously, Harry Reid is blocking Rand Paul's audit the Fed bill for a specific reason. Rand Paul believes an independent audit will be a more transparent audit than government reporting on itself. It is unwise to let the fox guard the hen house if one wants to count chickens.

It is obvious counterfeiting theft. German born international banker Paul Warburg immigrated to America in 1902. He conspired with Senator Nelson Aldrich at Jekyll Island Georgia in November 1910 to take control of America's money supply. He called it "elastic currency" which is code for counterfeiting. Elastic standards is an oxymoron. The "dollar" was defined in 1792 by Thomas Jefferson and Alexander Hamilton as a silver coin containing 371.25 grains of pure silver. Paul Warburg debased the currency with his elastic currency and should have been put behind bars for it. Minneapolis Federal Reserve: Paul Warburg's Crusade to Establish a Central Bank in the United States

A dollar no longer means 371.25 grains of pure silver because Paul Warburg debased America's money with unconstitutional counterfeit fiat Federal Reserve Notes. In 1913, American went from an asset based economy to a debt based economy.

Big government and the crony insiders (Bankers) get rich at the expense of individuals. That's how legalized counterfeiting works. And that folks is why Harry Reid is blocking Rand Paul's attempt at a transparent audit of the fed.

 

Explained above.

There is an independent audit of the Fed every year. I've given the links that prove it. But you choose to remain ignorant because you don't need to read "nonsense" and choose instead to watch internet videos. Nothing I can do about that.

There is nothing illegal with the Fed controlling the money supply, as mandated by law by Congress.

There is nothing unconstitutional about the Fed. It has been upheld by the Supreme Court and has operated for 100 years.

Then write your Republican Tea Party reps and tell them to stop "trickle down" and coddling the 1%, and compromise with revenue increases to reduce the deficit.

That is how the rich get rich at the expense of the middle class.

 

They needed the Federal Reserve System in order to go to war. It is no accident that the Federal Reserve Act passed in 1913 and WWI broke out in 1914. Paul Warburg funded America and her allies while his brother Max Warburg funded Germany.
Read: "War Is A Racket" by General Smedley Butler. $100 hammers and $10,000,000 drones.

Counterfeiting pays big bucks! Harry Reid was in favor of an audit of the Fed just a few years ago. He sold the American people out and is now blocking a true independent audit of the Fed.

[video=youtube;oXOsZ7Ad7dM]https://www.youtube.com/watch?v=oXOsZ7Ad7dM[/video]
Harry Reid: I think we should audit the Federal Reserve

Harry Reid was right back in the day and Rand Paul is right today. America needs an independent audit of the Fed.

 

Yes it is. To try to blame the Fed which had been existence for the complex web of alliances and circumstances that had building up for decades and led to WII is simplistic scapegoating to the extreme.

There are reasons to criticize the Fed, but this kind of silliness just demonstrates your views are driven by ideology and not facts.

You'll have to ask Harry Reid. I'd never hold out Harry Reid as an expert in our economic or monetary system. Its a good thing someone talked some sense into him.

How many times do you intend to post the same video? Are you sure that the Bill Reid is talking about in 1995 is the same bill Paul proposes? Reid says the bill will require the Fed to issue a report when it changes interest rate targets on the cost and effect of the interest rate changes. The Paul bill is very different, and would publicize (and politicize) Fed Board deliberations and communication about monetary policy. That is a completely different matter.

You're demonstrating your ignorance on the issues again. The Fed is subject to an independent audit every year. But you refuse to look at the proof and remain ignorant based on internet videos. Nothing I can do about that.

 

http://www.w3f.com/patriots/audited.html

note: BOG is the Fed.

" So they "audited" themselves from 33 to 52. Ok... I see. "

"Conduct audits of "itself" and who pays for these audits ? "

Would the Fed lie to you?

Ask them no questions and they'll tell you no lies.

So, according to the author, the Fed had ample of UNSUPERVISED time to do ALL SORTS OF THINGS.
We can only wonder what.


You can see for yourself which items the US public AND CONGRESS are NOT PRIVY to.

I leave it to your future study (or imagination) to determine what sorts of things the Fed might be able to accomplish when working in collusion with FOREIGN ENTITIES.

That's not to say that these foreign entities don't have the best interest of the US in mind. There simply is no guarantee that they do.
Neither is there any guarantee that the Federal Reserve does either (especially when working in secret with the IMF and World Bank which are top heavy with Jews who seek to establish a "Mashianic Age", ie GLOBAL RULE by Jews.)

All of this is fine of course, for Americans who do not belong to the class of the Chosen, but who nevertheless do not mind being slowly (or quickly) reduced to the status of third world countries and losing the effective sovereignty of the US in the process.

So who cares what the Fed does, behind closed doors, as long as it has no effect on them,

Oh wait. It does!

....even if the Fed consists of wealthy elitists who are NOT ELECTED REPRESENTATIVES of the US, but rather "appointed" by people like the Bushs, Clinton, and Yomamma, arguably collaborators and paid for.

 

http://answers.yahoo.com/question/index?qid=20071220182748AA6fqp7

- - - Updated - - -

http://www.dailypaul.com/171724/audit-of-the-federal-reserve-reveals-16-trillion-in-secret-bailouts

 

[video=youtube;VAYGWp8V9II]http://www.youtube.com/watch?feature=player_embedded&v=VAYGWp8V9II#![/video]

http://www.youtube.com/watch?feature=player_embedded&v=VAYGWp8V9II#!

 

[video=youtube;WV5mdGS_tkw]http://www.youtube.com/watch?v=WV5mdGS_tkw[/video]

 

[video=youtube;HRduwYgrU7A]http://www.youtube.com/watch?v=HRduwYgrU7A[/video]

 

The Fed is now audited every year by independent accounting firms like Deloitte and KPMG, as well as the GAO, the OIG, as well as its own internal auditors.

It is probably the most heavily audited entity in the world.

 

As any objective person would expect from demagouges like "The Daily Paul", it is a complete distortion of the truth to say that those firms "received" those amounts of money.

As the GAO report itself expressly provides, those are cumulative aggregate totals of loans that were rolled over again and again. At any given time only a fraction of those amounts were actually outstanding in loans to those entities.

That is why folks like Paul want to publicize Fed deliberations. So they can take things out of context and unfairly and dishonestly like this to further their agenda.

 

http://cnsnews.com/news/article/fed-now-largest-owner-us-gov-t-debt-surpassing-china

http://theunjustmedia.com/Banking%20&%20Federal%20Reserve/The%20Federal%20Reserve%20and%20the%20National%20Debt.htm

The control of the money supply explains how a very small minority can wield so much power and consequently how a 2% minority (not so small) can become a privileged (wealthier) class.


One need not be a "conspiracy nut" in order to see how this works. He merely needs to be honest enough to admit certain verifiable facts to himself and brave enough to face them.

If he speaks of them, he must be willing to accept the slanderous accusations and the reprisals that will be made against him with the prior understanding that those who make them will never own up what they have done.
That's just the way that liars operate.

 

cont.

Wha...........?

 

In your blind and racist scapegoating, you blame the wrong party.

It wasn't the Fed that has created the great inequality divide, as this graph plainly shows:



Inequality has risen and fallen dramatically during the time the Fed has been in existence. In the decades after the Fed was created, inequality increased and then came crashing down in the 1940s.

The great inequality divide we are in now started around 1981, not coincidentally with the adoption and incorporation of "trickle down" policies specifically designed to make the richest richer.

 

http://www.topix.com/forum/afam/TCEL6H6L79C279EVA

http://rense.com/general85/feddrec.htm

http://prince.org/msg/105/271100

[video=youtube;iJJB6yRnYOM]http://www.youtube.com/watch?v=iJJB6yRnYOM[/video]