So surely the "Federal" "Reserve" is thoroughly audited
on a regular basis, RIGHT ?
Try NOT !!! Below you will see that the so called "FEDERAL" "RESERVE" not
only is not audited often, in fact, since it got off the ground and rolling,
it has NEVER even been audited ONCE ! Indeed, the "FED" determines how and
to what what degree it can be "audited", which in fact is NOT an audit at
all, unless completely audited, DUH !!!!
I will start off with some OBVIOUS FACTS to demonstrate this claim. Then I
ask each of you reading this to share your thoughts. It seems so clear cut
to me, why can't we convince others how outrageous this is. You will see
the specific statutes with their blatant & intentional weaknesses.
From 1913 to 1921 the BOG, then known as the Federal Reserve Board, was
audited annually by the U.S. Treasury Department. In 1921 Congress created
the Government Accounting Office (GAO) and, among its other duties, assigned
it to audit the BOG [Board of Governors] until 1933.
Good move. Possibly the only time the Fed was EVER audited, but
before they really got rolling that is.
In the Banking Act of 1933, Congress voted to specifically remove the BOG
from the GAO's jurisdiction.
Wahuh !! What happened here ?!
From 1933 to 1952 audit teams from the twelve Federal Reserve banks
performed the annual examination of the BOG's books.
So they "audited" themselves from 33 to 52. Ok... I see.
From 1952 to 1978, the BOG, under authorization from Congress, decided to
employ nationally recognize[d] accounting firms to conduct the audits of
itself to insure independent oversight.
Conduct audits of "itself" and who pays for these audits ?
This provided an external evaluation of the adequacy and effectiveness of
the examination procedures. (1)
Righto ! I'm Sure... GAO is barred and we are supposed to trust
a so called "independant" beholden private firm to audit another
private firm of such magnitude.
In 1978 Congress passed the Federal Banking Agency Act (31 US Code '714 ).
Among other things, this law placed the Federal Reserve System back under
the auditing authority of the GAO. The Act significantly increased the
access of the GAO to the Federal Reserve Banks, the BOG, and the FOMC. Since
then, the GAO has conducted over 100 financial audits and performance audits
of the three Fed bodies. (3)
So I get it, from 1933 to 1978 the FED is NOT inspected by the
United States General Accounting Office, an office set up for
ACCOUNTING !!!! And we are supposed to simply accept that as being
acceptable ??? That was enough UNsupervised time to RUIN a nation,
let alone Fight WWII and Vietnam and Korea and totally indebt our
nation to foreign interests. With all that time to so alter the
Government and GAO itself, that after 1978 GAO is no longer
effective even with limited oversight. Oh I forgot, the Great
Society Experiment of LBJ also snuck in while GAO was barred from
auditing the Fed.
However, the GAO does not have complete access to all aspects of the
Federal Reserve System. The Federal Banking Agency Audit Act of 1978
stipulates the following areas are to be excluded from GAO inspections:
CONSPICUOUSLY ABSENT and EXEMPT from the GAO's authority is the
AUTHORITY to address one of the concerns of GREATEST importance to
people who do NOT trust the Federal Reserve and that is the Foreign
FEDERAL BANKING AGENCY AUDIT ACT of 1978
The following areas are to be EXCLUDED from GAO INSPECTION:
(1) transactions for or with a foreign central bank,
government of a foreign country, or nonprivate
international financing organization;
(2) deliberations, decisions, or actions on monetary policy
matters, including discount window operations, reserves
of member banks, securities credit, interest on deposits,
open market operations;
(3) transactions made under the direction of the Federal
Open Market Committee; or
(4) a part of a discussion or communication among or between
members of the Board of Governors and officers and
employees of the Federal Reserve System related to items
(1), (2), or (3). (3)
Notice how all foreign dealings are EXEMPT from GAO inspection, now
isn't that special, perfect for the international banksters who run
the show. What are we, a bunch of dolts, and what of our "leaders"?