AUDIT THE FED?
Ok, so just WHOM would you trust to audit the Federal Reserve Bank? And if that auditor said they are a pack of crooks taking us all for a ride, SO WHAT? Who do you think could do anything about it, and what might anyone do? Come on, try really answering that. It's not rhetorical, nor a troll or a gotcha.
In order to "audit" the FED, one would require the authority to issue and enforce subpoena at the international level to obtain the files to audit. Just to whom would you grant that kind of power?
Here's another overlooked question: Once someone is granted power to seize the FED's books, and they conduct an audit, should the results of that audit be made public knowledge? Does the FED not have a corporate or national security region of confidentiality to protect it from exposure? If it were revealed they have been cheating us, wouldn't the dollar collapse catastrophically?
If the FED must show their books, are all other corporations therefore also obligated to make their books open, or such agencies as the DOD, DEA, and others which conduct most of their expenditures as "black ops" which are secret, that is unaccountable to the public?
Whoever is given the task of auditing the books, and whatever the results of that audit are, who shall be given the power to judge whether any of the data found is a criminal, negligent, unconstitutional, just plain dirty, or otherwise undesired act? Who gets to Judge what the Auditor finds, and against what standard, legal, economic, or moral? The Supreme Court? Independent Counsel? Seriously, who? If such a judgment is proclaimed, who gets to pronounce a sentence, and how will that be enforced?
If the audit proves they have been cheating us blind all the last century, shall we charge the FED a fine, to be paid in dollars? That's like letting a casino pay its fine in its own chips, isn't it? A fine paid to whom? Perhaps we could inform the FED that the fine is to write off the National Debt, and demand the FED go through bankruptcy protocol? The National Debt is after all just numbers in their accounts. There is nothing real there at all, and dealing with the loss of interest revenue, their solution would be academic.
Shall we simply "repeal the FED" and so declare the FRN Dollar to be invalid, and then return to the Constitutional definition of a Dollar, issued by the US Treasury only? It is still by that Law made of gold and silver only, you know. Considering that the sum of the number of dollars in the bank accounts of the world are thousands of times more than any reasonable value that could be given to all the known gold in the world, I'd say the notion that any money's value is in the stuff the specie is made of, printed or minted is obsolete. No, whatever you use to measure the value of your money, that value consists only of what it says in your account, in the fluid virtual world of modern banking in which the value of all the money is in a constant flux. In practice, the account is the money, and the idea that we could just dispense with the National Bank Account and go marching on with real gold jingling in our jeans is unrealistic.
Or perhaps as the simpler and more pragmatic way of dealing with it if some irregularities are determined by the Congressional Audit Committee, we can demand some adjustments in the accounting, hang the Chairman, and promise to discuss reform in the next session of Congress, like we did the VA scandal?
James Nathan Post
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