The Fed wasn't audited for nearly 100 years
Wrong again. The Federal Reserve's books are audited EVERY
year by an outside, independent accountant. The results of that audit are available online.
the one time it was audited they found they had just given away 16 trillion dollars to banks and corporations (some foreign).
Wrong again. Or should I say, you're LYING AGAIN
. Loans which are repaid are NOT 'given away.' And that audit counted loan renewals (where a loan was paid off and then renewed) as two outstanding loans.
For example, if the FR made a $10 billion loan to another central bank under a line of credit arrangement and that central bank borrowed the $10 billion, paid it off and borrowed it again a month later, it is a maximum risk exposure of $10 billion to the FR. That audit counted that LOC loan as $20 billion, which was double counting and not reflective of what the actual risk exposure was to the FR. All loans were fully collateralized and all were repaid on time with interest.
Many of those loans were currency swaps where other central banks needed dollars to provide to their domestic commercial banks in order for those commercial banks to loan those dollars to their customers who needed the dollars to buy American made equipment and products. Without those currency swaps (which were also fully collateralized) many American manufacturers and suppliers would not have gotten paid for their products. Is that what you want?
Currency swaps are a standard operating transaction between central banks all the time. But it involves money and big numbers so you wouldn't be able to comprehend it. It's WAY
above your level of comprehension, although it's so simple a cave man could understand it.
Obviously they have no oversight and have not been returning all earnings.
Wrong again. The earnings returned to the Treasury Department are determined as a result of the ANNUAL
You're an amateur who does not know anything about banking and the Federal Reserve, but you're good for a few
This post was edited on 12/6 at 2:32 pm