answersLogoWhite

0


Best Answer

Answer - in a word, YES. The Federal Reserve has frequent internal audits performed by its Office of the Inspector General. There is also a complete audit of the financial statements of the Federal Reserve every year by a private external auditing firm, currently Deloitte. However the Government Accountability Office - the auditing office of the federal government - is legally restricted from some types of audits.

Well, not exactly.... The FED itself has NEVER been audited - period.

When we see the disastrous results of an artificially created shortage of currency, we can better understand why our Founding Fathers insisted on placing the power to create and control money in the hands of Congress. Article I, Section 8 of the U.S. Constitution states, "The Congress shall have power... to coin money, regulate the value thereof... "

But in 1913 Congress passed the "Federal Reserve Act," relinquishing the power to create and control money to the Federal Reserve Corporation, a private company owned and controlled by bankers. The word "Federal" was used only to deceive the people. The term "central bank" was carefully avoided. The Federal Reserve Act created a Board of Directors, the Federal Reserve Board, to run the Federal Reserve Corporation with a monopoly to create and control the currency of the United States.

This infamous legislation was accompanied with appropriate fanfare and propaganda that it would "remove money from politics" and "prevent boom and bust from hurting our citizens." The people were not told then, and still do not know today, that the Federal Reserve Corporation is a private monopolycontrolled by bankers, operated for the financial gain of the bankers at the expense of the people.

Since that day of infamy a small group of privileged people who lend us "our money," have accrued to themselves all of the profits of printing paper currency - and more! Since 1913 they have created trillions of dollars in currency and credit, which as their own personal property, they then lend to our government and our people, with interest. "The rich get richer and the poor get poorer" had become the secret policy of our national government.

The main architect of the Federal Reserve System was Paul Moritz Warburg, who came from a famous German banking family. The kingpin who steered the Federal Reserve Act through Congress was Senator Nelson Aldrich, Chairman of the Finance Committee. He was the maternal grandfather of Nelson A. Rockefeller, of Standard Oil and Chase Manhattan Bank. Aldrich's daughter, Abby Greene Aldrich, married John D. Rockefeller, Jr. in 1901. At the time, many people regarded Senator Aldrich as the Rockefeller family's mouthpiece in the Senate.

The Federal Reserve Act was passed during the presidency of Woodrow Wilson. Just before he died Wilson is reported to have said that he had been deceived and "I have betrayed my country." He also said:

"A great industrial nation is controlled by its system of credit. Our system of credit has been concentrated. The growth of the nation and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated governments in the world - no longer a government of free opinion, no longer a government by conviction and vote of the majority, but a government by the opinion and duress of small groups of dominant men."

There has been much speculation about who owns the Federal Reserve Corporation. It has been one of the best kept secrets of the century, because the Federal Reserve Act Act of 1913 provided that the names of the owner banks be kept secret. However, R. E. McMaster publisher of the newsletter The Reaper, asked his Swiss banking contacts which banks hold the controlling stock in the Federal Reserve Corporation. The answer:

  1. Rothschild Banks of London and Berlin
  2. Lazard Brothers Bank of Paris
  3. Israel Moses Sieff Banks of Italy
  4. Warburg Bank of Hamburg and Amsterdam
  5. Lehman Brothers Bank of New York
  6. Kuhn Loeb Bank of New York
  7. Chase Manhattan Bank of New York
  8. Goldman Sachs Bank of New York.

In The Secrets Of The Federal Reserve, Eustace Mullins indicates that, because the Federal Reserve Bank of New York sets interest rates and controls the daily supply and price of currency throughout the U.S., the owners of that bank are the real directors of the entire system. Mullins states:

"The shareholders of these banks which own the stock of the Federal Reserve Bank of New York are the people who have controlled our political and economic destinies since 1914. They are the Rothschilds, Lazard Freres (Eugene Mayer), Israel Sieff, Kuhn Loeb Company, Warburg Company, Lehman Brothers, Goldman Sachs, the Rockefeller family, and the J.P. Morgan interests."

An example of the process of currency creation and its conversion into "people's debt" will aid our understanding. The Federal Government, having spent more than it has taken from its citizens in taxes, needs (for the sake of illustration) $1 billion. Since it does not have the currency, and Congress has given away its authority to create it, the government must go to the creators for the $1 billion. But the Federal Reserve, a private corporation, does not give its currency away for free! The bankers are willing to deliver $1 billion in currency or credit to the federal government in exchange for the government's agreement to pay it back with interest. So Congress authorizes the Treasury Department to print $1 billion in U.S. Bonds, which are then delivered to the Federal Reserve bankers. (The bonds are a kind of "IOU" that bears interest.)

You say this is terrible! Yes it is, but this is only part of the sordid story. Under this "debt-currency" system, those U.S. Bonds referred to above have now become assets of the banks, called their "reserve." Regular commercial banks use these assets to issue loans to individual and commercial customers. Since the banking laws require only about a 12% reserve, this means the banking fraternity can lend up to eight times the amount of the bonds they have on hand. As a result of the $1 billion discussed here, they can lend $8 billion to private customers at interest. This means that together with the $1 billion lent to the government, the bankers can lend out $9 billion at interest for the original cost to them of about $400,000 for the printing! And because the Federal Reserve bankers have been granted a monopoly, the only way our people and businesses can get currency to carry on trade and expand industry and farming is to borrow it from the bankers!

User Avatar

Wiki User

โˆ™ 2013-12-12 19:27:07
This answer is:
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
User Avatar

Add your answer:

Earn +20 pts
Q: Has the Federal Reserve System ever been audited?
Write your answer...
Submit
Related questions

The Federal Reserve System operates?

The Federal Reserve System operates in the United States of America. The Federal Reserve is the central banking system of the United States. It was created in the year 1913. Ben Bernanke is the chairman of the Federal Reserve. He has been the chairman since 2006. Before him, Alan Greenspan was the chairman of the federal reserve.


Who actually own the federal reserve system?

The Federal Reserve is the central banking system of the United States. It was created in the year 1913. Ben Bernanke is the chairman of the Federal Reserve. He has been the chairman since 2006. Before him, Alan Greenspan was the chairman of the Federal Reserve. The Government of the United States owns the Federal Reserve.


What is federal reserve?

The Federal Reserve is the central banking system of the United States. It was created in the year 1913. Ben Bernanke is the chairman of the Federal Reserve. He has been the chairman since 2006. Before him, Alan Greenspan was the chairman of the Federal Reserve.


What is the federal reserve created?

The Federal Reserve is the central banking system of the United States. It was created in the year 1913. Ben Bernanke is the chairman of the Federal Reserve. He has been the chairman since 2006. Before him, Alan Greenspan was the chairman of the Federal Reserve.


When is Federal Reserve created?

The Federal Reserve is the central banking system of the United States. It was created in the year 1913. Ben Bernanke is the chairman of the Federal Reserve. He has been the chairman since 2006. Before him, Alan Greenspan was the chairman of the federal reserve.


Who was the president in the Federal Reserve Act?

The Federal Reserve is the central banking system of the United States. It was created in the year 1913. Ben Bernanke is the chairman of the Federal Reserve. He has been the chairman since 2006. Before him, Alan Greenspan was the chairman of the federal reserve.


The federal reserve system is in charge of?

The Federal Reserve is the central banking system of the United States. It was created in the year 1913. It is incharge of supervising and monitoring banking operations in the United States Ben Bernanke is the chairman of the Federal Reserve. He has been the chairman since 2006. Before him, Alan Greenspan was the chairman of the Federal Reserve. The Government of the United States owns the Federal Reserve.


Who is the chairman of the federal reserve right now?

The Federal Reserve is the central banking system of the United States. It was created in the year 1913. Ben Bernanke is the chairman of the Federal Reserve. He has been the chairman since 2006. Before him, Alan Greenspan was the chairman of the federal reserve.


Who is the chairman of the federal reserve rigth now?

The Federal Reserve is the central banking system of the United States. It was created in the year 1913. Ben Bernanke is the chairman of the Federal Reserve. He has been the chairman since 2006. Before him, Alan Greenspan was the chairman of the federal reserve.


Who control the federal reserve?

The Federal Reserve is the central banking system of the United States. It was created in the year 1913. Ben Bernanke is the chairman of the Federal Reserve. He has been the chairman since 2006. Before him, Alan Greenspan was the chairman of the federal reserve. The United States government and the President of the USA controls the Federal Reserve


How long has the federal reserve been around?

the federal reserve system has been around since the 1870's close to the spanish-american war. They needed a federal bank were important documeents would be held.


What is the mission of the federal reserve board?

The Federal Reserve is the central banking system of the United States. It was created in the year 1913. Ben Bernanke is the chairman of the Federal Reserve. He has been the chairman since 2006. Before him, Alan Greenspan was the chairman of the federal reserve. The President of the United States and his ministers oversee the activities of the Federal Reserve.


Which group oversees the activies of the federal reserve?

The President of the United States and his ministers oversee the activities of the Federal Reserve. The Federal Reserve is the central banking system of the United States. It was created in the year 1913. Ben Bernanke is the chairman of the Federal Reserve. He has been the chairman since 2006. Before him, Alan Greenspan was the chairman of the federal reserve.


When was federal resev bank opened?

The Federal Reserve is the central banking system of the United States. It was created in the year 1913. Ben Bernanke is the chairman of the Federal Reserve. He has been the chairman since 2006. Before him, Alan Greenspan was the chairman of the federal reserve.


What are the responsibilty of federal reserve system?

The Federal Reserve is the central banking system of the United States. It was created in the year 1913. Ben Bernanke is the chairman of the Federal Reserve. He has been the chairman since 2006. Before him, Alan Greenspan was the chairman of the Federal Reserve. The United States Government owns the Federal Reserve. They set policies like: 1. Minimum Deposit Rates 2. Loan Rates 3. Cash Reserve Ratio and other regulatory ratios 4. etc


What happens to dollar bills once they have been printed?

They are shipped to banks run by the Federal Reserve System.


Three main functions of the federal reserve?

The Federal Reserve is the central banking system of the United States. It was created in the year 1913. It is incharge of supervising and monitoring banking operations in the United States. It sets the regulatory requirements, reserve ratios, interest rates etc that banks need to follow. Ben Bernanke is the chairman of the Federal Reserve. He has been the chairman since 2006. Before him, Alan Greenspan was the chairman of the Federal Reserve. The Government of the United States owns the Federal Reserve.


What are the Federal Reserve Districts?

For the purpose of carrying out these day-to-day operations of the Federal Reserve System, the nation has been divided into twelve Federal Reserve Districts, with Banks in Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco.


What does a US 1000000 Federal Reserve Note Look Like?

Nonexistent. There has never been a 1 million Dollar Federal Reserve Note.


Why was the federal reserve created?

Theoretically it was to to bring federal oversight to a largely unregulated banking industry, which had experienced severe booms and busts over the previous century. In fact, the Great Depression occurred after the creation of the Federal Reserve and many economists beileve that mistakes made by the Federal Reserve created or worsened the Great Depression. The Dollar has lost most of its value since the inception of the Federal Reserve. Historcal fact suggests that the Federal Reserve has been a destabilzing force in the U.S. and world economy.


What years were US 50 dollar bills printed?

US $50 dollar bills have been printed in dozens of series from 1862 to the present. Because series dates stay the same until a new series starts, bills are almost always printed every single year although they carry the date when the series began. The main series dates and bill types are: 1862 United States Note 1863 United States Note 1863-64 Compound Interest Treasury Note 1869 United States Note 1870-75 National Gold Bank Note 1874 United States Note 1875 United States Note 1878 United States Note 1878 Silver Certificate 1880 Silver Certificate 1880 Silver Certificate 1880 United States Note 1880 United States Note 1882 Gold Certificate 1882 Gold Certificate 1891 Treasury Note 1891 Silver Certificate 1891 Silver Certificate 1913 Gold Certificate 1914 Federal Reserve Note 1914 Federal Reserve Note 1918 National Currency/FRBN 1922 Gold Certificate 1928 Gold Certificate 1928 Federal Reserve Note 1928A Federal Reserve Note 1929 National Currency 1929 National Currency 1934-1934D Federal Reserve Note 1950-1950E Federal Reserve Note 1963-1963A Federal Reserve Note 1969-1969C Federal Reserve Note 1974 Federal Reserve Note 1977 Federal Reserve Note 1981-1981A Federal Reserve Note 1985 Federal Reserve Note 1988 Federal Reserve Note 1990 Federal Reserve Note 1993 Federal Reserve Note 1994 Federal Reserve Note 1996 Federal Reserve Note 2001 Federal Reserve Note 2004 Federal Reserve Note 2006 Federal Reserve Note 2009 Federal Reserve Note 2013 Federal Reserve Note


What is an example of a Federal Reserve note?

Every bill in your wallet should be a Federal Reserve Note. Since the end of the 1960s all US currency has been issued by the central bank. Federal Reserve Notes are so-called "fiat" currency; that is, they are backed not by a tangible asset such as precious metal. Instead, the great majority of citizens accept that the US financial system is stable enough that its currency has a relatively fixed purchasing power.


What years were US 100 dollar bills printed?

US $100 bills have been printed nearly every year since the denomination was introduced during the Civil War. However US bills carry what are called "series" dates rather than printing dates that are changed only when there's a modification to a bill's design or its signers. The primary series dates for $100 bills are: 1861-65 - Interest Bearing Note 1862 - United States Note 1863 - United States Note 1863-64 - Compound Interest Treasury Note 1869 - United States Note 1870-75 - National Gold Bank Note 1874 - United States Note 1875 - United States Note 1878 - United States Note 1878 - Silver Certificate 1880 - Silver Certificate 1880 - United States Note 1882 - Gold Certificate 1890 - Treasury Note 1891 - Treasury Note 1891 - Silver Certificate 1914 - Federal Reserve Note 1918 - National Currency/FRBN 1922 - Gold Certificate 1928 - Gold Certificate 1928,28A - Federal Reserve Note 1929 - National Currency 1934,34A-D - Federal Reserve Note 1950,50A-E - Federal Reserve Note 1963A - Federal Reserve Note 1966,66A - United States Note 1969,69A,69C - Federal Reserve Note 1974 - Federal Reserve Note 1977 - Federal Reserve Note 1981,81A - Federal Reserve Note 1985 - Federal Reserve Note 1988 - Federal Reserve Note 1990 - Federal Reserve Note 1993 - Federal Reserve Note 1996 - Federal Reserve Note 1999 - Federal Reserve Note 2001 - Federal Reserve Note 2003,03A - Federal Reserve Note 2006 - Federal Reserve Note 2009,09A - Federal Reserve Note 2013 - Federal Reserve Note


Who owns the federal reserve bank in the US?

AnswerThe Federal Reserve Bank in the USA is a privately owned cartel: it is not a Government agency."Some people think that the Federal Reserve Banks are United States Government institutions. They are private monopolies which prey upon the people of these United States for the benefit of themselves and their foreign customers; foreign and domestic speculators and swindlers; and rich and predatory money lenders."- The Honorable Louis McFadden, Chairman of the House Banking and Currency Committee in the 1930s"Most Americans are content with believing that the Federal Reserve is just another stuffy government agency that sets our interest rates and that is watching out for the best interests of the American people. But that is not the case at all. The truth is that the Federal Reserve is a private banking cartel that has been designed to systematically destroy the value of our currency, drain the wealth of the American public and enslave the federal government to perpetually expanding debt. ...#1 The Federal Reserve System Is A Privately Owned Banking CartelThe Federal Reserve is not a government agency.The truth is that it is a privately owned central bank. It is owned by the banks that are members of the Federal Reserve system. We do not know how much of the system each bank owns, because that has never been disclosed to the American people.The Federal Reserve openly admits that it is privately owned. When it was defending itself against a Bloomberg request for information under the Freedom of Information Act, the Federal Reserve stated unequivocally in court that it was "not an agency" of the federal government and therefore not subject to the Freedom of Information Act....[All above quotes taken From "10 Things That Every American Should Know About The Federal Reserve" at http://theeconomiccollapseblog.com/archives/10-things-that-every-american-should-know-about-the-federal-reserve]Who owns the Federal Reserve?The Federal Reserve System is not "owned" by anyone and is not a private, profit-making institution. Instead, it is an independent entity within the government, having both public purposes and private aspects. As the nation's central bank, the Federal Reserve derives its authority from the U.S. Congress. It is considered an independent central bank because its decisions do not have to be ratified by the President or anyone else in the executive or legislative branch of government, it does not receive funding appropriated by Congress, and the terms of the members of the Board of Governors span multiple presidential and congressional terms.......[Above quote From "Federal Reserve Education Fed Basics" at http://www.federalreserveeducation.org/faq/topics/fed_basics.cfm ]


What is the value of a federal reserve 1 dollar bill?

Please post a new, separate question with the bill's date and what letter, if any, is next to the date. The Federal Reserve has been issuing $1.00 bills for almost a century.