It already is audited. That's why I've never quite understood what "audit the Fed" is supposed to mean.
There is really nothing to audit.
- Congress wants to spend more money than it collects in revenue
- Congress asks the Treasury to sell bonds in order to raise the capital
- The Treasury tells Congress that in order to raise the $2 trillion it requests for the current year, they will have to offer at least 18% interest on those bonds in order to compete for existing investment dollars.
- Instead of agreeing to those interest rates, Congress goes to the Fed instead and asks them for the money
- The Fed (who has no actual money of its own) issues $2 trillion in new made-up money and hands that to the Treasury. The Treasury then hires Goldman Sachs to print up bonds (for a percentage) at a ridiculously low interest rate and hand them over to the Fed for the money it just created out of thin air.
- Congress never pays the money back. It remains in circulation forever, effectively devaluing the currency which fuels inflation.
The Fed isn't the problem. Congress is the problem. And so is the Executive Branch.
