SBCFSM Position on Auditing the Federal Reserve System

Saco Bay Citizens for Sound Money opposes any proposals or legislation to audit the Federal Reserve System, either as an independent venture by Congress or as a preliminary step towards abolishing the Fed. As author G. Edward Griffin states in his excellent book The Creature from Jekyll Island: A Second Look at the Federal Reserve:

“Every year, a few concerned Congressmen submit a bill to investigate or audit the Federal Reserve System. They are to be commended for their effort, but the process has been an exercise in futility. Their bills receive little or no publicity and never get out of committee for a vote. Even if they did receive serious attention, however, they could actually be counterproductive.

On the surface, it would appear that there is nothing wrong with a Congressional investigation or an audit, but what is there to investigate? We must assume the Fed is doing exactly what it says and is in total compliance with the law. A few minor improprieties probably would be discovered involving personal abuse of funds or insider profiteering, but that would be minor compared to the gigantic fraud that already is out in the open for all to see. The Federal Reserve is the world’s largest and most successful scam. Anyone who understands the nature of money can see that without a team of investigators and auditors.

The danger in a proposal to audit the Fed is that it would provide an excuse to delay serious action for several years while the audit is going on. It would give the public a false impression that Congress is doing something. It also would give the monetary technicians an opportunity to lay down a smoke screen of verbiage and confusing statistics. The public would expect that all the answers will be forthcoming from the investigation, but the very groups and combines that need to be investigated would be conducting, or at least confounding, the investigation. By the time fourteen volumes of testimony, charts, tables, and exhibits finally appear, the public would be intimidated and fatigued. The bottom line is that we do not need a bill to audit the Fed. We need one to abolish it.”

SOURCEThe Creature from Jekyll Island: A Second Look at the Federal Reserve by G. Edward Griffin. Fourth Edition. Pages 572-573. Order HERE