The Fed Cooks Its Books

The Federal Reserve is a private banking cartel, not part of the US government.  In some ways similar to how government sub-contracts some jobs, the government sub-contracted the job of setting the price of money to the private banking cartel known as the Federal Reserve.

The Federal Reserve has a protected monopoly on issuing money and setting interest rates.  It doesn't follow regular GAAP accounting standards and much of what the Fed does is shrouded in secrecy.  Now the Fed has changed it's own questionable accounting standards to avoid recognizing any potential losses by allocating losses to the US Treasury.
This is more than an accounting tweak for the private central bank.  This is absurd.  It is time for a full and complete audit of the Federal Reserve.

Accounting Tweak Could Save Fed From Losses

The change essentially allows the Fed to denote losses by the various regional reserve banks that make up the Fed system as a liability to the Treasury rather than a hit to its capital. It would then simply direct future profits from Fed operations toward that liability.