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Originally Posted by wig
He's equivocating. FED audits are conducted in accordance with generally accepted accounting standards and Government Accounting Standards issued by the Comptroller General of the United States.
How that means they use accounting incorrectly I have no idea.
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Where is this audit? Not an audit on it's little programs, or a bailout, like of the actual reserve, it's books! Where is that? I'll tell ya where it is... no where, it's never been done!
They may use some standards, but it's not like anything we use or any other accounting standard in the world. When we make a profit, we do not create an equal debt out of thin air, we account for it, something the fed does not do, at any level.
That would be incorrect accounting by ever standard in the world.