Hacker News Reader

That is a decent analysis.

This is also why the government tries to persuade people away from auditing the Fed, as it would be the nail in the coffin to the ongoing crime that has been perpetrated for the past 110 years: unchecked government spending would be impossible without the money printer at the Fed, and would collapse the military industrial complex.

View on HN

So if this is the case why is raising the debt ceiling newsworthy event? Shouldn’t it be happening regularly by design?

Because Republicans like bringing the government to its knees every year. It’s insane and no other country does it.

It would collapse all of the society…if that were true.

But it’s not. The fed is regularly audited in the usual sense by independent third parties.

https://oig.federalreserve.gov/reports/board-financial-state....

Additionally, every security owned by the Fed, up to the detail of the identifying CUSIP number, is also available online.

https://www.newyorkfed.org/markets/soma-holdings

"hey we identified every single bond we bought with the funny money we printed out of thin air, so no worries comrade."

They keep USA's gold. When was the last full gold audit?

Not since 1995…suspicious…

Reply on news.ycombinator.com