Because transparency is always good. It is not always necessary, it is not always important, but there are very, very few times where anything bad can come of it (and most of those times are probably limited to covert operations).
I think what the federal reserce is most afraid of is the dialogue that the audit will reveal. Why in the past 30 years did they abandon their policy of lowering and increasing rates for a policy of just lowering rates (for the most part).
Central banks of other nations raised interest rates during times of prosperity and managed to create conditions that nicely limited malinvestment.
Plan for eliminating the national debt in 10-20 years:
Specific cuts; defense spending: http://rolexian.wordpress.com/2011/01/03/more-detailed-look-a
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