Comment: That's some misinformation ...

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That's some misinformation ...

... and disinformation there.

The central bank prints money, first by setting reserve requirements of the member banks, and second by its open market operations (buying and selling bonds or other assets to push "money" into or take it out of the system).

The Federal Reserve System is not audited in any meaningful way. The "audit" is fully controlled and limited by the Fed itself. The recent "audits" are the first in its history and unveiled massive transactions that were previously undisclosed to the public:

What was revealed in the audit was startling:

$16,000,000,000,000.00 had been secretly given out to US banks and corporations and foreign banks everywhere from France to Scotland. From the period between December 2007 and June 2010, the Federal Reserve had secretly bailed out many of the world’s banks, corporations, and governments.

http://beforeitsnews.com/economy/2012/09/first-audit-in-the-...

Rand Paul wants more complete audits because:

There are no audits of “transactions for or with a foreign central bank,” or of “deliberations, decisions, or actions on monetary policy matters,” or of “transactions made under the direction of the Federal Open Market Committee,” or of “communication among or between members of the Board.” Paul’s transparency act would remove these exemptions.

http://www.washingtonpost.com/blogs/wonkblog/wp/2013/11/16/h...

Finally, we have Janet Yellen just a few weeks ago where:

She made it clear that in no manner whatsoever would the Fed ever allow an in-depth government audit to “second guess” the sacred monetary policy conducted behind closed doors by the Fed’s Open Market Committee (FOMC).

http://americanfreepress.net/?p=15794

So much for the Fed's self-serving propaganda about them being audited.