Neither Congress nor the Inspector General knows anything about what the Fed has done with $9 trillion in off-balance sheet transactions, or anything about the profit or loss from $2 trillion in on-balance sheet transactions. Check this out:

In the clip above, Rep. Alan Grayson (FL-8) asks the Federal Reserve Inspector General about the trillions of dollars lent or spent by the Federal Reserve and where it went, and the trillions of off balance sheet obligations. Inspector General Elizabeth Coleman responds that her office does not know and is not tracking where this money is.

The Federal Reserve Transparency Act of 2009 (HR 1207) would require an audit of the Federal Reserve. The map below shows which Representatives (by District) have cosponsored the bill as of June 16, 2009:

(Map created using a public domain image available at Wikimedia Commons and the Library of Congress’ list of cosponsors.)

So now I learn that the Federal Reserve is actually seeking to hire a lobbyist to fight against this (and similar) legislation. And I’m left wondering, “if you don’t have anything to hide, then what’s the problem with an impartial audit?” Our children, grandchildren and now great-grandchildren are going to be saddled with enormous debts as a result of this massive inflation (that is, an increase in the money supply). If such spending is truly justified, then it’s a painful hardship we’ll have to deal with. But if it’s not justified, then it needs to stop!

If your Congressional District isn’t lit up yet, send a message to your Representative and Senators telling them you want them to support the Audit the Fed bill (HR 1207 in the House, S 604 in the Senate). Then show your neighbors the YouTube clip above and get them to write your Representative and Senators, too.