After years of hard work, Ron Paul has finally managed to get a bill to the floor of the House of Representatives that would audit the Fed. Ironically, it was Dennis Kucinich, a Democrat, who became the 218th cosponsor of the bill, thus forcing it to the floor for debate. This bill now has 222 cosponsors.
The Constitution delegates the power over money to Congress, and Congress broke the law by handing over all this power to a private corporation, with ABSOLUTELY NO OVERSIGHT. Make no mistake about it. Federal Reserve is no more of a Federal entity than Federal Express is. Yet they have been given an important power of Government, and make no mistake about this either. When it all comes out, the extent of the Federal Reserve's abuse of illegitimate power will stagger the imagination.“To understand how unwise it is to have the Federal Reserve, one must first understand the magnitude of the privileges they have. They have been given the power to create money, by the trillions, and to give it to their friends, under any terms they wish, with little or no meaningful oversight or accountability. Thus the loudest arguments against greater transparency are likely to come from those friends, and understandably so."
Even the Mafia at it's peak never had it this good. The Fed negates free markets, as it manipulates money, prices, interest rates, and other economic factors, in violation of free market principles, and for the benefit of themselves and their cronies. The Fed should not just be audited. It should be shut down. Read this article by Ron Paul to see why. It's not just common sense. It's the Constitutional thing to do. The Fed is an illegal entity.