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From the very specific exemptions laid out in their own rules. That exempt the actual important parts of what the Fed does from being properly audited.
Still not answering though, if all money comes from the federal reserve at interest, which it does, how could it ever possibly be paid back, seeing as more is owed than is borrowed from the beginning?
Logic and math say it cannot be.
That is just saying that the government doesn't have full control over the Fed, which is a good thing or else Trump would have been screwing with our monetary policy other than tweet bullying.
And 'all money' does not come from the Federal Reserve, the treasury is the one that controls currency and new debt. They use the Federal Reserve system to distribute it to the banks is all. And the Fed can only buy and sell existing treasuries. It is a check and balance system.
The way we do it, the Treasury (government agency) can create new 'debt' in bonds that people/businesses (Private) can decide to purchase. This stops the government from being able to tank our currency on their own, they need people to be willing to lose their wealth too. Then the Fed (quasi-government agency) can use what is out in the system to help control interest rates, and inflation to try to maintain full employment.
The Fed having the treasuries they have bought, as they mature and the government pays them the money the treasury was worth is just putting the currency back into the system that they took out when they sold it in the first place. The Fed not needing to make a profit ends up sending a lot of excess earnings to the government at the end of the year too, which is nice having it pay for itself.
apnews.com
I hope you do realize that the Federal Reserve is basically privately owned by banks and families. Rothschilds, Rockefellers and Morgans. I suggest you do more research.
