I can’t believe it… we’re getting audited. No, not me personally, or my family. The US Federal Reserve is getting audited by the International Monetary Fund.
Another problem for Mr. Dollar is that it will be several months before his actions take effect. Officials with the International Monetary Fund (IMF) have informed Bernanke about a plan that would have been unheard-of in the past: a general examination of the US financial system. The IMF’s board of directors has ruled that a so-called Financial Sector Assessment Program (FSAP) is to be carried out in the United States. It is nothing less than an X-ray of the entire US financial system.
The article also notes that Bush has denied the IMF access to the US’ financial records until his last year in office, since the official report won’t be released until he’s ridden off into the sunset. By the time 2010 rolls around, any ‘shocking’ tidbits from the report will likely be common knowledge, based on the instability of the US financial markets these days.
HT: Urban Survival