My whole squad's Federal Reserve, no checking us
Note the ingenious wordplay here:
El-P is suggesting that the Fed holds a great deal of unaccountable political power — in 100 years of operation of the Federal Reserve, there has only been ONE audit performed on this business, which was in 2010. So, his crew is of equal power and able to do whatever it wants.
Because the Federal Reserve can effectively expand or contract the money supply, his squad is cash, i.e. there is no “checking (chequing in UK)”
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