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Elon Musk stated that he has discovered at least 14 government systems that can issue payments without clear oversight.
Speaking on Senator Ted Cruz’s podcast Verdict with Ted Cruz on March 17, he said these systems, which exist in agencies like the Treasury, Defense, and Health and Human Services, seem to send money without a proper accounting process.
Musk noted, “You may think that the government computers all talk to each other, they’re synchronized, they add up what funds are going where, and it’s coherent and that the numbers you’re presented as a senator are the real numbers”. However, he argued that this is not the case, suggesting that these numbers could be inaccurate by 5% to 10%.
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He described these systems as “magic money computers” that seem to create money “out of thin air”. While he did not suggest intentional wrongdoing, he pointed to cases where funds were sent out incorrectly and not recovered.
Bitcoin
$82,275.93
advocate Jameson Lopp commented on the discussion, saying, “Bitcoin fixes this”. Supporters of the cryptocurrency argue that Bitcoin’s fixed supply of 21 million coins prevents the kind of unchecked money issuance seen in traditional financial systems.
Musk also said that his recent work with the Department of Government Efficiency (DOGE) uncovered another issue—some government departments have more software accounts, media subscriptions, and credit cards than they have employees. He estimated that about 80% of these issues are due to mismanagement rather than fraud.
On February 25, DOGE considered using artificial intelligence (AI) to review federal employees’ work summaries and assess job necessity. How would the AI work? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
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