TLDR
- Elon Musk asserts he's found 14 \"magic money machines\" in federal offices capable of generating money seemingly from nowhere
- These machines are located in departments like Treasury, Defense, Health and Human Services, and State.
- Under Musk, the Department of Government Efficiency (DOGE) is working to reduce government expenditures.
- Bitcoin supporter Jameson Lopp responded by saying that \"Bitcoin addresses this problem.\"
- DOGE has already revoked nearly 239 unneeded contracts, potentially saving up to $1.7 billion.
Elon Musk, who leads the Department of Government Efficiency (DOGE), disclosed the existence of 14 \"magic money machines\" across federal agencies. He stated these machines could seemingly create money from nowhere during a chat on Senator Ted Cruz’s podcast \"Verdict\" dated March 17.
The billionaire, appointed by President Trump to spearhead government cost reduction, detailed that these machines can discharge funds without stringent oversight, residing in major departments like Treasury, Defense, Health and Human Services, and State.
\"You might think all government systems sync seamlessly, ensuring all finances are accounted for coherently,\" Musk remarked to Cruz in the podcast. Yet, he indicated that this isn't the reality.
An absolute bombshell from @elonmusk on the latest episode of Verdict.
He unveiled 14 magic money machines within the government capable of dispersing funds out of nowhere.
Don't miss out on the latest from \"Verdict\" wherever you enjoy your podcasts. Subscribe today! pic.twitter.com/1tnJmJtiw9
— Ted Cruz (@tedcruz) March 17, 2025
Musk described a \"magic money machine\" as essentially a system that can fabricate funds from thin air. He further mentioned that while these systems mostly report expenditures accurately, there can be errors by 5% or 10%.
The DOGE team is conducting a deep dive into federal spending, aiming to pinpoint and cut inefficient spending within agencies.
Reacting to Musk's disclosure, Jameson Lopp, Chief Security Officer at crypto firm Casa, noted, \"Bitcoin solves this.\" Crypto enthusiasts argue Bitcoin’s fixed supply of 21 million coins counters currency erosion.
Bitcoin fixes this. https://t.co/1gUJmRHkgh
— Jameson Lopp (@lopp) March 17, 2025
DOGE’s Inquiry Exposes More Than Anticipated
Musk's probe also shed light on worrying observations, like instances where departments have more subscriptions and credit cards than people on their payroll.
The DOGE leader estimates about 80% of these are due to inefficiency or negligence rather than deceit. He referenced scenarios where contracts continued receiving funds despite being expired.
\"We saw numerous payments from Treasury lacking codes or explanations,\" Musk remarked. He raised questions about whether these are cases of waste or fraud.
DOGE recently announced the cancellation of 239 unnecessary government contracts, potentially amounting to $1.7 billion, as reported.
Canceled initiatives included $699,000 for studying \"cannabis use\" among \"gender-diverse individuals\" and $740,000 on \"social network analysis\" within specific demographics in New Jersey.
Senator Mike Lee from Utah humorously reacted to Musk’s announcements on social media, joking, \"Is it possible to snag a magic money machine on eBay? Asking for a friend,\" he posted.
Musk termed these machines as \"potentially the greatest financial joke ever\" in a message shared on X, the platform formerly known as Twitter. His statement has spurred debates about financial responsibility in government.
The tech mogul’s work with DOGE hasn’t been free from dissension. Reports suggest that some of Musk’s other ventures have been impacted due to his governmental duties.
In apparent protest against DOGE's spending cuts, Tesla facilities in the U.S. have reportedly faced acts of vandalism as part of a wider \"Take down Tesla\" campaign.
Despite hurdles, Musk presses on with audit goals. DOGE represents one of the broadest endeavors to slash federal spending in recent memory.
Finding these \"magic money machines\" casts a spotlight on the gaps in financial management within federal bodies. It also suggests areas ripe for revamping how government funds are monitored and allocated.
