Elon Musk exposes ‘Magic Money Machine’: World's richest man claims 14 computers run US Treasury like a rogue ATM

Tesla and SpaceX CEO Elon Musk has raised concerns about the U.S. government’s financial operations, claiming that several government computers are making payments with little to no oversight. Speaking on a podcast hosted by Senator Ted Cruz, Musk called the situation “insane.”

Musk claimed that 14 such computers, mainly located at the Treasury Department, were responsible for issuing payments without clear accountability. “Any computer which can just make money out of thin air, that’s magic money,” he said. According to Musk, the government’s financial systems are not well-tracked, leading to significant inefficiencies and potential misuse of funds.

Allegations of Waste and Fraud

During the conversation, Musk criticised the government's record-keeping, stating that payments were going out without proper coding or explanations. He suggested that some contracts continued receiving payments even after they were supposed to be shut down.

“In my opinion, it’s like 80% waste and 20% fraud,” Musk said, adding that the lack of audits on government spending allowed funds to flow unchecked. He also pointed to payments made to non-profits with minimal oversight, calling it “maybe the biggest scam of all time.”

Experts Weigh In

Financial experts have offered mixed views on Musk’s comments. Hedge fund manager Jay Hatfield suggested that Musk may have been referring to the government’s failure to properly implement double-entry accounting. While he found the claim surprising, Hatfield did not entirely rule out the possibility.

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David Andolfatto, an economist at the University of Miami and former Federal Reserve official, suggested that Musk might have been criticising poor oversight rather than the fundamental