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Elon Musk says he and DOGE found 14 ‘magic money computers' that create money out of thin air, which the government can do. [Fortune]
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Ted Cruz (R-Texas) on Monday. He appeared to be criticizing the government's bookkeeping, though it's worth noting the government can, in fact, print money at little to no cost. Elon Musk said it's “insane” the U.S. government has computers that can just “make money out of thin air.” Ever since America fully abandoned the gold standard in 1971, however, international finance has depended on just that. Admittedly, it's difficult to decipher what Musk was referencing when he talked about “magic money computers” at the Department of Treasury and other government agencies on a podcast appearance Monday with Sen. Ted Cruz (R-Texas). Musk's comments came in a broader conversation about DOGE's search for waste, fraud, and abuse in the federal government. The agency says it's found $115 billion in savings, though a Fortune analysis suggests that figure is significantly overstated. Musk and Cruz discussed what they characterized as a complete breakdown in government bookkeeping. “I think
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