Breaking
March 18, 2025

Elon Musk appears in an interview with US senator Ted Cruz and Ben Ferguson Shummas Humayun | usagoldmines.com

Elon Musk appeared in an interview with US Senator Ted Cruz as part of a YouTube podcast. The discussion touched on federal government spending, magic money computers, nonprofit funding, and Musk’s perspectives on artificial intelligence. 

Cruz started off by stating that Musk had made big waves since the beginning of the new administration. The senator described Musk as someone who has had “an impact” that few others could match in so short a time. 

Musk, whose actions have gained significant public attention, acknowledged that recent weeks have been high-profile. He said, “Holy crap… never a dull moment.” 

Cruz asked Musk to compare his initial challenges when he took over D.O.G.E. He said, “Which was worse—the mess you found at Twitter or the mess you found in the federal government?” Musk said that competing with the federal government was much tougher. He added, “It is worse than I expected. But on the plus side, that means there’s more opportunity for improvement.” 

Shortly afterward, Musk described the government’s waste-to-fraud ratio as “80% waste, 20% fraud,” then mentioned a need to look on the bright side: “If it was a well-run ship, it would be very difficult to improve.” 

In the latter part of the interview, the conversation focused on identifying such improvements in federal expenditures.

Magic-money computers in government agencies

Musk clarified that the waste is not difficult to spot. Describing the issue, he said, “Most of what we do is not Sherlock-Holmes-level detective work. It’s very obvious, basic stuff.” 

He revealed that each federal department showed similar patterns. He said, “In every government department—I say every because we’ve not yet found a single exception—there are far too many software licenses and media subscriptions, more than there are humans in the department.”

Cruz gave a hypothetical example, mentioning an agency with 15,000 employees and 30,000 licenses. Musk confirmed this was not unusual. He also cited departments paying for media subscriptions that no one in the department was using. At another point, Musk touched upon credit card usage, explaining that “we found there are twice as many credit cards as there are humans… and these are $10,000-limit cards.”

When Ferguson asked if this might be “the biggest money-laundering scheme in the history of the world” or mere incompetence, Musk offered a blended response. He said that the ratio of waste to fraud is 80 to 20 but with certain grey areas. He gave an example of payments leaving the Treasury with no record or explanation, sometimes because a contract had never been shut off. Musk said, “Someone forgot to shut off that contract, so the company kept getting money. Now, is that waste or fraud? Both.”

Elon Musk talks about the waste to fraud ratio in the government. Source: Verdict with Ted Cruz

Cruz then brought up a $1.9 billion payment to what Musk called a “fake NGO” connected to political figures. Musk labeled it “utter insanity,” adding, “That’s just corrupt. I think that’s paying off cronies.” 

In his view, certain nonprofit organizations were receiving large sums without providing tangible services. Musk singled out an arrangement he believed was “basically paying $2 billion for maybe 100 appliances… that’s a very expensive toaster.”

As part of the problem, Musk noted the lax oversight after funds are transferred: “The government can give money to a so-called nonprofit with very few controls, and there’s no auditing.” He explained that such nonprofits then use those funds for personal gains like “jets and homes,” all at the taxpayer’s expense.

Cruz then moved the discussion to “magic money computers.” He said that he had never heard the term. Musk clarified it by saying that magic money is “any computer which can just make money out of thin air.” He said that there are likely 14 magic money computers in government agencies. Most of these are at the Treasury Department, but also at HHS, State, and the Department of Defense. According to him, these systems tend to send money out of nothing.

Musk argued that to fix these spending irregularities, direct access to the computer systems is critical, because they drive every transaction: “You have to look at the actual electronic money flows.” 

Cruz concurred, recalling Musk’s earlier statement before the election: “All I want is the login for every computer.” 

Musk explained that it was essential because computers run the government. He added, “That’s what you need to look at to reconcile the databases and get rid of waste and fraud.”

Cruz noted that few in Congress consider an alternative route, preferring to request reports instead. By contrast, Musk said that is insufficient. He stated, “If you’re just asking a human, who asks another human, who asks another human, who finally asks a contractor to do a query, you’ll never see the whole picture.”

D.O.G.E expects to cut a trillion dollars of waste by FY 2026

Ferguson asked about the scale of the cuts or improvements Musk expected. Musk said that he’s confident that D.O.G.E will cut a trillion dollars of waste and fraud by fiscal year 2026. He noted that this assumes nothing impedes the process and that they can operate with full transparency.

Cruz then raised Musk’s sudden transition from a “hero to the left” five years ago to a high-profile target. He observed that Musk was once widely celebrated for his involvement in electric cars and space travel. Musk replied, “Yes, I appear to be number two,” explaining that he has seen “Trump Derangement Syndrome and Elon Derangement Syndrome.” Cruz added that he believed many on the left hated Musk “after Donald Trump, more than any person on Earth.”

Donald Trump with Elon Musk at the White House. Source: US White House

Addressing why he attracts so much hate, Musk attributed it to his efforts in government cost-cutting: “They hate me because DOGE is being effective, and the fraud we’re seeing is overwhelmingly on the left.” 

He then gave his remarks on Social Security and Medicare payments, along with unemployment and disability. According to Musk, these payments often go to illegal immigrants. He added that these amount to over a hundred billion dollars, or perhaps 200 billion dollars. He alleged, “By using entitlement fraud, the Democrats have been able to attract and retain vast numbers of illegal immigrants.” Cruz asserted that those illegals may eventually be legalized, further securing certain states. Musk claimed that, in his view, these policies point to “a permanent deep-blue socialist state.”

The U.S. may lose the AI race if it fails to maintain control of AI chip fabrication

Their conversation later shifted to artificial intelligence and potential global competition. Cruz asked, “In 10 years, how is life going to be different because of AI?” Musk replied that within a decade, “AI will probably be able to do anything better than a human can, cognitively,” and that it would be “smarter than the smartest human.” He also predicted a large number of robots: “Probably billions of humanoid robots.”

Elon Musk talks about the future of AI. Source: Verdict with Ted Cruz

Cruz brought up concerns about “Killer Robots annihilating humanity,” referencing concepts akin to Skynet. Musk estimated, “Maybe 10% or 20% likely, on a 5-to-10-year timeframe.” He reminded listeners that “the glass is 80 or 90% full,” meaning he sees an 80% or 90% chance AI leads to greater prosperity.

Cruz also asked which country might win the AI race. Musk answered that, for a few years, “America is likely to win,” but the deciding factor is “who controls the AI chip fabrication.” He said nearly all advanced AI chip factories—or “fabs”—are in Taiwan and warned that if China were to “invade Taiwan in the near term, the world would be cut off from advanced AI chips.” He believed this matter was “essential for national security.”

Cruz closed by asking Musk about his legacy after he’s gone. Musk replied, “If SpaceX got humans to Mars, that’s what they would remember me for, even a hundred or a thousand years from now.” When asked if he planned to go to space himself, Musk stated, “I’d like to go to Mars at some point… People have asked if I want to die on Mars. I say yes, just not on impact.”

Cryptopolitan Academy: Want to grow your money in 2025? Learn how to do it with DeFi in our upcoming webclass. Save Your Spot

 

This articles is written by : Nermeen Nabil Khear Abdelmalak

All rights reserved to : USAGOLDMIES . www.usagoldmines.com

You can Enjoy surfing our website categories and read more content in many fields you may like .

Why USAGoldMines ?

USAGoldMines is a comprehensive website offering the latest in financial, crypto, and technical news. With specialized sections for each category, it provides readers with up-to-date market insights, investment trends, and technological advancements, making it a valuable resource for investors and enthusiasts in the fast-paced financial world.

Recent:

Crypto News | Chainbase Integrates Walrus Protocol to Power Decentralized Data Storage and Availabi...

Crypto News | PropellerAds Launches Advertising in Telegram Mini Apps, Engaging Crypto and Blockcha...

Crypto News | SimpleSwap Mobile App: Seamless Crypto Exchanges on iOS and Android Chainwire | usago...

Crypto News | Ripple Price Analysis: Where Is XRP Headed After a 20% Monthly Decline? CryptoVizArt ...

Crypto News | Bitcoin Price Analysis: Will $80K Hold, or Is Another Breakdown Ahead? CryptoVizArt |...

Why is Pi Network down today? PI coin tanks 15.6% Florence Muchai | usagoldmines.com

US stock market is pricing in a recession based on these early signs Jai Hamid | usagoldmines.com

Hyperliquid whale or crypto criminal? $520M BTC short sparks debate Ashish Kumar | usagoldmines.com

Microsoft flags new remote access trojan targeting crypto wallet extensions on Chrome browser Collin...

Asset manager Bernstein says Trump will push Coinbase stock up 60% Jai Hamid | usagoldmines.com

Will Bitcoin surge if Trump eliminates income tax for Americans making under $150K? Nellius Irene | ...

XRP Puzzle: London Fund Manager Breaks Down Why Price Isn’t Rising Christian Encila | usagoldmines.c...

Crypto News | Four Meme handles second exploit in months, reinstates launch service Oluwapelumi Adej...

Crypto News | Bank of Korea to give 100,000 users access to CBDC in real-world pilot Liam 'Akiba' Wr...

Gemini appoints new CFO, stokes rumors about upcoming IPO Hannah Collymore | usagoldmines.com

Wall Street execs reveal what’s holding back crypto and blockchain adoption Jai Hamid | usagoldmines...

Bitcoin’s Bull Market Cycle Is Over, CryptoQuant CEO Issues Grim Warning Brenda Ngari | usagoldmines...

Standard Chartered Slashes Its Year-End Ether Price Target From $10,000 To $4,000 — Here’s Why Brend...

Hashdex Seeks SEC Permission To Add Ripple’s XRP, Cardano, And Solana To Its Crypto ETF Index Brenda...

On-Chain Analysis Reveals Ethereum (ETH) Has Hit The Bottom Olivia Brooke | usagoldmines.com

Sol Strategies Acquires Three Solana Validators, Including Laine and Stakewiz.com Hassan Shittu | us...

‘Hyperliquid 50x Leverage Whale’ Is a Cybercriminal Using Stolen Funds— ZachXBT Hassan Shittu | usag...

Crypto Whale Nets $10 Million in Profit on 40x Leverage Bitcoin Short Ruholamin Haqshanas | usagoldm...

Best Crypto to Buy as Canary Capital Files for First-Ever SUI ETF Krishi Chowdhary | usagoldmines.co...

Crypto News | Pi Network (PI) Price Predictions for This Week Duo Nine | usagoldmines.com

Mubarak Meme Coin Skyrockets 200% in 48 Hours: Is This Rally Sustainable? Elena R | usagoldmines.com

Hyperliquid Whale a Trader Or Cyber Criminal? ZachXBT Exposes the Truth! Mustafa Mulla | usagoldmine...

Crypto Firms Seek National Bank Status Victor | usagoldmines.com

Tesla short sellers make $16 billion as Elon Musk loses $200 billion Jai Hamid | usagoldmines.com

Global markets rise for the second day as US investors await housing data Jai Hamid | usagoldmines.c...

Vitalik Buterin mints DAI, sells DHN and crashes meme token prices with rapid selling Hristina Vasil...

Shiba Inu (SHIB) Millionaire Bets $0.25 Million On This ETH-Based Altcoin, Predicting 17,500% Run So...

Bitcoin Accumulation Resumes After 3 Months Of Distribution – Analyst Sebastian Villafuerte | usagol...

Crypto News | Is Dogecoin Poised for a Breakout? These Indicators Say Yes (Santiment) Mandy William...

Crypto News | Crypto.com influence stirs controversy in Cronos token burn reversal Oluwapelumi Adeju...

Bitcoin Crash Ahead? Peter Schiff Predicts BTC at $20K as Gold Surges Vignesh S G | usagoldmines.com

80 Companies Embrace Bitcoin Holdings Victor | usagoldmines.com

Bitcoin Leads the Charge Amid Post-Election Market Dip Victor | usagoldmines.com

Ethena Labs and Securitize to launch Converge blockchain for retail and institutional DeFi and token...

Ripple mints 25 million RLUSD tokens Florence Muchai | usagoldmines.com

New York Court to Review LIBRA Token Case Following 94% Price Crash Maisie Morrison | usagoldmines.c...

Japan’s Metaplanet Buys $12.5M in Bitcoin, Adding Another 150 BTC to Holdings Ruholamin Haqshanas | ...

Cronos Approves Controversial $5.6B CRO Reissuance Proposal with Crypto.com’s Influence Ruholamin Ha...

China’s Xi Jinping to visit Washington amid trade tensions with Trump Jai Hamid | usagoldmines.com

Lightchian AI & Cardano (ADA) See Surge In Whale Activity, Which Crypto Will Pump First? Cryptop...

Bitcoin Bull Run ‘Is Over’: CryptoQuant CEO Sounds The Alarm Jake Simmons | usagoldmines.com

Crypto News | These Altcoins Suffer the Most as Bitcoin (BTC) Slides to $83K (Market Watch) Jordan ...

Crypto News | Solana Foundation sparks backlash with controversial ad comparing pronouns to DeFi Olu...

Can Pepe Coin Surge 60%? Top Analysts Predict Massive Breakout! Mustafa Mulla | usagoldmines.com

Pi Coin Price Drops 17% After $175M Token Unlock – What’s Next? Zameer Attar | usagoldmines.com

Mubarak Meme Coin Hits $200M Market Cap – Is It the Next Big Crypto? Vignesh S G | usagoldmines.com

Ripple Lawsuit Update: Will XRP Recover After Legal Uncertainty? Debashree Patra | usagoldmines.com

Metaplanet Acquires 150 BTC, Joins Top 10 BTC Holders Victor | usagoldmines.com

Bitcoin’s bull market just might be over as US stocks seemingly revive Jai Hamid | usagoldmines.com

Fasttoken (FTN) leads this week’s $486m unlocks – what’s next for prices? Vignesh Karunanidhi | usag...

Mutuum Finance: Ethereum-Based Token Ready To Revolutionize DeFi With 15,000% Rally In 5 Weeks Crypt...

Crypto News | New Meme Coin MUBARAK Explodes as PEPE and MEMEX Gain Momentum Felix Mollen | usagold...

Crypto News | Ripple (XRP) Price Predictions for This Week Duo Nine | usagoldmines.com

Crypto News | Cardano (ADA) Price Predictions for This Week Duo Nine | usagoldmines.com

Crypto News | Binance Updates, Cardano Whale Sell-Off, and More: Bits Recap for March 18 Dimitar Dz...

Crypto News | Bitcoin bull market could be over until 2026 based on PnL index – CryptoQuant CEO Liam...

How Bitcoin Fixes Musk’s ‘Magic Money Computer’? Victor | usagoldmines.com

Binance’s Four.meme launch platform attacked to drain liquidity from newly launched tokens Hristina ...

Solana Removes ‘Offensive,’ ‘Cringe’ Ad Following Intense Community Backlash Sujha Sundararajan | us...

Microsoft Warns of New Trojan Targeting Crypto in 20 Chrome Wallet Extensions Ruholamin Haqshanas | ...

BNB Ready To Breakout? New ATH Coming ‘In No Time’ If This Resistance Breaks Rubmar Garcia | usagold...

Crypto News | Aptos Movemaker Launches US$2 Million Grant Program and Exclusive Co-Working Space fo...

Crypto News | Why Is the Pi Network (PI) Price Down Today? Dimitar Dzhondzhorov | usagoldmines.com

Crypto News | TokenPicks Launches Reward System to Incentivize Crypto Education Chainwire | usagold...

Top Altcoins to Watch in 2025: Expert Picks & Bitcoin’s Next Move Elena R | usagoldmines.com

Burwick Law Sues LIBRA Memecoin Creators Over Deceptive Token Launch Nidhi Kolhapur | usagoldmines.c...

Trump’s SEC Pick Paul Atkins Faces Shocking Delay – Missing Paperwork Stalls Confirmation! Mustafa M...

Dogecoin (DOGE) Journey to the Top Is Over, Could Mutuum Finance (MUTM) Be the Next 50x Opportunity?...

Bitcoin Miner Selling Still Elevated, On-Chain Data Shows Keshav Verma | usagoldmines.com

Crypto News | Bitcoin ETFs See a Glimmer of Hope as Inflows Hit a 6-Week High Jordan Lyanchev | usa...

Crypto News | Bitcoin (BTC) Bull Cycle May Be Over: CryptoQuant CEO Warns Chayanika Deka | usagoldm...

Vitalik Buterin Sells Meme Tokens For 71.69 ETH, Mints 315K DAI Nidhi Kolhapur | usagoldmines.com

Crypto News: $32.6 Million Bitcoin Pyramid Scheme Dismantled by Spanish Authorities Anjali Belgaumk...

Bitcoin advocate who took on Elizabeth Warren says ‘now is the most bullish time’ for crypto’ Nelliu...

Crypto Trading Firm Cumberland Subsidiary Receives Singapore MAS’ nod for MPI License Sujha Sundarar...

Canary Capital Group Seeks Approval for Sui-Based ETF Shalini Nagarajan | usagoldmines.com

Bitcoin Spot ETFs See $275M Inflow as Ethereum ETFs Extend 9-Day Outflow Streak Ruholamin Haqshanas ...

Tether Boosts Stake in Bitdeer to 21.4%, Now Holds 32M Shares Nidhi Kolhapur | usagoldmines.com

ADA Founder Says SEC Would Have ‘Danced on Bankrupt Graves’ of Crypto Projects if They Won Anjali B...

Hashdex ETF Expansion Could Shake Up the Crypto Market – Here’s Why Debashree Patra | usagoldmines.c...

WazirX News: Exchange Gears Up for Relaunch After $234.9M Hack Vignesh S G | usagoldmines.com

Burwick Law firm takes legal action against Kelsier, KIP, and Meteora over alleged unfair LIBRA toke...

WhiteRock deep dive: On-chain brokerage with tokenized equities and bonds Brian Koome | usagoldmines...

Historical Pattern From 2020 Hints Ethereum Could Be Poised For A Parabolic Rally, Analysts Explain ...

Crypto News | ETF Bloodbath: What Happened to Bitcoin and Ethereum Funds Last Week Mandy Williams |...

Top ‘Whale Approved’ Altcoins to Stack Ahead of the March 19 FOMC Meeting Anjali Belgaumkar | usago...

Trump’s World Liberty Financial Raises $550M, Trump and Partners To Receive $390M Nidhi Kolhapur | u...

Crypto Exchange Gemini Appoints New CFO as it Prepares for Potential IPO Shalini Nagarajan | usagold...

Bitcoin Bull Cycle is Over, Expect 6-12 Months of Bearish Trend: CryptoQuant CEO Shalini Nagarajan |...

Lightchain AI Thrives with Innovation and Strong Support Amid Challenging Market Conditions Cryptopo...

Solana Marks 5-Year Journey – 400 Billion Transactions And Counting Christian Encila | usagoldmines....

Bitcoin Bull Market Over, CryptoQuant CEO Predicts Bearish Trend for Next 6–12 Months Anjali Belgau...

SEC To Reconsider Biden’s Crypto Custody Rule, Acting SEC Chair Uyeda Says Nidhi Kolhapur | usagoldm...

Michael Saylor’s Strategy outperforms Bitcoin. Is a reversal coming? Jai Hamid | usagoldmines.com

Shiba Inu and Dogecoin Whales Flock to Remittix (RTX) at $0.07, Forecasting a 15,540% Surge in Weeks...

Leave a Reply