TruthArchive.ai - Related Video Feed

The Treasury's main payment system, PAM, handles about $5 trillion a year, roughly a billion dollars an hour. When we first looked at it, payments could be processed with no categorization or description – basically, untraceable blank checks. If this were a public company, it would be delisted, and the executives would be in jail. We recommended making payment categorization codes mandatory with some explanation required for each payment. This radical change is being implemented now, and I think it probably saves $100 billion a year. Where was that money going? It's hard to say what was waste and what was fraud. If the government sends money to someone who doesn't deserve it, is that waste, or fraud?

At the Capitol, we witnessed the hacking of outdated election machines, which are used in many states. This raises concerns as only three companies control these machines, making them vulnerable to hacking. Researchers have discovered serious security flaws, including backdoors, in voting machines used by 43% of American voters. These companies refuse to answer questions about their cybersecurity practices, and the larger companies avoid answering any questions altogether. Additionally, five states lack a paper trail, making it impossible to verify the legitimacy of the voting machine results. This undermines the notion of cybersecurity in our elections.

We must not allow the elimination of cash. If we rely solely on central bank digital currencies, the computer will anticipate our actions and prevent us from doing certain things. For instance, if there is a restriction on traveling beyond 5 miles from home and you attempt to buy water 6 miles away, you will be denied. There are numerous reasons why it is important to keep cash.

We demonstrated how easily election machines can be hacked, raising concerns about the limited number of companies controlling voting technology. 43% of American voters use machines with security flaws, and some states lack a paper trail to verify results. The lack of transparency in cybersecurity practices is alarming.

The federal government uses only one bank account, the treasury general account, to disperse all monies. There is allegedly $500 billion of fraud every year, and hundreds of billions of dollars in improper payments. The consolidated financial report produced by the treasury cannot pass an audit due to material weakness. Until recently, the federal government could not pass an audit because it lacked necessary payment information, such as payment codes, explanations, and contact information. Previously, over 580 agencies could make payments without verification, and the treasury would send them out as fast as possible. This is likened to a household where many people can access the bank account and disperse funds without justification or verification.

Governments lack the incentive to adapt and improve because they can't fail like private sector organizations. The technology revolution has transformed private sector organizations, but government organizations have not fully adapted. Government financial systems are decades old. It is claimed that $2.3 trillion in transactions cannot be tracked. Information cannot be shared within a single building because it's stored on dozens of different, inaccessible, and incompatible technological systems.

I'll explain the difference between payment and settlement. Payment is when you use your Visa card at a restaurant, but settlement is when the money actually moves between accounts. Traditional systems like Swift separate payment and settlement due to historical reasons. These systems are outdated, dating back to the 1970s, and are in need of modernization. Even if blockchain and cryptocurrencies fail, the payment industry will still evolve.

I discovered that 20 million dead people are marked as alive in the social security database. Most fraud doesn't come directly from social security payments, but from disability, unemployment, and fake medical payments because these individuals are incorrectly marked as alive. We need to implement a simple "are you alive" check to prevent these fraudulent payments. This type of negligence would result in a public company being immediately delisted, and its executives imprisoned, but it's considered normal within the government. Therefore, I recommend that the Treasury and Federal Reserve make payment categorization codes mandatory, requiring an explanation for each payment, even if it's basic. This change would significantly improve the current system and potentially save hundreds of billions of dollars annually.

A basic search of the Social Security database revealed 20 million dead people marked as alive. While it's unclear if they're directly receiving Social Security payments, their "alive" status allows them to fraudulently obtain disability, unemployment, and fake medical payments. The fraud occurs because government databases don't communicate well. For example, the Treasury's main payments computer, PAM, handles $5 trillion in payments annually, roughly a billion dollars an hour. We discovered payments lacked categorization codes and descriptions, essentially untraceable blank checks. If a public company operated this way, it would be delisted, and executives would face imprisonment.

We can't track $2.3 trillion in transactions. That's two trillion, three hundred billion dollars.

The discussion centers on the main payments system, referred to as PAM, described as the “payments computer” and commonly called PAM by everyone. PAM is responsible for almost $5,000,000,000,000 in payments per year, which equates to roughly a billion dollars every hour. The speakers indicate that, upon their arrival, they observed what they describe as a severe lack of payment metadata: payments could be processed with no payment categorization code and no description, effectively creating payments that were “untraceable blank checks.” The speakers contrast this situation with how such conduct would be viewed in the private sector, stating that if this were a public company, the company would be immediately delisted and the executive team would be thrown in prison. They emphasize that, in the context they are discussing, this kind of exposure is considered normal within the government. The overall point is that the payments system operates with extremely little traceability or descriptive data attached to transactions, creating a scenario they characterize as highly problematic and unacceptable in the private sector but commonplace in the government.

Blockchain is becoming a permanent fixture, expanding beyond commerce to NFTs, real estate, and financial ledgers. The financial system needs an overhaul to eliminate inefficiencies that benefit intermediaries. Technology exists for global financial institutions to settle transactions in seconds for minimal cost. Crypto aims to shift control from banks to users. Ripple's extensive partnerships aim to revolutionize remittance services globally. Ripple's goal is to revolutionize remittance services or fade away.

Transnational fraud rings, terrorist organizations, and even nation-states are being funded by taxpayer dollars. During the pandemic, one trillion dollars was stolen, with 70% going overseas. For example, in one Western state, unemployment insurance applications exceeded the number of adults. Romanian criminals used stolen funds to facilitate fraud schemes involving fentanyl and attempts to undermine our democracy. While 99% of public sector employees are honest, some exploit the system. Data and technology are crucial to identifying these individuals. Recent examples include a breach of a Medicaid system in a Western state, resulting in $50 million stolen in under four months. These aren't individual thieves, but organized criminal groups, both domestic and transnational.

Our financial systems are outdated, making it difficult to track trillions of dollars in transactions. Additionally, the lack of compatibility between different technological systems prevents us from sharing information within this building.

Transnational fraud rings, terrorist organizations, and even nation-states are being funded with taxpayer dollars. During the pandemic, one trillion dollars was stolen, with 70% going overseas. For example, one state had more unemployment claims than adults. Romanian criminals used stolen funds for fentanyl and to undermine our democracy. While most public servants are honest, some exploit the system. In one recent case, individuals stole $50 million from Medicaid in under four months. These aren't individual thefts, but organized criminal groups, both domestic and transnational, that we need data and technology to stop.

It is crucial to avoid being tracked by the system controlled by Mr. Global. The goal is to establish a fully digital system that can be centrally controlled. This would allow for limitations on money based on location and restrict what and when you can purchase. Additionally, it could enable taxation without consent and complete control over individuals. For instance, if a vaccine mandate is issued, disobedience could result in the suspension of financial transactions and access to assets.

According to estimates, an enormous amount of $2.3 trillion in transactions cannot be tracked. This staggering figure highlights the difficulty in monitoring such a vast sum of money.

Our government needs new incentives for bureaucracy to adapt and improve since they can't fail like individuals can. The technology revolution has changed private organizations, but our government is lagging behind. Our financial systems are outdated, unable to track trillions of dollars in transactions, and information sharing is hindered by incompatible technological systems.

We need to track who has been vaccinated and who hasn't, especially with upcoming vaccines that may require multiple shots. A robust digital infrastructure is crucial for healthcare in general and particularly during a pandemic. Unfortunately, many countries lack this infrastructure.

Banks like Santander, Deutsche Bank, and Royal Bank of Scotland are broke due to fractional reserve banking, allowing them to lend money they don't possess. This practice is a criminal scandal that has been ongoing for too long.

Our financial systems are outdated, hindering our progress. It is estimated that $2.3 trillion in transactions cannot be tracked. Additionally, we face challenges in sharing information within this building due to incompatible and inaccessible technological systems.

A lot of Americans' money has been stolen through fraud and improper payments. In one of my first hearings, we discovered criminals using social security numbers of dead people or people over 115 years old to get small business loans and steal money from federal programs. We need to work to fix these issues in our legislation, budgets, and appropriations. This is a bipartisan issue; we're addressing money being fraudulently used and stolen. The American people are being robbed blind through improper payments, fraud, and outdated systems. Some federal agencies hire third-party vendors to hold data instead of communicating within the government. We are currently $36 trillion in debt, and we can't afford to keep losing money this way.

Governments need to find incentives for bureaucracy to adapt and improve, unlike individuals or businesses that can fail and die. The technology revolution has transformed organizations in the private sector, but not the government. Our financial systems are outdated, with an estimated $2.3 trillion in untrackable transactions. Additionally, information cannot be shared within this building due to incompatible and inaccessible technological systems.

Our financial systems are outdated, hindering our progress. It is estimated that we are unable to trace $2.3 trillion in transactions. Additionally, the lack of compatibility between various technological systems prevents us from sharing information within this building.