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Speaker 0 claims a "financial coup" began in 1997, re-engineering government by creating a debt trap. By 2015, there were $21 trillion in "undocumentable adjustments" in government financials. During the Kavanaugh hearings, Federal Accounting Standards Advisory Board Statement 56 was issued, allegedly allowing a secret group to move money out of financial disclosures, impacting 24 agencies and about 150 governmental entities, plus big banks and contractors. This makes US large-cap stock and bond market financials meaningless because a secret group can make anything go missing. Systemically important institutions are allegedly free to break the law, only needing to kick back profits to the Department of Justice. The central banking bureaucracy, especially the BIS, runs the debt and transaction system. The speaker identifies the Harvard Corporation as a major investment syndicate with a self-perpetuating board controlling a $50 billion+ endowment. US universities are now a terrible investment for parents because they are bloated and off track. The unipolar model failed because the US lacks a culture and human capital to manage it, and is not "agreement capable."

The federal government is overspending, with deficits hitting record highs due to wars, welfare, and interest on debt. Tax revenue is not keeping up with spending, leading to a ballooning national debt. Interest payments on debt are consuming a large portion of tax revenue, making the situation unsustainable. The government shows no signs of cutting spending, leading to predictions of inflation, defaults, and debt crises in the future. This financial Ponzi scheme could end in disaster if not addressed soon.

Speaker 0 introduces a campaign to cut government waste, specifying that deficit reduction requires cutting billions from valued programs, but eliminating pointless waste should be easy. Speaker 1 claims there has been a tremendous amount of waste and fraud in the government during the Biden administration, estimating federal government fraud at half a trillion dollars. The goal is to reduce this figure, saving taxpayer money by stopping spending on things that very few taxpayers would agree makes sense, such as transgender animal surgeries. Speaker 1 also questions why twenty million people who are definitely dead are mocked as alive in the Social Security database.

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.

This hearing of the Oversight Subcommittee on Doge will focus on bringing full transparency to waste, fraud, and abuse within the federal government. Our national debt is $36 trillion, and the compounding interest is growing out of control, projected to exceed our entire military budget. These interest payments don't serve Americans; they enslave us to those who own our debt, driving inflation and crippling small businesses. This debt results from Congress and elected administrations, betraying the American people. Unlike private businesses that depend on customer service and smart financial management, the federal government takes our tax dollars regardless of its performance. We must tackle this problem together, setting aside political theater. This subcommittee will fight the war on waste with President Trump, Elon Musk, and the Doge team, starting with improper payments in Medicaid and Medicare. The American people are watching.

The national debt is projected to reach $144 trillion in 30 years, causing concern about its impact on the economy. The US federal government is on an unsustainable fiscal path as the debt grows faster than the economy. Borrowing from future generations is worrisome, and it's crucial to prioritize fiscal sustainability sooner rather than later. Two important factors for American prosperity are the dynamic and innovative economy, which sets it apart from other countries, and the role of the United States as the leading voice in supporting and defending democracy and security arrangements globally. Politics does not influence the Federal Reserve's decisions on timing, as incorporating politics could lead to worse economic outcomes. The Federal Reserve values integrity and plans to maintain it.

This hearing aims to bring transparency to waste, fraud, and abuse within the federal government. Our national debt is $36 trillion, and the compounding interest is growing out of control. Interest payments will exceed our entire military budget. This debt enslaves Americans and drives inflation. It stems from Congress and elected administrations, betraying the American people. Doge, the Department of Government Efficiency, arose from this betrayal. Unlike private businesses, the federal government doesn't rely on customer service to earn income; it takes your money regardless. There are no consequences for failure or for the ever-growing national debt. We must tackle this issue together, setting aside political differences to save our nation. We will fight waste alongside President Trump, Elon Musk, and the Doge team, focusing on improper payments in programs like Medicaid and Medicare.

The Federal deficit is much larger than reported due to the way Biden's team hid student loan cancellations. The deficit for the previous fiscal year was $1.7 trillion, a 20% increase from the previous year. However, the actual increase was $600 billion, making the deficit $2 trillion. This puts the US on track to be $45 trillion in debt by 2033 and $144 trillion by 2053. Debt service, recessions, and wars further contribute to the deficit. Debt service costs are rising, recessions increase spending and decrease tax revenue, and wars add to the financial burden. With additional plans for global warming funds, corporate welfare, and welcoming illegal immigrants, the Treasury will continue to be looted until there are consequences.

The federal government isn't a company to dismantle. It requires constitutional adherence, not a Shark Tank takeover approach. The government is fat and hasn't been scrutinized in a century. An individual is willing to do this work for free, but isn't cutting enough. In private equity, when dealing with a broken company, you cut deep and fast, then rehire. He should cut 20% more. It's all fat and waste. You can't be surgically precise, you have to cut more because you don't know. We've never audited government for a hundred years.

In the exchange, Speaker 0 argues that a financial coup began policies that reduced health life expectancy, noting that to balance the budget without increasing retirement funding, one could extend retirement age or lower life expectancy, or both. Speaker 0 asserts that during the pandemic the operation was carried out by people who allegedly stole large sums of money, suggesting that the pandemic is connected to those alleged thefts. Speaker 1 responds, acknowledging the connection as “a great connection,” and the conversation continues to map how money moves through the U.S. financial system. Speaker 0 offers a simplified mechanism: every day, primary dealers working with the New York Federal Reserve borrow money by selling treasury bonds and bills to IRAs and pension funds. The pension funds buy treasury bonds, moving money into a Treasury account at the New York Fed, and then that money “disappears out the back door.” He references a 2017 study by Dr. Skidmore that documented 21 trillion dollars as missing, noting that at that moment the outstanding U.S. debt was 21 trillion. This leads to the question of whether the United States has too much debt or if there has been a large-scale bank robbery. Speaker 2 interjects that there is “Too much theft,” agreeing with the critical view of the system described. Speaker 0 reframes the issue by explaining that as a citizen, the pension fund you contributed to is not an asset but an IOU to yourself as a taxpayer, because the bonds have a call on all assets. He emphasizes that the bonds are an obligation tied to taxpayers, and questions what the Department of Defense would do if confronted with the disclosure that “we disappeared 20,000,000,000,000 of your money,” noting that the money disappeared from DOD accounts at the New York Fed and could have been sent to Basel, Switzerland, offshore, or elsewhere. The core argument centers on a sequence: the movement of funds from pension investments into Treasury securities, the apparent disappearance of those funds from the system, and the larger claim that a coordinated theft or misappropriation underpins national debt and policy decisions. Speaker 0 reiterates that, in this narrative, the DOD allegedly played a role in the disappearance of funds, framing the situation as one where money funded through pension accounts and Treasury bonds could be diverted or hidden, with the implication that such actions relate to the broader mechanisms of debt and national financial management.

The goal is to restore democracy by fixing the feedback loop between the people and the government. We can't have a democracy if the bureaucracy is in charge and unresponsive to the public's elected representatives. The bureaucracy has become an unconstitutional branch of government with too much power. We also need to address the $2 trillion deficit, which threatens to bankrupt the country. Interest payments on the national debt exceed the defense budget. It's essential to reduce federal expenses to keep America solvent. We've found odd instances of bureaucrats with modest salaries accumulating tens of millions in net worth. Basic controls are missing, leading to blank checks being issued without categorization or explanation. Payments are made to entities on the "do not pay" list. We need common-sense controls to ensure taxpayer dollars are spent wisely and to address issues like Social Security payments to 150-year-olds.

Twitter, at least, was breaking even and passing audits. The federal government, however, is losing trillions annually and failing its audits. Senator Collins mentioned giving the Navy billions for submarines, only to find out the money disappeared without any new submarines. This level of waste is enabled because they're accustomed to operating this way without accountability. As Milton Friedman said, money is most poorly spent when you're spending someone else's money on people you don't know, which perfectly describes the federal government's situation.

I didn't hear any mention of spending or national debt, which is concerning. We need to control spending to address broader issues. The national debt is a symptom of the nanny state, which consists of three parts: the entitlement state, the regulatory state, and the foreign policy nanny state. To tackle the entitlement state, we should attach work requirements to government aid. For the regulatory state, we need to reduce the number of federal bureaucrats and eliminate unconstitutional regulations. Lastly, we should implement zero-based budgeting for federal expenditures, including foreign aid. By dismantling these areas of unnecessary spending, we can effectively address the national debt and restore self-governance in the country. The focus should be on these root causes, as resolving them will lead to a healthier economy and civic responsibility.

I'm nearly convinced that our entire national debt of $36 trillion is due to fraud, abuse, and waste. A staggering $2.7 trillion was improperly sent overseas as Medicare and Medicaid payments. How is this even possible? Is there any part of our government that isn't defrauding the American people? We've barely scratched the surface of this audit, and it already seems the answer is no. It feels like every branch of government has been robbing Americans blind while we struggle to make ends meet. People are still freezing. I want to see arrests, and I want the names of those responsible revealed.

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.

Catherine Austin Fitz testifies before the District Court of Northern Netherlands, stating she is the publisher of the Saleri Report and former partner and board member of Dylann Reid, with prior role as assistant secretary of housing in the first Bush administration. She asserts that the pandemic represented an egregious misuse of healthcare policy to advance economic and political agendas, and she aims to explain the history behind this belief. She describes herself as an expert on the United States federal credit, federal budget, and financial mechanisms, and directs readers to missingmoney.salari.com for information alleging that $21,000,000,000,000 has gone missing from the federal government. Starting in 1998, Fitz says she became concerned that policy changes led to billions and then trillions of dollars disappearing from federal accounts. She cites a specific moment: the day before 9/11, Secretary of Defense Donald Rumsfeld announced that the Department of Defense was missing $2.3 trillion. She maintains that money continued to disappear, totaling $21 trillion by fiscal 2015. She recounts collaborating with Doctor Mark Skidmore of Michigan State University, who, after contacting her and reviewing federal financial statements, led his students to conduct a survey that increased political and governmental pressure to comply with financial management laws, particularly those requiring audited financial statements. Fitz contends that from fiscal 1998 to 2015 the federal government refused to obey laws requiring audited financial statements. In 2018, she asserts, the Federal Accounting Standards Advisory Board issued Statement 56, an administrative policy enabling the federal government to authorize “secret books,” resulting in what she views as essentially no meaningful financial disclosure since then. She references extensive documentation at missingmoney.saliri.com. She argues that balancing the budget and funding retirement systems is critical, warning that without such balance, “the only way they can balance the books is by lowering life expectancy,” a trend she says began in the late 1990s. Fitz recounts a 1997 meeting with leaders of top pension funds on her advisory board at Hamilton Securities Group, where she proposed reengineering federal finances to deliver wealth and sustain promised boomer-generation retirements. A CalPERS leader allegedly told her, “You don’t understand, it’s too late. They’ve given up on the country. They are moving all the money out starting in the fall.” She interprets a budget decision from 1995 as part of this shift and notes that, after deficits remained unresolved, policies were implemented to lower life expectancy in lower-income groups. She connects these themes to the 1999–2019 Jackson Hole gatherings and a 2019 plan from the BlackRock Investment Institute, prepared by a group of retired central bankers called the Going Direct Reset. Fitz describes Going Direct as a shift to central bank actions that inject money directly into the system, bypassing traditional reserve channels and buying securities from nondepository institutions. Following the September actions after the Going Direct meeting and the pandemic’s onset, she estimates direct injections of $5–6 trillion, which she asserts would ordinarily cause inflation but were offset by deflationary pandemic effects from lockdowns, which consolidated economic activity among large firms and reduced Main Street vitality. She cites that 35% of small businesses in the U.S. closed, up to 49% in San Francisco, and claims the era created hundreds of new billionaires. Fitz ties these events to a broader claim of a deliberate reengineering of government and society through health policy used to achieve economic and political ends, supported by misinformation. She urges the court to scrutinize the case for misuse of medical and scientific claims and to uphold the rule of law, arguing that the current trajectory harms populations in Europe and the United States.

Speaker 0 argues Republicans pretend to care about the debt yet vote for spending, noting they would "expand Social Security by a $100,000,000,000" while "Social Security's already gone bankrupt." He warns of a possible "sudden loss of confidence in the dollar" and cites debt costs: "a trillion dollars a year" in interest (18% of tax revenue). He says Democrats rely on "modern monetary theory" while Republicans "pretend to care" but keep spending. His cure is the "penny plan"—freeze, then 1% cuts, then a "6% cut of everything" across the board, with means testing for Social Security/Medicare and a gradual retirement age to 70. He criticizes the "$500,000,000,000" "not so beautiful bill" and backs a "rescission package" to roll back existing approvals, e.g., capping Obamacare expansion and shifting Medicaid costs to the states, saving about $1 trillion over ten years. He outlines three scenarios: deflation, domestic unrest, and war, and notes currencies, gold, and crypto havens. He praises Elon Musk; Mille could not run for president because he was born in Argentina.

People are losing security clearances and government contracts, but this is not enough. Dr. Fauci is responsible for the death of millions, and merely losing his job is insufficient. USAID is funding a radical Marxist agenda globally, and business loans are being given to children. Social Security and Medicare payments are being sent overseas and to dead people, including 50-year-olds. No one has been held accountable for any of this.

Speaker 0 presents a sequence of large-scale financial figures: - From 1998 to 2015, undocumentable adjustments at DOD and HUD amount to 21 trillion. - Bailouts between 2008 and 2012 amount to 29 trillion. - Adding 21 trillion and 29 trillion yields 50 trillion. - Going direct injections after the going direct reset began in 2019 during the pandemic amount to another 5 trillion, bringing the total to 55 trillion, not counting quantitative easing. - He concludes, “we don't have a financial problem. We have a bank robbery.” - He notes that in the annual wrap-up, a new chart was created and released on social media showing the numbers.

The speaker outlines several policy and oversight actions within HUD and related agencies. First, they assert that non-permanent residents are no longer eligible for FHA insured mortgages, and that public housing authorities are being audited to ensure taxpayer dollars do not support illegal aliens, insisting that “American dollars should benefit American citizens and American citizens only.” Despite these emphasis on restricting benefits, the speaker notes that HUD previously provided a pathway for home ownership and supported housing affordability for more than 1,000,000 Americans through FHA and Ginnie Mae, highlighting the agency’s impact in expanding access to housing and affordability. On stewardship and accountability, the speaker emphasizes a strong focus on cracking down on waste and fraud and abuse. They cite findings from the office of the chief financial officer (CFO) regarding potential financial issues: more than $5,000,000,000 in potential payment errors and over $50,000,000,000 in total rental assistance for fiscal year 2024. They also point to a specific problem within that broader amount: money that went to nearly 30,000 dead people. The speaker characterizes these financial findings as ludicrous and unacceptable, stating that such issues are a violation of the sacred trust with American taxpayers. They assert that the problem “has to end, and it will,” signaling a firm commitment to ending waste, fraud, and abuse and to restoring confidence in the management of housing programs and related federal dollars.

We've found some odd things, like bureaucrats with modest salaries somehow accumulating millions while in their positions. It makes you wonder where that money comes from. It seems taxpayers are footing the bill for this wealth. Basic controls that any company would have are missing at Treasury, like payment categorization codes or comments explaining payments. The "do not pay" list, meant for terrorists and fraudsters, takes up to a year to get on and isn't even used. Departments fail audits because of these missing controls. It boils down to complaint minimization. Approving all payments avoids complaints, even from fraudsters. But we need to complain when money is misspent and demand taxpayer dollars are used wisely. It's just common sense. We even see people claiming Social Security who are 50 years old!

Twitter, at least, was breaking even and passing audits. The federal government, however, loses $2 trillion a year and fails its audits. For example, Senator Collins mentioned giving the Navy $12 billion for submarines, but they got no extra submarines, and the Navy couldn't account for the money. It's like, only the federal government could get away with this level of waste because they've been doing it for so long and have become accustomed to it. As Milton Friedman said, money is most poorly spent when you're spending someone else's money on people you don't know, which is exactly what the federal government does.

Speaker 0 argues Republicans pretend to care about the debt but vote for all the spending: "We're gonna expand Social Security by a $100,000,000,000." "Social Security's already going bankrupt." He warns of "cataclysmic" events and a possible loss of confidence in the dollar. Speaker 1 adds: "The US right now is paying a trillion dollars a year just for the interest on its debt, which is about $36,000,000,000,000." They discuss three scenarios—"deflating the currency," "domestic unrest," and "war"—and a possible bond-market collapse. The plan: a "penny plan"—"1% cut" rising to a 6% across-the-board reduction, with "means testing," raising the Social Security/Medicare age, and capping Obamacare expansion by shifting Medicaid costs to the states. He praises Elon Musk and opposes ending legal immigration as "morons."

The American people are sick of the lies, cheating, and spending. We're seeing the climax of living beyond our means, fueled by the dollar's reserve currency status. The country is bankrupt, morally and financially, with moral bankruptcy leading to abuse of power. Some in Congress want to cut back spending, but there are loopholes. Congress is not doing its job by passing appropriation bills. Trump is asking Republicans to vote for a bill that largely maintains current spending levels, with an additional $8 billion for military spending. They are always trying to kick the can down the road, they are not cutting spending. The whole system is massive, abused, and immoral. It's going to take some time to fix this issue.