Dear Reader,
Washington just got caught lying. Not about a policy. Not about a war. About $110 billion in savings that never existed.
The Government Accountability Office confirmed it. DOGE's infamous "Wall of Receipts" was riddled with errors, unverifiable claims, and contracts it never actually canceled. The agency could not document 96% of its claimed savings from canceled grants.
Inside today's issue:
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WHAT HAPPENED
The Department of Government Efficiency launched with a promise: slash federal waste and show Americans exactly where the savings came from. The "Wall of Receipts" website was the proof. Updated daily. Loudly promoted. Widely cited.
The GAO just called it fiction.
According to report GAO-26-108615, DOGE claimed $110.3 billion in savings from 29,591 contract, grant, and lease terminations as of July 7, 2026. The watchdog found that savings estimates were either incorrect or lacked supporting evidence. In one case, DOGE claimed $1.7 billion from a Pentagon health agency IT contract that was never actually terminated. In another, $27.4 billion in claimed savings was simply never executed.
DOGE concluded operations July 4 and did not respond to a single GAO information request.
The number that should stop you cold: DOGE also claimed $215 billion in total savings when you include categories beyond contracts and leases. Nearly two dollars of every three were unverifiable. Now ask yourself the question the mainstream press is not asking.
But first — our friend Porter Stansberry has been tracking something that connects directly to this story. Take a look:
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THE INVESTOR ANGLE
If a government agency can claim $110 billion in savings with no receipts, no documentation, and no consequences, what does that tell you about every other number Washington puts out?
The CPI. The debt ceiling math. The entitlement projections. The deficit forecasts. All of it comes from the same accounting culture that built DOGE's Wall of Receipts.
The Fed hiked rates to 3.75%-4.00% yesterday. Chairman Warsh called it necessary. The 10-year Treasury is now above 5% for the first time since 2007. Bond markets are doing the math Washington won't. When the debt numbers are fake and the deficit is real, the bond market eventually calls the bluff. It is calling it right now.
This is not an isolated scandal. It is a snapshot of an empire that has stopped counting. Hard assets do not have a Wall of Receipts. Gold does not revise its weight upward by 96%. That is the trade the bond market is forcing on investors who are paying attention.
Stay free.
Chris Carroll
Publisher, Freedom Financial News
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P.S. Every major energy transition in history has minted a new class of millionaires. The next one is already underway — and most investors are missing it. Get the full briefing here
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