Reality constructed from feelings
October 19, 2016 § 64 Comments
The financial state of any institution is defined, as a matter of knowledge, by its balance sheet. An institution obviously has an objective financial state in reality whether or not there is a balance sheet. But without a balance sheet or its equivalent, the financial state of an institution is not known.
There is no balance sheet for the United States government: it does not exist and has never existed.
Furthermore, there is not even a coherent conceptual framework from which to define a balance sheet for the USG, let alone collect the data, let alone produce the actual report.
Therefore, confident statements about the financial state of USG are expressions of the speaker’s feelings, not statements of known or even knowable fact.
Providing historical examples of sovereign financial crises and financial prosperity does not address this point: it conflates epistemology with ontology, understanding of reality with reality itself.
 Understanding how this is changing and why is also crucial, of course.