What I mean by arbitrary is not that the category changes from asset to liability, but that which category it falls into does not in many cases, make sense.
Also, as most people know, just because the books balance in a double entry system does not mean the books are correct, the easiest way to cook them is recognizing income/assets/liabilities in the wrong manner.
If the Fed and the Government were audited and held to what a standard commercial entity was, then the Fed and the Politicians would all be in jail. For example the IOU in the Social Security “lock box” which is recognized in “accounting” as holding weight (i.e. it’s an offseting entry, but worthless).
And you seem to assume (in the face of history) that these folks are truth tellers. I take their balance sheet as a fabrication.
Great, which category in post #78 is arbitrary or proves your $14 trillion claim?
the easiest way to cook them is recognizing income/assets/liabilities in the wrong manner.
And that makes your $14 trillion claim correct?
If the Fed and the Government were audited
The Fed is audited, every year.
And you seem to assume (in the face of history) that these folks are truth tellers. I take their balance sheet as a fabrication.
So far, their batting average is higher than yours.