The Government's Cooked Books - Jacob Shreffler - Mises Institute

The Government's Cooked Books - Jacob Shreffler - Mises Institute: "For example, if I write myself a signed and sealed letter saying that I owe myself $1,000,000 by next year, that letter does not constitute a contract, a credit instrument, or any legal claim whatsoever. I cannot reasonably claim that I'm managing a million-dollar asset. It cannot properly be placed on my balance sheet as an asset or a liability. Yet the United States handles its accounts in just this way."