Nonsense from Meeker

I won't comment on the rest of Meeker's presentation (which was fine but banal--how did Meeker manage to do so well while Blodget flamed out??) but I will draw attention to this slide on America's income statement:



I'm not picking on Meeker here, it is normal and natural to think about a currency issuer's finances the same way one of think of a household if that's the frame supplied by the community of interpretation (to use a Stanley Fish phrase). So, ignore the stock flow inconsistency etc. of the slide and reflect on the fact that, quibbles aside, there's nothing here that Paul Krugman wouldn't sagely nod his head at.