DUHEM-QUINE NOTE
The fracture’s central claim (“disclosed capex understates true forward commitment”)
is not itself falsifiable — it is already established as an accounting fact by the WSJ
footnote analysis. What is falsifiable, and therefore what this entry actually tracks, is
the follow-on claim that this financing structure produces observable financial stress
(restructuring, sustained negative FCF, credit events) within the stated windows. Any
auxiliary adjustment that explains away stress signals without new disclosed evidence
should be logged as Rescued, not Confirmed or Disconfirmed
The Ledger PDF can be downloaded.
