What is a higher-abstraction phase space? For me the natural interpretation would be something that encodes phase space in a smaller representation, but that is clearly not what you have in mind...

In any case, I don't see why positions and correlations between different particles shouldn't be considered "real", so that's arbitrary stacking of ownership brought down to earth.

In fact, wasn't subprime to a large degree about falsely claimed correlations? That is to say the derivatives implicitly assumed things that weren't true, or in other words secretly left reality behind.