The VCM was argued by the Vienna Circle. Their objective was to proove that scientific knowledge was true and valuable. They would argue against the people who said "there is as much truth in a poem as in a formula" by stating, no the poem does not adhere to VCM however the formula does. Therefore we can make no statement about the truth value of the poem and must leave commentary about it to our aesthetics, however the formula does satisfy VCM and therefore is true and has value.

As wyv points out VCM is not VCM verifiable. I think the logical problem is of the same class as Russells Paradox but don't hold me to that.

It is intersting to note that Kurt Goedel was a member of the Vienna Circle. His most famous work delt with verifiability of propositions within logical systems.