Evidence Against Evidence Theory (?!)

This paper is concerned with the apparent greatest weakness of the Mathematical Theory of Evidence (MTE) of Shafer \cite{Shafer:76}, which has been strongly criticized by Wasserman \cite{Wasserman:92ijar} - the relationship to frequencies. Weaknesses of various proposals of probabilistic interpretation of MTE belief functions are demonstrated. A new frequency-based interpretation is presented overcoming various drawbacks of earlier interpretations.