Yes, you got it completely wrong. Our brains do not record facts per se, but the ability to imperfectly recognize our individual perceptions, thoughts, and actions. The brains capacity is effectively unlimited in this regard. There is no "running out of room for facts." We are specifically incapable of "recording" like cameras or microphones with today's storage media "record." Our brains don't work that way.
When everything we perceive, think about, or do is recognized and boring we may possibly disattend and cease to learn any more. So, possibly, we would lose the motivation to teach future generations or the people who failed to recognize everything as boring.
What you refer to as "lies" are what I call "conversational" lies and what some people in Philosophy call "folk" lies, but there is a much more damaging kind of lie where intent is not provable, suspected, or otherwise talked about. These are fiat lies. My definition of a "lie" can included suspected lies and "lies" where the intent to lie by the person lying is not there. He is simply believing and repeating the lies of others. Or he has decided something is true which is a fallacy. The science says we all lie, all the time, to somebody because of the way our brains work (having nothing to do with language but everything to do with the fact that we do not "record" facts) and consequently the way our natural language (English, Russian, Chinese, etc) work to accurately reflect the "recognition knowledge" that we have implicitly recorded in our brains. (See the book "The Deep Learning Revolution" by Sejnowski).
Fiat lies are much much worse than conversational lies that we as individuals may spot from time to time and impune or discuss (in natural language) their intentionality to deceive for some motivation.
The proof of the difference is that it can be directly observed by any human fluent in any human natural language, that given the right verbal context (so called "framing"), any sentence can be a lie. Here is what truth is to a human being like ourselves:
Here is the formal, incredibly simple, definition of "recognition" and how our brains actually "record" what we perceive, think, and do. Its successful engineering implementation in modern electronics is the "deep learning revolution" Sejnowski teaches in his book.
