My reference book is A Course on Mathematical Logic by S.M. Srivastava.
Not so long ago, MO linked me to a video of a conference by Voevodsky wherein he considered the possibility of arithmetic being inconsistent. Apparantly, there is no (known) proof of consistency for $\mathsf{PA}$ or for $\mathsf{ZF}$.
Yet, example 2.3.3 on page on page $20$ of said book claims $\mathbb{N}=\lbrace 0,1,2,\dots\rbrace$ (with the usual interpretations of $0,S,+,\times, \lt $) is a model for Peano Arithmetic, and Theorem 4.4.8 (Completeness theorem, second form) on page $63$ says "a theory $T$ is consistent iff it has a model".
Why is this not proof of the consistency of $\mathsf{PA}$? What am I misunderstanding here?
Adding to my confusion, on page $74$, Theorem 5.3.10 states that $\mathsf{PA}$ is consistent iff $\mathsf{ZF}-\mathsf{Axiom~of~Infinity}$ is consistent.
If the root of the problem is set theory, the pending question of the consistency of $\mathsf{ZF}$, how can any theory $T$ be given a model, i.e. a set with a collection of interpretations for constants, functions and relations?