Nothing is more emblematic of the real effects of the financial contraction cycle than the latest proposal by the Arizona government to sell their own government buildings.
In a monetary contraction, real wealth, starting with real estate, is vacuumed up by the financial elite. As I have detailed elsewhere, that is exactly the purpose and function of monetary contractions: a well-executed plan by the wealthy to gather more wealth. Normal people lose their possessions by going into debt during the credit run-up. Arizona is proving it can happen to governments too.
Living beyond your means, relying on the bankers to bridge your budget with their loans, this is the mechanism of slavery. A sale/lease-back such as Arizona is proposing is just a loan by another name, as they try to sneak around legal limits on their ability to get loans.
Thank you, Arizona, for making the process of wealth contract by bankers at teh expense of the people so obvious and notorious.
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