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America’s Growth Ponzi Scheme
May 18, 2020 /
In the decades that followed, we have grown to understand that the underlying financing mechanisms of the suburban era operate like a classic pyramid scheme, with ever-increasing rates of growth necessary to sustain the accumulation of long-term liabilities.
“Over a life cycle, a city frequently receives just a dime or two of revenue for each dollar of liability, a ridiculously low level of financial productivity.”
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