Making Madoff Blush: How You’ve Been Deceived by The New World Incestuous Banking Scheme!

Example of financialization of assets (turning real assets such as real estate into a financing mechanism and cash [to pay for government pension benefits]):  Many cities are raising ad valorem taxes on real estate.  Why are real estate taxes raised on the people?   Answer:  to pay for unfunded pension funds for state and city [county] employees.  In other words turning real estate into a financing mechanism [financialization of real assets] for helping fund the underfunded pension plans in most states (Illinois the worst; and Chicago the worst city).  Why can they not cut pension benefits for government employees?

SEE:

Wall Street And The Financialization Of The Economy

 

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