Earlier this month we ran a graphic that showed how the city of Fresno, California, had less than a day of cash flow on hand, a perilously low amount. Someone asked for some context -- why is this the situation -- and our friend, Bryan Jones of the city of Carlsbad, provided these graphics showing the growth in the land area of the city over time. 

While we fully understand that correlation is not causation -- particularly in such a complex situation --the observations fit precisely with the mechanisms we have described in the Growth Ponzi Scheme.

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Fresno in 1897

Fresno in 1909

Fresno in 1922

Fresno in 1934

Fresno in 1946Fresno in 1958

Fresno in 1970

Fresno in 1983

Fresno in 1995

Fresno in 2010