After exhausting all their economic resources to survive the severe famine, the Egyptian people face absolute destitution. In their desperation, they approach Joseph to negotiate a final survival tactic, offering the only things they have left: their land and their own bodies. The exact timeline of this encounter is a matter of significant discussion. One tradition suggests it took place during the second year of the famine itself. According to this view, the famine had miraculously ceased the moment Jacob arrived in Egypt, bringing blessing with him, and only returned to ravage the land after his passing [רש״י, הטור הארוך, רבנו בחיי].
However, other commentators reject this approach, arguing that a temporary pause in the starvation would cast doubt on the accuracy of Joseph's initial dream interpretation, which predicted seven consecutive years of famine. Instead, they explain the timeline practically. The Egyptians' cash reserves lasted for five years, and during the sixth year, they bartered their livestock for food. Therefore, this encounter occurs during the second year since their money ran out, making it the seventh and final year of the famine [רמב״ן, ספורנו, שד״ל, ביאור יש״ר]. Other perspectives suggest it was the second year since Jacob's arrival, which would be the fourth year of the famine [חזקוני, רמב״ן בשם ראב״ע], or simply the literal second year of the famine overall [העמק דבר].
When presenting their plea to Joseph, the Egyptians declare that they are hiding nothing from him. They want to make it absolutely clear that they are not concealing secret wealth to avoid payment, nor are they merely pretending to be poor to beg for charity; they are genuinely penniless [שד״ל, ביאור יש״ר, אור החיים]. They state that their money is completely gone. While their phrasing initially sounds conditional, the primary approach among commentators is that they are stating a definitive fact: since the money is gone, they must find another way to pay [רש״י, גור אריה, שפתי חכמים, דברי דוד]. Conversely, some explain that the statement was indeed conditional. Because Joseph controlled the exchange rates for grain and silver, the citizens did not know their exact account balances. They were effectively saying that if their funds were truly depleted according to his ledgers, they needed a new arrangement [הכתב והקבלה, תולדות יצחק, העמק דבר].
They emphasize that their wealth had been transferred to Joseph entirely and absolutely, rather than merely ceasing to exist [מלבי״ם]. Furthermore, all the livestock that had previously served as collateral or currency had now passed into Joseph's exclusive ownership [אור החיים, מזרחי, דברי דוד].
With nothing left but their own physical bodies and empty fields [רש״י, מזרחי], the Egyptians recognize that the famine continues to ravage them even after they have surrendered all their possessions. They conclude that their only chance of survival is to become the direct, personal property of Pharaoh. They hope that by attaching themselves to the king and bearing his name, Pharaoh's good fortune and success will extend to them, shielding them from death and coaxing the barren earth to finally yield crops under his royal protection [מלבי״ם].