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If you owe your bank manager a thousand pounds, you are at his mercy. If you owe him a million pounds, he is at your mercy.

John Maynard Keynes

Ideas, knowledge, art, hospitality, travel – these are things which should in their nature be international. But let goods be homespun whenever it is reasonably and conveniently possible and above all let finance be primarily national.
JOHN MAYNARD KEYNES

Art Finance Hospitality Ideas International Knowledge National Possible
Men will not always die quietly.
JOHN MAYNARD KEYNES

Death Man Quiet
It is investment, i.e. the increased production of material wealth in the shape of capital goods, which alone increases national wealth.
JOHN MAYNARD KEYNES

Capital Investment National Production Wealth
Investing is an activity of forecasting the yield over the life of the asset; speculation is the activity of forecasting the psychology of the market.
JOHN MAYNARD KEYNES

Forecast Investment Marketing Prediction Speculation
I find myself more and more relying for a solution of our problems on the invisible hand which I tried to eject from economic thinking twenty years ago.
JOHN MAYNARD KEYNES

Finding Hands Invisible Myself Solution Trying
It is ideas, not vested interests, which are dangerous for good or evil.
JOHN MAYNARD KEYNES

Dangerous Evil Goodness Ideas
The markets are moved by animal spirits, and not by reason.
JOHN MAYNARD KEYNES

Animal Market Move Reason Spirit
Practical men who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back.
JOHN MAYNARD KEYNES

Believe Economy Intellectual Man Myself Practice Quite Slave
I’d rather be vaguely right than precisely wrong.
JOHN MAYNARD KEYNES

Choice Myself Right Wrong
If farming were to be organised like the stock market, a farmer would sell his farm in the morning when it was raining, only to buy it back in the afternoon when the sun came out.
JOHN MAYNARD KEYNES

Change Farm Raining Season Stock Summer
But whilst there may be intrinsic reasons for the scarcity of land, there are no intrinsic reasons for the scarcity of capital.
JOHN MAYNARD KEYNES

Land Reason Scarcity
The key to selecting the winner isn’t choosing the face you think is the most beautiful but rather the face other people will pick
JOHN MAYNARD KEYNES

Face People Selection Thinking Winner
When I find new information I change my mind; What do you do?
JOHN MAYNARD KEYNES

Change Finding Information Mindset
If human nature felt no temptation to take a chance there might not be much investment merely as a result of cold calculation.
JOHN MAYNARD KEYNES

Calculation Human Nature Result Temptation
Pyramid-building, earthquakes, even wars may serve to increase wealth, if the education of our statesmen on the principles of the classical economics stands in the way of anything better.
JOHN MAYNARD KEYNES

Build Increase War Wealth
I believe that the future will learn more from the spirit of Gesell than from that of Marx .
JOHN MAYNARD KEYNES

Believe Future Learning Myself

If you owe your bank manager a thousand pounds, you are at his mercy. If you owe him a million pounds, he is at your mercy.

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If you owe your bank manager a thousand pounds, you are at his mercy. If you owe him a million pounds, he is at your mercy.

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