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The markets are moved by animal spirits, and not by reason.

John Maynard Keynes

Dangerous acts can be done safely in a community which thinks and feels rightly, which would be the way to hell if they were executed by those who think and feel wrongly.
JOHN MAYNARD KEYNES

Act Dangerous Feeling Hell Thinking Wrong
Nor should the argument seem strange that taxation may be so high as to defeat its object, and that, given sufficient time to gather the fruits, a reduction of taxation will run a better chance than an increase of balancing the budget.
JOHN MAYNARD KEYNES

Argument Balance Budget Defeat Fruit Object Strange
It is a good thing to make mistakes so long as you’re found out quickly.
JOHN MAYNARD KEYNES

Finding Goodness Mistake Quick Yourself
When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done.
JOHN MAYNARD KEYNES

Activity Country Development Job
The principle objectives in life are love, the creation and enjoyment if aesthetic experience, the pursuit of knowledge. Love comes a long way first.
JOHN MAYNARD KEYNES

Experience Knowledge Life Love Objective Principle
It’s not bringing in the new ideas that’s so hard; it’s getting rid of the old ones.
JOHN MAYNARD KEYNES

Hard Ideas Old Oneself
The engine which drives enterprise is not thrift, but profit.
JOHN MAYNARD KEYNES

Drive Profit Thrift
In the long run we are all dead.
JOHN MAYNARD KEYNES

Death Philosophy Wasted Time
The forces of the nineteenth century have run their course and are exhausted.
JOHN MAYNARD KEYNES

Course Exhaust Focus Run
The important thing for Government is not to do things which individuals are doing already, and to do them a little better or a little worse; but to do those things which at present are not done at all.
JOHN MAYNARD KEYNES

Better Government Important Individual Present Worst
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
The decadent international but individualistic capitalism in the hands of which we found ourselves after the war is not a success. It is not intelligent. It is not beautiful. It is not just. It is not virtuous. And it doesn’t deliver the goods.
JOHN MAYNARD KEYNES

Capital Deliver Goodness International Success Virtue War
The boom, not the slump, is the right time for austerity at the Treasury.
JOHN MAYNARD KEYNES

Right Time Treasure
The central principle of investment is to go contrary to the general opinion, on the grounds that if everyone agreed about its merits, the investment is inevitably too dear and therefore unattractive.
JOHN MAYNARD KEYNES

Attractive General Ground Investment Opinion Principle
Like all his type, Newton was wholly aloof from women.
JOHN MAYNARD KEYNES

Scientist Type Woman
One blames politicians, not for inconsistency but for obstinacy. They are the interpreters, not the masters, of our fate. It is their job, in fact, to register the fact accomplished.
JOHN MAYNARD KEYNES

Accomplishment Blame Fact Master Obstinate Politician

The markets are moved by animal spirits, and not by reason.

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The markets are moved by animal spirits, and not by reason.

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