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The boom, not the slump, is the right time for austerity at the Treasury.

John Maynard Keynes

Gold is a relic from a time when government’s were less trustworthy in these matters (currency debasement) than they are now.
JOHN MAYNARD KEYNES

Currency Gold Government Time Trust
I think that Capitalism, wisely managed, can probably be made more efficient for attaining economic ends than any alternative system yet in sight, but that in itself is in many ways extremely objectionable.
JOHN MAYNARD KEYNES

Capitalism Economy Extreme Manage Object Thinking Wisdom
If we consistently act on the optimistic hypothesis, this hypothesis will tend to be realised; whilst by acting on the pessimistic hypothesis we can keep ourselves for ever in the pit of want.
JOHN MAYNARD KEYNES

Act Consistent Optimism Realize
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 markets are moved by animal spirits, and not by reason.
JOHN MAYNARD KEYNES

Animal Market Move Reason Spirit
It is better that a man should tyrannize over his bank balance than over his fellow-citizens.
JOHN MAYNARD KEYNES

Balance Bank Better Citizenship Man
The avoidance of taxes is the only intellectual pursuit that still carries any reward.
JOHN MAYNARD KEYNES

Avoid Carry Intellectual Reward Tax
The love of money as a possession. Will be recognised for what it is, a somewhat disgusting morbidity.
JOHN MAYNARD KEYNES

Disgusting Love Money Possession Recognition
Long run is a misleading guide to current affairs. In the long run we are all dead.
JOHN MAYNARD KEYNES

Affair Death Guide
An investor who proposes to ignore near-term market fluctuations needs greater resources for safety and must not operate on so large a scale, if at all, with borrowed money.
JOHN MAYNARD KEYNES

Borrow Ignorance Investor Large Money Operate Propose Safety Scale
The expected never happens; it is the unexpected always.
JOHN MAYNARD KEYNES

Expectation Inspirational Miracle Motivational
The importance of money flows from it being a link between the present and the future.
JOHN MAYNARD KEYNES

Future Importance Money Present
All production is for the purpose of ultimately satisfying a consumer.
JOHN MAYNARD KEYNES

Consumer Purpose Satisfaction
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
The disruptive powers of excessive national fecundity may have played a greater part in bursting the bonds of convention than either the power of ideas or the errors of autocracy.
JOHN MAYNARD KEYNES

Error Excessive Ideas National Power
When the final result is expected to be a compromise, it is often prudent to start from an extreme position.
JOHN MAYNARD KEYNES

Compromise Expectation Final Position Result

The boom, not the slump, is the right time for austerity at the Treasury.

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The boom, not the slump, is the right time for austerity at the Treasury.

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