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

John Maynard Keynes

A speculator is one who runs risks of which he is aware and an investor is one who runs risks of which he is unaware.
JOHN MAYNARD KEYNES

Aware Himself Investor Risk Run
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 ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is generally understood. Indeed, the world is ruled by little else.
JOHN MAYNARD KEYNES

Easy Economist Ideas Politics Rule World
The division of the spoils between the victors will also provide employment for a powerful office, whose doorsteps the greedy adventurers and jealous concession hunters of twenty or thirty nations will crowd and defile.
JOHN MAYNARD KEYNES

Crowd Division Employment Nation Provide Spoil
For my own part, I believe that there is social and psychological justification for significant inequalities of incomes and wealth.
JOHN MAYNARD KEYNES

Believe Income Justification Social Wealth
I’d rather be vaguely right than precisely wrong.
JOHN MAYNARD KEYNES

Choice Myself Right Wrong
The destruction of the inducement to invest by an excessive liquidity-preference was the outstanding evil, the prime impediment to the growth of wealth, in the ancient and medieval worlds.
JOHN MAYNARD KEYNES

Destruction Growth Investment Liquid World
I work for a Government I despise for ends I think criminal.
JOHN MAYNARD KEYNES

Crime End Government Myself Work
The introduction of a substantial Government transfer tax on all transactions might prove the most serviceable reform available,with a view to mitigating the predominance of speculation in the United States.
JOHN MAYNARD KEYNES

Government Introduction Speculation Transaction
There is no harm in being sometimes wrong – especially if one is promptly found out.
JOHN MAYNARD KEYNES

Finding Harm Oneself Wrong
I was suffering from my chronic delusion that one good share is safer than ten bad ones, and I am always forgetting that hardly anyone else shares this particular delusion.
JOHN MAYNARD KEYNES

Delusion Forget Goodness Suffering
It is the long-term investor, who will in practice come in for the most criticism… For it is the essence of his behavior that he should be eccentric, unconventional, and rash in the eyes of average opinion.
JOHN MAYNARD KEYNES

Essence Investor Opinion Practice Willing
In truth, the gold standard is already a barbarous relic.
JOHN MAYNARD KEYNES

Gold Standard Truth
The Economic Problem, the problem of want and poverty and the economic struggle between classes and nations, is nothing but a frightful muddle, a transitory and unnecessary muddle.
JOHN MAYNARD KEYNES

Economics Nation Necessary Poverty Problem Struggle
Experience shows that what happens is always the thing against which one has not made provision in advance.
JOHN MAYNARD KEYNES

Advance Experience Provision
Investment based on genuine long-term expectations is so difficult today as to be scarcely practicable.
JOHN MAYNARD KEYNES

Difficult Expectation Investment Scarce

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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