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In truth, the gold standard is already a barbarous relic.

John Maynard Keynes

The duty of “saving” became nine-tenths of virtue and the growth of the cake the object of true religion.
JOHN MAYNARD KEYNES

Growth Object Religion Save True Virtue
Well, when I get new information, I rethink my position. What, sir, do you do with new information?
JOHN MAYNARD KEYNES

Information Myself Position Thinking Yourself
There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency.
JOHN MAYNARD KEYNES

Currency Existence Subtle Sure
Should government refrain from regulation (taxation), the worthlessness of the money becomes apparent and the fraud can no longer be concealed.
JOHN MAYNARD KEYNES

Government Hide Mistake Money
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
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
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

Bank Manager Mercy Rich Yourself
By a continuing process of inflation, government can confiscate, secretly and unobserved, an important part of the wealth of their citizens.
JOHN MAYNARD KEYNES

Citizenship Important Inflation Process Secret
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
It has been pointed out already that no knowledge of probabilities, less in degree than certainty, helps us to know what conclusions are true, and that there is no direct relation between the truth of a proposition and its probability. Probability begins and ends with probability.
JOHN MAYNARD KEYNES

Direct Knowledge Point Probability True
What an extraordinary episode in the economic progress of man that age was which came to an end in August, 1914!
JOHN MAYNARD KEYNES

Age Episode Man Progress
Perhaps it is historically true that no order of society ever perishes save by its own hand.
JOHN MAYNARD KEYNES

Hands History Save Society True
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
Nothing mattered except states of mind, chiefly our own.
JOHN MAYNARD KEYNES

Chief Exception Ourselves State
The glory of the nation you love is a desirable end, – but generally to be obtained at your neighbor’s expense.
JOHN MAYNARD KEYNES

Desire Glory Love Nation Yourself
The markets are moved by animal spirits, and not by reason.
JOHN MAYNARD KEYNES

Animal Market Move Reason Spirit

In truth, the gold standard is already a barbarous relic.

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In truth, the gold standard is already a barbarous relic.

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