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There is nothing so disastrous as a rational investment policy in an irrational world.

John Maynard Keynes

When the accumulation of wealth is no longer of high social importance, there will be great changes in the code of morals.
JOHN MAYNARD KEYNES

Change Code Greatness Importance Moral Social Wealth
The study of economics does not seem to require any specialised gifts of an unusually high order.
JOHN MAYNARD KEYNES

Economics Gift Order Special Study
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
In truth, the gold standard is already a barbarous relic.
JOHN MAYNARD KEYNES

Gold Standard Truth
Economists must leave to Adam Smith alone the glory of the Quarto, must pluck the day, fling pamphlets into the wind, write always sub specie temporis , and achieve immortality by accident, if at all.
JOHN MAYNARD KEYNES

Accident Achievement Economist Immortal Writing
But my lord, when we addressed this issue a few years ago, didn’t you argue the other side?” He said, “That’s true, but when I get more evidence I sometimes change my mind. What do you do?
JOHN MAYNARD KEYNES

Address Change Evidence Mindset
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 friends of gold will have to be extremely wise and moderate if they are to avoid a revolution.
JOHN MAYNARD KEYNES

Avoid Friendship Gold Revolution Wisdom
When the facts change, I change my mind.
JOHN MAYNARD KEYNES

Change Fact Inspirational Mindset Myself Open
All the political parties alike have their origins in past ideas and not in new ideas and none more conspicuously so than the Marxists .
JOHN MAYNARD KEYNES

Ideas Origin Party Politics
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
Long run is a misleading guide to current affairs. In the long run we are all dead.
JOHN MAYNARD KEYNES

Affair Death Guide
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
It is ideas, not vested interests, which are dangerous for good or evil.
JOHN MAYNARD KEYNES

Dangerous Evil Goodness Ideas
The biggest problem is not to let people accept new ideas, but to let them forget the old ones.
JOHN MAYNARD KEYNES

Acceptance Big Forget Ideas Old People Problem
Like all his type, Newton was wholly aloof from women.
JOHN MAYNARD KEYNES

Scientist Type Woman

There is nothing so disastrous as a rational investment policy in an irrational world.

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There is nothing so disastrous as a rational investment policy in an irrational world.

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