Markets Can Remain Irrational Longer Than You

By This Means (fractional Reserve Banking) Government May Secretly And Unobserved, Confiscate The Wealth Of The People, And Not One Man In A Million Will Detect The Theft.

A Sound Banker, Alas, Is Not One Who Foresees Danger And Avoids It, But One Who, When He Is Ruined, Is Ruined In A Conventional And Orthodox Way Along With His Fellows, So That No One Can Really Blame Him. It Is Necessarily Part Of The Business Of A Banker To Maintain Appearances, And To Confess A Conventional Respectability, Which Is More Than Human. Life-long Practices Of This Kind Make Them The Most Romantic And The Least Realistic Of Men.

When The Accumulation Of Wealth Is No Longer Of High Social Importance, There Will Be Great Changes In The Code Of Morals. We Shall Be Able To Rid Ourselves Of Many Of The Pseudo-moral Principles Which Have Hag-ridden Us For Two Hundred Years, By Which We Have Exulted Some Of The Most Distasteful Of Human Qualities Into The Highest Virtues.

We Will Not Have Any More Crashes In Our Time.

I Conceive, Therefore, That A Somewhat Comprehensive Socialisation Of Investment Will Prove The Means Of Securing An Approximation To Full Employment.