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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

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John Maynard Keynes
Age: 62 †
Born: 1883
Born: June 5
Died: 1946
Died: April 21
Businessperson
Diplomat
Economist
Mathematician
Non-Fiction Writer
Philosopher
Politician
Professor
Lord Keynes
Baron Keynes of Tilton
Gold
Philosophy
Debasement
Less
Relic
Political
Relics
Government
Trustworthy
Matter
Currency
Time
Economics
Matters

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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.
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The right remedy for the trade cycle is not to be found in abolishing booms and thus keeping us permanently in a semi-slump but in abolishing slumps and thus keeping us permanently in a quasi-boom.
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It is astonishing what foolish things one can temporarily believe if one thinks too long alone, particularly in economics.
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This long run is a misleading guide to current affairs. In the long run we are all dead. Economists set themselves too easy, too useless a task if in tempestuous seasons they can only tell us that when the storm is long past the ocean is flat again.
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I am sure that the power of vested interests is vastly exaggerated compared with the gradual encroachment of ideas.
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They offer me neither food nor drink - intellectual nor spiritual consolation... [Conservatism] leads nowhere it satisfies no ideal it conforms to no intellectual standard, it is not safe, or calculated to preserve from the spoilers that degree of civilization which we have already attained.
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The markets are moved by animal spirits, and not by reason.
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I expect to see the State, which is in a position to calculate the marginal efficiency of capital-goods on long views and on the basis of the general social advantage, taking an ever greater responsibility for directly organizing investments.
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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?
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The central principle of investment is to go contrary to the general opinion, on the grounds that if everyone agreed about its merits, the investment is inevitably too dear and therefore unattractive.
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