“A sound banker is not one who foresees danger and avoids it, but one who, when he is ruined, is ruined in a conventional way along with his fellows, so that no one can really blame him.”
- John Maynard Keynes, a British economist whose ideas have fundamentally affected the theory and practice of modern macroeconomics, and informed the economic policies of governments. He built on and greatly refined earlier work on the causes of business cycles, and is widely considered to be one of the founders of modern macroeconomics and the most influential economist of the 20th century. His ideas are the basis for the school of thought known as Keynesian economics, and its various offshoots.
This quote is from Keyne's essay, "The Consequences to the Banks of the Collapse of Money Values" that is part of a larger collection entitled, Essays in Persuasion (Aug. 1931).
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