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Friday, March 27, 2009

J Maynard Keynes Comments on the Current Crisis IV

I don’t know of any economist, who doesn’t believe that better functioning capital markets in which assets can be traded are a good idea.

Larry Summers 2009

Quite a few economists have reconsidered their favorable opinion of capital markets and asset trading in the light of the current crisis.

Paul Krugman 2009

Of the maxims of orthodox finance none, surely, is more anti-social than the fetish of liquidity, the doctrine that it is a positive virtue on the part of investment institutions to concentrate their resources upon the holding of “liquid” securities. It forgets that there is no such thing as liquidity of investment for the community as a whole.

J. Maynard Keynes 1937

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