2012-02-11T23:59:16Zhttp://blog.jmhamiltonpublishing.com/atom.aspxQuick Blogcasttag:blog.jmhamiltonpublishing.com,2012-02-11:9f6ca638-ab6b-47f6-84d9-6dde5223cb8fJ.M. Hamilton Blog2012-02-11T13:31:57Z2012-02-11T13:31:57Z<p><font style="font-size: 22pt; line-height: 115%;" color="#002060"><font style="font-size: 13px;"></font><br></font></p><p><font style="font-size: 22pt; line-height: 115%;" color="#002060">“Uncertainty tends to turn long-term investment into short-term speculation.<font>&nbsp; </font>Denial of the need to guard against uncertainty allows what Keynes called 'financial circulation' to expand exponentially at the expense of 'industrial circulation.'<font>&nbsp; </font></font><font style="font-size: 22pt; line-height: 115%;" color="#c00000">This has been happening everywhere -- but notably in the UK, where the financial system has become master, not servant, of production, the royal road to paper wealth. </font><font style="font-size: 22pt; line-height: 115%;" color="#002060"><font>&nbsp;</font>Any reform or our present system will require restricting the role of finance, and adopting a highly skeptical attitude to the claims made on behalf of financial engineering.”</font></p> <p style="text-indent: -0.25in;"><font color="#000000"><b><font style="font-size: 22pt; line-height: 115%;" color="#002060"><font>-<font style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7pt; line-height: normal; font-size-adjust: none; font-stretch: normal; -moz-font-feature-settings: normal; -moz-font-language-override: normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 22pt; line-height: 115%;" color="#002060">- Robert Skidelsky, from the book, Keynes - The Return of the Master </font></b></font></p><br><p><font style="font-size: 14pt; line-height: 115%;" color="#002060">&nbsp;</font></p> <p><b><font color="#c00000"><a href="http://blog.jmhamiltonpublishing.com/2012/02/03/london-calling.aspx"><font color="#c00000">http://blog.jmhamiltonpublishing.com/2012/02/03/london-calling.aspx</font></a></font></b></p><br><font style="font-size: 13px;"></font>