Beware Accountants Bearing Financial Gifts...

J.M. Hamilton Blog — Sat, 11 Feb 2012 13:31:57 GMT

“Uncertainty tends to turn long-term investment into short-term speculation. Denial of the need to guard against uncertainty allows what Keynes called 'financial circulation' to expand exponentially at the expense of 'industrial circulation.' 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. 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.”

- - Robert Skidelsky, from the book, Keynes - The Return of the Master

http://blog.jmhamiltonpublishing.com/2012/02/03/london-calling.aspx

BLOG.JMHAMILTONPUBLISHING.COM

Beware Accountants Bearing Financial Gifts...