John Maynard Keynes

John Maynard Keynes was a economist and a British mathematician born the June 5th 1883 with Cambridge and deceased the April 21st 1946 with Firle in the Sussex following its cardiac complications.

Its intellectual heritage extends from the social democrat to the liberal . He is the inspirer of the Keynésianisme, current of economic thinking whose followers retained in particular, among the richness of the analyzes of Keynes, his position in favor of the active intervention of the State at certain exact moments within the economy to ensure the full employment. This current is vigorously opposed to the neo-classic school and was dominating of 1945 until the Années 1970, even 1980 according to the countries. Keynes is recognized by a great number of the contemporary economists as being the largest economist of the 20th century.

Biography

The baron John Maynard Keynes was born in a family from academics. His/her father, John Neville Keynes, was reader with the Université of Cambridge and taught the Logique and the political economy. The mother of John Maynard, Florence Ada Brown, was an author with success and a pionnière of the social reforms.

This boy born of a middle-class family is described like a genius and morbid. With four years and half, he questions himself already on the nature of the interest; at six years, on the operation of its brain. It knew its letters and the arithmetic one before entering to the nursery school, and learned Latin, the Greek and the geometry as of the nine years age. It shows a certain talent in mathematics.

Studies

At seven years, it enters in Pfde School. Two years later, it enters with St Faith' S. With the years, it is shown very promising.

One year later, it integrates the college of Eton (Eton College) where he is a brilliant pupil who gains in 1899 and in 1900 the price of mathematics. In 1901, it finishes first in mathematics, Histoire and English. In 1902, it gains its place for the King' S College of Cambridge where it continues its studies of Mathématiques until in 1905. It belongs to it to the company of the Cambridge Apostles. After two years with the service of the British State where, second with the contest, it is affected with the Indian Office (ministry for India), it resumes his studies in Cambridge this time with new disciplines like the Histoire and the Logique. It is finally Alfred Marshall - one of the most famous economists neo-classic S of which he will be then the pupil - who convinces it to devote himself to the economy and he will know in Cambridge the best economists of sound époque : Henry Sidgwick, Edgeworth, Sraffa, Kahn, Bertil Ohlin, etc Another of its professors, neo-classic him also and to which he will be opposed then radically, is Arthur Cecil Pigou. He will hardly know other tradition in economic scene but will become itself teaching with the King' S College in 1909.

He is inspired much the economist Antoine de Montchrestien, one of the rare French which he admires with Montesquieu, and receives from sound father the taste for the controversy.

Course

The figure of John Maynard Keynes is complexe : extremely prolific author at the same time economist recognized by his pars and business man with the successful career, it will remain a long time university and will imply himself in the political evolution of the the United Kingdom. Keynes was endowed with an incredible intellectual energy and a surprising capacity of work, although it is morbid.

J. Mr. Keynes is made known general public with its publication the Economic consequences of peace in 1919 where he criticizes the Traité of Versailles. It was indeed representing British ministry for finances to the Conférence of the Peace of Paris and resigned three days before the signature of the treaty. In its lampoon, he denounces the weight of exorbitant repairs to which must face the Germany and predicted the ruin of the economy germanique ; he will again develop this subject in his work ugly Nouvelles on the consequences of peace ( The Revision off the Treaty , 1921). The German Hyper-inflation which will succeed the war will entirely confirm its theses. The critic most known of this work was Etienne Mantoux. Well before this book he writes in 1913 “ Indian currency and Finance ”, the best work English on the gold exchange standard, according to Schumpeter, which is worth a reputation to him to control as well the engineering problems as the political and human difficulties.

In 1921, Keynes publishes the Traité probabilities starting from work which it had completed between 1905 and 1908. Then member of the Liberal party since 1912, it writes many articles for the press which in is close, mainly the Manchester Guardian for which it will cover besides the international monetary Conférence of Genoa in 1922. Starting from the articles which it writes on this occasion, it will compose its Essai on the monetary reform (1923), critical of the traditional monetary theory where it preaches the abandonment of the system of the Gold Standard. When Winston Churchill, then Chancellor of the Exchequer, announces the return to the Gold Standard with the parity of pre-war period, Keynes written Economic consequences of Mr. Churchill (1925) where he predicts that this parity will be impossible to maintain, which will involve a world-wide crisis.

Keynes quickly becomes one of the most famous economists in the world and for this reason, he becomes financial adviser of the Crown and governor of the Banque of England.

In 1942, it is high with the row of Baron Keynes de Tilton .

At the time of the Agreements of Bretton Woods in 1944, it will lead the British delegation. It tries to put forward there the idea of a world currency, the Bancor, and of a supranational bank, which will be pushed back by the Americans (led by Harry White, under-secretary with Finances) anxious to place the dollar in the center of the Système international currency.

Private life

In its youth, Keynes meets Lytton Strachey and Leonard Woolf and enters to the Cambridge Apostles, a club of philosophical and social elite of which good number of members are homosexual. These three characters are also the cofounders of the group of Bloomsbury. In 1908, with London, it meets the painter Duncan Grant whereas it works within the governmental service managing the India. It was one of largest the loves of its life. Their relation was initially clandestine because Grant was then couples some with Lytton Strachey. Keynes and Grant separate a few years after but remain friendly all their life. Keynes Marie in 1925 with the Russian ballerina Lydia Lopokova (principal dancer of the company of the Russian Ballets of Serge Diaghilev) without never disavowing its homosexuality. It will not leave a descent.

His/her brother, Sir Geoffrey Keynes (1887 - 1982), was a brilliant surgeon, scholar and bibliophile. Its first nephew, Richard Keynes (born in 1919), is a physiologist and the second, Quentin Keynes (1921 - 2003), an adventurer and a bibliophile.

Keynes was a large collector of books and shared this passion with Friedrich Hayek, philosopher and economist Libéral with whom it maintained a strong friendship although they were in deep disagreement as regards economy. To preserve this friendship, they even had to be appropriate not to speak more about this subject together. Keynes joins together in its collection of many manuscripts of Isaac Newton concerning the Alchimie and the notes of John Conduitt. One of the last publications of Keynes was thus Newton, the Man ( Newton, The Man ) appeared for the tercentenary one of the birth of the physicist (1942) in the shape of article then in book in 1946.

Keynes dies the April 21st 1946 of a heart attack, its problems of heart being worsened following the workload which it must support at the time of the agreements of Bretton Woods and of the international financial problems of the Après-guerre. He knew an eminently happy life.

The thought of Keynes

Methodological and epistemological questions

Keynes had a made intellectual attitude of Réalisme, criticism and innovation. It was attached to the contemporary stakes, using concrete facts to pose a correct diagnosis, and a solid logic founded on principles and intuitions. Of all the economists come before or after him, except perhaps for Marx, Keynes had the the most developed epistemology and richest. What was worth the assistance with the conferences of Whitehead on the not-Euclidean Géométrie. It forged its design of science in contact with the largest English analytical philosophers such G.E. Moore, Ludwig Wittgenstein, Alfred North Whitehead and Bertrand Russell.

Its thorough direction of the observation brings to him justifying examples of the official Interventionnisme, of which it on the occasion to observe the possibility and the effectiveness at the time from both World wars and of the Grande Depression.

Economic scene

Keynes was paradoxical. It neither was very well formed as very concerned economist nor even of progress of the economic scene. Finally, it did not even make great case of the economy as a science, tending to consider that its higher capacity to provide theoretical justifications was an instrument of which it had the right to be used for to persuade the public to pursue the policies than its intuition indicated to him like the need for the moment, writing Hayek.

Keynes thinks, however, that to be an economist the setting in commune of several disciplines requires. He writes: the economist must be a mathematician, historian, politician and philosopher. He must simultaneously approach the abstraction and reality and study the present in the light of the past for the future without no aspect of the nature of the institutions escaping to him .

For the heterodoxy in economy

According to Schumpeter, one can almost say that he hated the Mathématiques, and he was not, for sure, a progressist as regards the analytical methods. In fact, according to Mooridge, it began with a intuition , then used all the formal and mathematical tools at its disposal to detail and prove this intuition, and it is not that if it did not reach that point that it tried to invent new instruments of analysis . He believed especially that the mathematisation did not exempt to have a moral science , which will lead it to its design of the economy as being a Art rather than a science. It critical as severely, as much on the technical plan as on the logical plan, the new econometric science , showing it inter alia denaturing the Logical intellectual of modeling while trying to anchor the model in the reality with concrete parameters.

He will write: “ too a much great part of recent work of mathematical economy consists of wild imaginings as vague as the basic assumptions on which this work rests, which makes it possible the author to lose sight of the fact complexities and the interdependences of the real-world, by being inserted in a maze of pretentious and useless symbols ” ( general Théorie of employment, interest and currency , 1936).

One finds at Keynes a great number of the characteristics of the economists hétérodoxes. It took account of the institutional framework , the history and the role of the Monnaie to study the economy. The To be able, the conflicts, the Répartition and the affects were in the middle of its economic analyzes. It was of an exemplary pragmatism. It calls into question the question of the methodological Individualisme by privileging the analysis in term of economic aggregate, which will have as a consequence the birth of the modern Macroéconomie. Its various books largely testify some.

Keynes and the temporal problem

“ In the long run we all will be died ”: this formula become famous is a sentence of Keynes, which indicates that to rely on the only mechanisms from market to leave the crisis can require an infinite patience. The analysis of Keynes rests on the explicit indifference which it expresses towards the long temporal horizon; thus, this analysis is by more effective construction in the short run than in the long run. This way of seeing was worth very quickly criticisms to him, which reproach him for example its “amnesia”.

This postulate court-termiste of Keynes disqualifies, for some, saving - only funding source of the durable Economic development and concept that one finds in his work - and glorifie the Consommation. It is nevertheless about a postulate which remains partial since in the general theory exists a chapter entitled note suscinte on the business cycles. This chapter of the final title leaves believe of Keynes in the cycles and thus in a dynamics and to a going beyond of the short term.

In mathematics

Apart from the economic scene, Keynes studied mathematics. In 1921, it published its Traité on the Probabilité , one of its most famous and successful writings. Bertrand Russell will say of this book that it was “with the top of any praise”. This book which contributed to this branch of mathematics mixed the analysis with the random phenomena and the Philosophie, supporting that the probabilities were more or less only intermediate values of truth between the simple truth and falseness.

It drew some inter alia the conclusion from the impossibility of the absolute in knowledge, as well as the distinction between truth and rationality; from where its preference towards what is possible rather than what is true. It also drew a methodology suitable from it for the knowledge, centered towards the action, of which one of the axioms the main thing is the emphase and the importance granted to the debate and the academic controversy.

Economic consequences of peace

In 1919, Keynes took part in the Conférence of the Peace of Paris as delegated British treasure and pled for a peace much more generous. However, Keynes does not finish the conference because he resigns three days before the signature of the treaty.

The same year, it publishes the Economic consequences of the peace which will quickly become a best-seller in the whole world. “ a chief of work ” which Schumpeter in this term summarizes: “the capitalism of let make this extraordinary episode returned the heart in 1914”. This book proves to be a fulminant lampoon against the peace agreements negotiated in 1919 with Paris.

In the economic consequences, it compared the Traité of Versailles with a “Carthaginian Paix”, by reference to the rigor of the peace treaty at the end of the Second Punic War. It criticizes there at the same time the unrealistic clauses of the treaty, the total lapse of memory of the economic dimension of the problem and the behavior of the main actors of this conference.

This book helped to consolidate the Public opinion American against the treaty and for their participation in the Société of the Nations (in which they finally did not take part). Perception by most of the British public that the Germany had been treated wrongfully in their turn was a crucial factor in the official support of the policy of appeasing in the Années 1930. The success of the book quickly will establish the reputation of Keynes like the principal economist of left and a celebrity.

In 1944, when Keynes was one of the main actors of the Accords of Bretton Woods, it remembered the lessons of Versailles as well as the Grande Depression. The Marshall plan after the Second world war was a system similar to that which he had proposed in the Economic consequences of peace . When with the agreements of Bretton Woods, it defends in one to premir time a specific postion with respect to the system of exchange. this postion allowed besides the discussion and the more elaborate result of agreement

The nature of employment, the interest and the currency

Circumstance of the theorization

During years 1920, Keynes discusses the great economic questions: the return of the Gold Standard, the fight against the Unemployment… etc, through its articles with the “Manchester Guardian” and with “The Nation” of which he is president. It does not obtain however the adhesion of the political officials; it appears to miss a economic Théorie integrated which is clean for him for contrebattre the bases of reasoning which support the analysts prévalentes economists and politicians of between two wars. In 1923 “ has Leaflet one Monetary Reform ” (booklet on the monetary reform) decides against the return of the Great Britain to the Gold Standard. It was the only one to defend this opinion. The “ Economic consequences of M.Churchill ” (1925) propose to finance great public works to reabsorb unemployment, even at the price of the budget deficit. In fact Keynes had tackled the policy of Déflation since 1927 and since then its standpoint affirment.
Ses proposals however still was not theoretically supported “ has treatise one Money ” (1930) represents a main effort for to work out a theory of money conceived like an overall theory of the economic process . In the “fundamental equations” of the value of the Monnaie developed in this work (not translated) Keynes frees already the investment from the constraint of the saving in order to justify the policies of great work; he recommends the action of the central bank in favor of the fall of the rates of intérêt.
Capital work appears in 1936: “General Theory of the m…”: in after its exit Keynes takes again service as to advise with the Treasury when the war burst. “How to country for the war” (1940) proposes new solutions with the financial problems of post-war period: it negotiates loans with the USA…. With this work, Keynes fills the vacuum which stagnates jusques there. And its point of view was not delayed any more to be essential everywhere.

Theories keynésiennes on the currency, employment and the interest

Interventionism

For reasons such as the durable balances of under-employment, work not being goods, it should not be considered that a job market exists, unemployment is not voluntary because it is not subjected to the will of the agents. Unemployment is a disordered state of the Capitalisme,… Keynes managed to establish a truth which he considers absolute: in an economy, the mechanism of the market alone is not enough. It does not call into question the effectiveness of the market but rather what it describes as old individualism. On this, he thus proposes a regulation of the liberal Capitalisme, the installation of a social justice, and proclaims the end of the Leave-to make. Briefly, Keynes wanted thus to contain its excesses, to compensate for its perverse effects even assisting it when it shows signs of breathlessness. And the whole of the policies which he proposes found the mixed economy or hybrid and the European Social model.

These proposals will find opponents quickly. One of the large economists, Friedrich Hayek written: “ competition can support a certain amount of regulation, but it could not be allied with planning insofar as we would like without ceasing it guiding the production effectively. And planning is not a remedy which, taken with small amounts, can produce results that one awaited from his total application. Competition and the centralized direction become very bad instruments if they are not complete; it is necessary to choose between the two to solve the same problem, and the mixture means that none of the two methods will be effective, and that the result will be worse than if one had been satisfied with one or other ”.

In addition, Keynes did not give birth to official interventionism. Already Charles Brook Dupont-White, French economist, had written in its Essai on the business acquaintances with the capital : “ humanity is better in the State than individuals; it purifies, because it rises, in this collective being ”. He is opposed to the Libéralisme because this last is, for him, the cause of the impoverishment of the workers. In spite of its interventionists proposals, Keynes forever rejetté the Capitalism; he declared enlightened middle-class. He even affirmed that the individualism is “the most powerful factor of improvement of the future”.

This dogma of the autorégulé market is recoverable in the works like “The end off the leave-to make” (“end of leave-making”) since 1926 and Traité on the currency , 1930 and general Théorie of employment, of the interest and the currency, 1936.

Political positions

Although one finds few Politique within the meaning of the art of management in his writings, J.M.Keynes takes many positions - through its writings and its decisions - on the political debates of its time and tries, with trusting its Pragmatisme, its Intuition, its direction of Persuasion and its intellectual abilities, to contribute to the Progrès and the Bien-être.

Remainder, if he declares enlightened Bourgeoisie, Keynes does not disavow the fact that he presents times like a Socialiste. Its identification partisane remains still prone to discussion. Conservative for the Marxist and Communist, crypto-communist for some Preserving, others place it in the medium: Progressist, Liberal Center, new liberal… all the intermediate positions that one allots to him does not remain. Gilles Dostaler proposes, to include/understand the political position of Keynes, to locate it in the context of the evolution of the policy of the Great Britain.

On the political Philosophy, Keynes insists on “ uncertainty vis-a-vis the future, the absence of determinism, ignorance. Like the man in the street, the decision maker is confronted with this reality. It there not of natural laws, of direction of the history, so that the actors have a big role to play. These actors, they are the decision makers, the statesmen who have the eye on the future distance and the politicians who have the nose stuck on the immediate problems. The psychological characters of the individuals who are in position to act on the events are of great importance in the history. It allots to the weakness statesmen and politicians, to their mediocrity, their stupidity and their prejudices, the social difficulties, policies and economic. The great men of State have as a task inter alia, to prevent the resolutions. … the statesman and the social thinker must fight so that is born the world characterized by the calm one, stability and the social progress, and by the compliance with rules, of conventions and the traditions . ”

On the questions of Inequality, Keynes explains why it is in fact intolerable to live in a company where the inequalities must dominate. For this reason partly, he proposes the intervention of the enlightened capacity , i.e. the official Interventionnisme, to cure it. It is in this logic that he does not disapprove the French revolution, which put an end to the relation subordination between serfs and lords.

On the Capitalism, he writes: I think that capitalism, wisely arranged, can be returned probably more efficient to reach the economic ends than any alternative system for the moment, but I think that this system was, of many regards, extremely criticizable .

Scientific heritage of Keynes

Principal concepts

Among the innovative concepts brought by Keynes, one will retain surtout :

those of the balance of under-employment where the Chômage is possible for a level given of the effective Demande ;
the absence of adjustment by the prices between demands and the supplies of employment in order to reabsorb the Unemployment. The adjustment is thus done by the quantités ;
a theory of the Currency founded on the preference for the Liquidity ;
the concept of marginal effectiveness of the Capital like explanation of the Investment, making investment the causes determining saving and disavowing of this fact the Loi of Say according to which any offer will find obligatorily a demande ;
law psychological fundamental which affirms that when the Revenu increases, the Consommation increases less than proportionally what amounts saying that the Propension to consume lies between 0 and 1. This property discovered by Keynes will be reformulated thereafter within the framework of the Théorie of the intertemporal choices.

These concepts accredited at the time the possibility of economic policies interventionists which would eliminate the recessions and would slow down the racings of the economy. The whole of these concepts constitutes a methodology and generated a new under-discipline of the economy called Macroéconomie.

Criticisms of Keynes

Criticisms of Keynes and the policies which it inspired always supported that one does not have no need to blame the capacity of the markets to adjust the offers with the requests to give an account of unemployment. Thus, according to Jacques Rueff, the public policies which subsidize it punish the recruiting by taxes or prohibit the full employment of the resources, in particular by imposing prices (New Deal) and minimum wages. Under these conditions, to increase the total request, a fortiori for the end products, is not that one dispatch temporary to turn these constraints which must raise the prices. Those, in particular the trade unions, which want to impose remunerations incompatible with the full employment will end up realizing some and to handle demand will not succeed in any more reabsorbing surplus.

The theorists of the “rational Anticipations” even showed that these policies could have effect only if they succeeded in with misleading the economic agents on the effects which they would have, in particular on the real interest rates and wages - and that independently of their sometimes unrealistic designs of uncertainty.

It is in the Années 1970 that the problem of the “Stagflation” - an increasing inflation without reduction of the Chômage, conjunction which she declared implicitly impossible - finally resulted in calling into question the macroeconomic approach of Keynes - from where, perhaps, the “Nobel Prize” of economy allotted in 1974 to interpretations of the economic situation of the Austrian type of Friedrich Hayek.

Logically, i.e. if one draws aside the circular explanations of the rise in the prices of the kind “inflation by the costs” (because these “costs” are themselves anything else only price ), the Stagflation can exist only if the request is simultaneously in surplus here, and at fault there ; one can thus give of it an account only if one leaves the “Macroéconomie” itself, which considers by assumption only one defect or a total surplus of the request. However, precisely, the Austrian critic of Keynes claims to refute the macroeconomic approach as a telle : for it, the disarrangements between offers and requests are inevitably local . This enables him to insist on the reaction to the monetary policy of the relative prices of the credits exchanged upstream of the Consommateur “in the production structure” like essential components the economic situation - for this reason, the concept of “inflation of the credits”, allowed in the Années 1980, is a first taking into account of this approach.

Then, these differences between the requests and the offers can be only the product of errors of forecast : if people envisaged perfectly the request for their services, they would never find with a demand lower (from where Sous-emploi) or stronger (from where rise of the prices) that they did not consider it. One finds a conclusion of the “rational Anticipations” but in an approach which adds a realistic analysis of the conditions to it in which people acquire information.

Indeed these errors there, the critics of the Macroéconomie affirm that the conjonctural policy can only the worsen by adding its own sources of uncertainty to those which the choices made on the markets generate.

- first of all it can be only blind, since by assumption it does not even seek to identify these specific disarrangements. How from of to expect whereas it distinguishes there moreover, as it should theoretically make it being “economic situation”, those which are due only to changes badly envisaged of the preferences and techniques, and that there would be in theory never place to compensate for by a handling of the request, a fortiori total?

- then, by centralizing the decisions apart from the markets, the macroeconomic policy concentrates the errors, which would be compensated partly differently, and diffuses them, to take again the expression even of Keynes,

“in a manner that not a man on a million is not able to include/understand. ”

For the Austrian analysis thus, the institutions which affect the total request, in particular the monopoly of emission of the currency, are the cause of the economic crises and financial avoidable and cannot produce remedy there. More generally, she affirms that the official planners cannot know the necessary information with the realization of their projects by the men but make on the contrary only distort its acquisition because they do not undergo the consequences of their choices whereas they deprive decision-making power to them only which would have truly interest to get information in an adequate way , those which will undergo them indeed.

These considerations, shared beyond the Austrian school - Milton Friedman as recognizes as one does not need central bank, inspired by the policies, in particular monetary, who claimed more to be foreseeable to regulate the economic situation.

These criticisms can be enriched by the contribution by an economist however former to Keynes, Frederic Bastiat, which shows that the obsession of employment and the short term tends to refuse the logic of progress and the productivité : indeed, according to logic keynésienne, the invention of a machine more effective than the man is bad for the economy because it involves the setting with the unemployment of workers and the fall of the effective Demande. However, the invention of machines is, according to the principle of productivity, in the middle of the process of Economic growth. Let us note in the passing which an attentive reading of Keynes encourages with the Protectionnisme even if on this point, the authors being claimed of Keynes do not hesitate to break with its excesses.

Future of the keynesianism

For as much, these criticisms did not ring the knell of the Keynésianisme ; the current keynésiens gave again with the initial letter of the General Théorie a new breath while insisting on the important role of uncertainty in the economy. Thus a new line of partage takes shape;: on a side those which think that it is possible to be based on the rationality of the actors to analyze the economy, other those which think, following the Post-keynésien S, which the radical uncertainty which sullies the human actions, including official (?), is too important to lead this project to good. In this direction, the post-keynésiens are less “interventionists” that those of the first generation but are quite as critical with respect to the capacity of the market to control itself, being based in particular on regular imbalances of the Financial markets and the regularity of the Financial crises, sign according to them of the incapacity of markets badly framed to manage uncertainty. That does not imply necessarily which the State intervenes with the direction running of the term since the regulation can be private - if the gone as together of the potential voluntary relations is by assumption alternate of the organization, the free gone as political standard includes any organization based on contracts.

The current currents Néo-keynésien S and new keynésiens are intermediate currents between the “traditional” keynesianism and the neo-classic school. One can also speak in a more general direction about the N.E.K: New economy keynésienne .

For as much, the impact of the thought keynésienne on the Economic policies tends to be reduced and of many economists forecast (or preach?) its future disappearance once she will have been refuted. Jacques Rueff speaks about “second dead about Keynes” in the years 1970. the purpose of that was to answer the idea that in the long run (vision refuted by Keynes) “we all will be Keynésiens”. of aillor Rueff was right mainly since only Joan Robinson remained faithful to the precept of the general Theory until the end.

Principal works

Only the principal works are taken again here:

1913 - the Currency and finances of India ( Indian Currency and Finance )
1919 - Economic consequences of peace ( The Economic Consequences off the Peace ) (English text), (French text)
1921 - Treated probabilities ( has Treatise one Probability )
1923 - the monetary Reform ( has Leaflet one Monetary Reform ) (French text)
1925 - Economic consequences of Mr. Churchill ( The Economic Consequences off Mr. Churchill )
1926 - End of the Leave-to make ( The End off Leave-To make )
1926 - Reflections on the franc and some other subjects (French text)
1930 - Treated on the currency ( has Treatise one Money )
1931 - Essais of persuasion (French text)
1936 - general Théorie of employment, the interest and the currency ( The General Theory off Employment, Interest and Money ) (French text)
1940 - How to Pay for the War: With radical plan for the Chancellor off the Exchequer

Appendices

Quotations

“Lénine would have declared that the best manner of destroying the capitalist system is to attack its Monnaie. Lenine was right well. It not in a more subtle, surer and more discrete way to reverse the existing order of the company there than to vitiate its currency. ”
“the theorists of the traditional school resemble Euclidean geometricians who, being in a nonEuclidean world and noting that makes some the straight lines which seem parallel are frequently cut, would reproach the lines their lack of straightness”).
At the time of its death, it declared: “I regret only one, that not to have drunk a champagne enough. ”

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