LETTER: Banks partly to blame for economic crisis
Banks have funded the ANC’s irrational economic obsessions, so let them carry the can
In his letter headlined “Mobilise the FBI (https://www.businesslive.co.za/bd/opinion/letters/2020-02-05-letter-mobilise-the-fbi/)” (February 5), John Catsicas fails to acknowledge that John Maynard Keynes was consistently opposed to the gold standard.
When Winston Churchill buckled to pressure from the Bank of England and commercial bankers and in 1925 restored the gold standard at pre-war values, Keynes published an essay entitled “The Economic Consequences of Mr Churchill”, which rightly predicted a great depression. Churchill eventually conceded his blunder but typically blamed others, whereupon Keynes famously retorted that he would “rather trust a dead metal than a live politician”...
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