Description
About The Book : 1913 John had published his first book, Indian Currency and Finance. He was then appointed to the Royal Commission on Indian Currency and Finance – the same topic as his book – where Keynes showed considerable talent at applying economic theory to practical problems. The book is a 170-page “memorandum of complete grasp and mastery” narrating the early days of modern British and European, and, of course, Indian banking with maxims that apply to the Global Financial Crisis today, the year 2011 A.D.: “Everyone is reckoning in a crisis on everyone else.” “It is not the business of Government to hold any of the reserves the bankers ought to hold.” “The project [of a State Bank finally established on July 1, 1955] was smothered in the empty maxims of political wisdom.” “Intelligent amateurs who begin with the timidity of ignorance and leave office just when they are becoming properly secure of their ground”… running “one comic opera bank.” “The situation in its fundamentals has arisen before, so long as the relations of the House of Commons to India combine in a high degree responsibility and ignorance.
