The friends of gold will have to be extremely wise and moderate if they are to avoid a revolution

The friends of gold will have to be extremely wise and moderate if they are to avoid a revolution

In the context of John Maynard Keynes, the statement "The friends of gold will have to be extremely wise and moderate if they are to avoid a revolution" holds significant meaning. Keynes was a renowned economist who played a crucial role in shaping economic policies during the early 20th century. He was a strong advocate for government intervention in the economy to combat economic downturns and promote growth.

Keynes was critical of the gold standard, which was a monetary system where the value of a country's currency was directly linked to a specific amount of gold. He believed that the gold standard constrained economic growth and stability by limiting the ability of governments to adjust their monetary policies in response to changing economic conditions. Keynes argued that adherence to the gold standard could lead to deflation, unemployment, and economic stagnation.