chapter  7
Pages 26

This chapter shows how Keynes the economist arrived at the stage where people usually meet him, shedding light on the reality behind the myth, with no need to add anything to what is already well known. It develops an idea put forth for the first time in Keynes's review of Fisher's The Purchasing Power of Money. The Indian commission had been merely in the struggle for power in which the joint stock banks were opposed to the Bank of England. The 'Treasury Memorandum on the Gold Reserves', drafted by Blackett jointly with J. Bradbury and R. G. Hawtrey, shows that Keynes's overall analysis of the British banking system was close to the Treasury senior officials. Keynes's 'Memorandum against the Suspension of Gold', is the document that prevented Lloyd George from taking the decision of suspending gold payments on foreign accounts. A point that will have emerged from the foregoing description is that the young Keynes was deeply involved in financial policy.