Financial stability from "summary" of The Economic Consequences of Peace by John Maynard Keynes
Financial stability is a precarious state. It is not merely a question of the banks. It is a question of the trade, the industry, and the whole economic structure. The essential requirement is that the country as a whole – its government, its citizens, and its institutions – must live within its means. When a country spends more than it earns, it incurs debt. Debt is a burden that must be carried. It is an obligation that must be met. If a country fails to meet its obligations, it risks a crisis. A crisis of confidence can lead to economic collapse.
To avoid such a fate, a country must maintain a balance between its income and its expenditures. Th...
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