"[Keynes] was much too mercurial and impulsive a counsellor for a great emergency. He dashed at conclusions with acrobatic ease. It made things no better that he rushed into opposite conclusions with the same agility. He is an entertaining economist whose bright but shallow dissertations on finance and political economy, when not taken seriously, always provide a source of innocent merriment to his readers. But the Chancellor of the Exchequer, not being specially gifted with a sense of humour, sought not amusement but guidance in this rather whimsical edition of Walter Bagehot, and thus he was led astray at a critical moment. Mr. Keynes was for the first time lifted by the Chancellor of the Exchequer into the rocking-chair of a pundit, and it was thought that his very signature appended to a financial document would carry weight. It seems rather absurd when now not even his friends—least of all his friends—have any longer the slightest faith in his judgments on finance."