John Maynard Keynes famously declared in his General Theory of Employment, Interest and Money that “of the maxims of orthodox finance, none, surely, is more antisocial than the fetish of liquidity”.
If the great economist were around today he might have worried instead about the fetish of illiquidity.
The vulnerability of the banking system before the financial crisis was partly attributable to a dramatic liquidity decline. In the 1960s, commercial banks in the UK and much of the developed world held 25 per cent or more of their assets in cash and short term government paper that was free of default risk.
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