”But there cannot be a real recovery, in my judgment, until the idea of lenders and the idea of productive borrowers are brought together again… Seldom in modern history has the gap between the two been so wide and so difficult to bridge. Unless we bend our wills and our intelligences, energised by a conviction that this diagnosis is right, to find a solution along these lines, then, if the diagnosis is right, the slump may pass over into a depression, accompanied by a sagging price level, which might last for years, with untold damage to the material wealth and to the social stability of every country alike.”
Keynes, J. M.(1930). The Great Slump of 1930. In: Essays in Persuasion. The Collected Writings of John Maynard Keynes, v. IX. London: Royal Economic Society, 1972.