It's worth revisiting this issue in a world with $17 trillion in negative yield bonds. Keynes was a complex thinker, who looked at issues from many different perspectives.  Unfortunately, that means his views were not always internally consistent. Thus it's foolish to try to pin him down, as if sticking a pin in a butterfly. You'll always find other passages that contradict your interpretation. Consider the following, from the General Theory: There is the possibility...that, after the rate of interest...