May 20, 2022 10:50AM 

# An Investor’s Life Was More Tranquil When Central Bankers Gave Fewer Speeches 

By [Alan Reynolds](https://www.cato.org/people/alan-reynolds) 

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An exchange between [John Maynard Keynes](https://research.stlouisfed.org/publications/review/2019/02/14/gauging-market-responses-to-monetary-policy-communication) and Bank of England Deputy Governor Sir Ernest Harvey, December 5, 1929:

**KEYNES:** *Arising from Professor Gregory’s questions, is it a practice of the Bank of England never to explain what its policy is?*

**HARVEY:** *Well, I think it has been our practice to leave our actions to explain our policy.*

**KEYNES:** *Or the reasons for its policy?*

**HARVEY:** *It is a dangerous thing to start to give reasons.*

**KEYNES:** *Or to defend itself against criticism?*

**HARVEY:** *As regards criticism, I am afraid, though the Committee may not all agree, we do not admit there is a need for defense; to defend ourselves is somewhat akin to a lady starting to defend her virtue.*

##### Related Tags 

[Monetary Policy](https://www.cato.org/monetary-policy), [Center for Monetary and Financial Alternatives](https://www.cato.org/center-monetary-financial-alternatives) 

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