“All that the propensity of the public towards hoarding can achieve is to determine the rate of interest at which the aggregate desire to hoard becomes equal to the available cash. The habit of overlooking the relation of the rate of interest to hoarding may be part of the explanation why interest has been usually regarded as the reward of not-spending; whereas in fact it is the reward of not-hoarding.—Mr. J. M. Keynes—Chapter 13, The General Theory of Employment, Interest and Money.