uninvesting

Updated: July 18, 2025

As a principle it may be laid down that all new unemployed savings require either an increased stock of the precious metals, or an increase in the efficiency of the banking expedients by which these metals are economised. In other words, in a saving and uninvesting period of the national industry, we accumulate gold, and augment the efficiency of our gold.

Walter Bagehot - Lombard Street : a description of the money market