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Keynes was a British economist who developed the "monetarist" school of thought in economics. He is well known for publishing a book, "The General Theory of Employment Interest and Money" in which he contended that the Federal Reserve Bank of America (Fed) had responded incorrectly to the collapse of the stock market in October 1929. Keynes suggested that instead of adopting a tight monetary policy, which resulted in bank collapses, the Fed should have injected funds into the economy to compensate for the wipe out of wealth on the stock market. Keynesian economics became the most favoured approach to macro-economics by the central banks of first world countries after Alan Greenspan successfully used it to justify massive injections of funds into the US and other economies after the 1987 crash. This approach was so successful that it has been followed by central bankers ever since, culminating in the quantitative easing (Q/E) following the sub-prime crisis of 2008 and then the COVID-19 bear trend of 2020.

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