“Certain dates in 1932”
There are endless interpretations of what Keynes “really meant” in the General Theory. In my view there is no answer to this question; Keynes’ thinking was too muddled and contradictory to be understandable in terms of modern monetary theory. But now that some of our leading macroeconomists are showing equally muddled and contradictory thinking, it might be time to revisit this famous book. In my view page 207 holds the key to the entire book—indeed two keys. It explains why the book is so misunderstood by modern readers, and then just a few lines later, how Keynes misunderstood his own argument.