With the outbreak of World War I in August 1914, Keynes began to provide a series of commentaries on events in some of which he participated.

From The Economic Journal, September 1914

WAR AND THE FINANCIAL SYSTEM, AUGUST 1914

While it is impossible at present to see the financial events of August, 1914, in as true a perspective, or to be as fully informed about them, as may be possible later, I propose to attempt here a brief outline while their impression is still fresh upon the mind. Whatever profound changes may ultimately be brought about in our financial system, and especially in the relations to it of government as representing the general interest, the only course at present is to look at events from much the same point of view as we assumed to be natural three months ago. The actions of the Government and of the City have been solely directed towards enabling everything to go on immediately, in a manner which shall exactly resemble, to the outward eye, our pre-existing ways. And in this examination of their measures we shall suppose coldly that nothing has happened except a rude shock to the delicate mechanism of credit, which is to be tinkered and tuned up to the performance of its normal functions. The world of borrowers and lenders, of bankers and discounters and stockbrokers, is to be galvanised by the wires of government into, at the least, a marionette existence.