An exchange between John Maynard Keynes and Bank of England Deputy Governor Sir Ernest Harvey, December 5, 1929:

KEYNES: Arising from Professor Gregory’s questions, is it a practice of the Bank of England never to explain what its policy is?

HARVEY: Well, I think it has been our practice to leave our actions to explain our policy.

KEYNES: Or the reasons for its policy?

HARVEY: It is a dangerous thing to start to give reasons.

KEYNES: Or to defend itself against criticism?

HARVEY: As regards criticism, I am afraid, though the Committee may not all agree, we do not admit there is a need for defense; to defend ourselves is somewhat akin to a lady starting to defend her virtue.