He was certainly afraid of the rush to hoard cash, which he called ' liquidity preference'.

It is perfectly sensible for a start-up company to hoard cash to invest in the tools of growth.

German companies, in common with others around the world, have been hoarding cash rather than investing it in productive activities.

Yesterday that lending came to a virtual halt as nervous banks hoarded cash.

Those qualities would be handy now as the banks continue to hoard cash rather than lend it.