This quote has, to my mind, a powerful spiritual application, beyond its primary context in the area of economics:
In particular you should not assume that in times of crisis exceptions should be made to principles.
One commenter to the original post hit the nail on the head: “Principles are meant for times of crisis.”
The divine truths were made to steady us in times of crisis. We need not think that they require loosening at such times.
Truth sets us free, Jn 8.32, and truth keeps us free.
Crises ought to drive us back to those great basic truths of the kindness and the severity of God, Rm 11.22.
We ought to recognize that Satan uses crises and sufferings to drive a wedge between us and God. He tempts us to create exceptions to the great spiritual principles and the marvelous commandments of our Lord.
When we make exceptions we are saying that maybe God didn’t really mean what he said, in this situation.
When God wants to make an exception, he states it, Mt 19.9. Otherwise, we presume to see them where they do not in fact exist.
So when the crisis comes, hang on to what you know. It will hold you in good stead.
To saints who were suffering for their faith early on in their life in Christ, Paul wrote, “For you know what commands we gave you through the Lord Jesus” 1 Thes 4.2.
Now, in your deepest groanings and sharpest pain, do not run to find exceptions, but seek the continuity of God and his truth, for there he will appear mostly clearly.