Former U.K. Chancellor of the Exchequer Nigel Lawson gave this year's well-attended Roy Bridge memorial lecture last week. Sponsored by the London Forex Club, the event honours its founder, who headed the Bank of England's FX division during the 1960s. Lawson argued that both Keynesians and monetarists are wrong in saying that governments can eliminate the business and credit cycle. Booms and busts will always be with us, Lawson contends - all governments can do is mitigate the excesses

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