ABSTRACT
Money markets thrive on adversity. Nothing seems to stimulate them more than government regulations, cartels and restrictive agreements designed to keep them under control. For money markets are mechanisms through which money is channelled from lenders to borrowers. Try to dam the flow … and it trickles round another way. Thus the tremendous growth both of sterling and of international money markets in the 1960s and 1970s was, to a large extent, encouraged by the attempts of the British and other governments to keep the lenders and borrowers apart.
