The folly of their faith in the sanctity of markets in the modern world is best illustrated by the Exchange Rate Crisis.

Much of the clamour for joining the EMs during the past few months results from people thinking that the Exchange Rate Crisis in January last year and the flutters of the past few weeks would be cured by joining the EMS.

There would be a Major Exchange Rate Crisis, which would force up interest rates still higher.

Apart from the nuclear deterrent, you will recall how he clung to the post-imperial dream of maintaining British forces east of Suez, until an Exchange Rate Crisis forced withdrawal.