† ELIOT JANEWAY , formerly financial adviser to President Johnson, has been forecasting a catastrophic economic ' bust for America with grave consequences for Britain and the rest of the world. In this conversation with M. H. FISHER , an Assistant Editor of the Financial Times, he defends his belief that the American Federal Reserve Board, in using high interest rates to combat inflation, is actually accentuating inflation and making credit so short that the American economy will suddenly ' walk over the cliff at the end of 1970.