Quotes By James Buchan

At the heart of banking is a suicidal strategy. Banks take money from the public or each other on call, skim it for their own reward and then lock the rest up in volatile, insecure and illiquid loans that at times they cannot redeem without public aid.

When William the Conqueror commissioned a great survey of his English realm at Gloucester in 1085, the result was a work so thorough, fair, dispassionate, and wide-ranging that it seemed to the succeeding generations to have come from another world.

A century ago, petroleum - what we call oil - was just an obscure commodity; today it is almost as vital to human existence as water.

The year 2008 was a reminder to those who had forgotten that there is such a thing as history and that the cycle of famine and feast in commerce, first identified in antiquity and well understood in the Middle Ages, was not suddenly abolished in modern times.

The theory of permanent Muslim-Christian enmity, though it flourishes in the caves of Tora Bora and parts of the American academy, was long ago exploded by the historians.

Up until the Depression, recession had a moral character: it was supposed to purge the body economic of the greed and excess that attends a business expansion.

The west has a great deal to answer for in the Middle East, from Britain's belated empire-building after the First World War to the US and British policy that condemns modern Iraq to the material and social squalor of a half-century ago.

All UK nuclear power stations should be shut down without delay.

Economists, like royal children, are not punished for their errors.

We generally write best of what we ourselves have seen.

The rise to prominence of the Saudi novel in Arabic is the great man-bites-dog of recent world literature. Saudi Arabia is a country without a free press, where European styles and forms are distrusted and where the female half of the population became literate only in this generation.

Were there peace and justice in the Middle East, the Arabs would no more need their tinhorn dictators than they would their corpulent princes.

Governments of rich countries spend some $6bn of tax money a year on disaster relief and development aid overseas, while each new earthquake, famine or tidal wave can attract 1,000 aid organisations, from the United Nations Children's Fund and Oxfam to the 'Jesus Brigades' of the American south and other charitable adventurers.

It is time to end the western policy of malign neglect. It is in the interest of the whole world to help tackle the actual grievances in Palestine, Kashmir, and in central and southern Iraq, and to help the region out of its economic backwardness.

When Gordon the Brown, in London in 1997, commissioned a great inquisition or survey of his new realm, the result was the so-called national asset register, which was immediately dubbed by the boomers of the UK Treasury 'the modern Domesday Book.'

Cause and effect, the riddle of all history, is a particular devil in financial history; and never more so than today, where entire classes of security are collapsing not on public exchanges and stock-tickers but because there are no markets to establish prices this side of nothing.

The great disadvantage of getting older is to be obliged to relive the salient economic events of one's youth, with nothing learned and nothing forgotten.

The world dominion of western thought, forms of organisation, technology and military force is not God-given, nor eternal, nor greatly appreciated by the rest of the world.

For 50 years, nuclear power stations have produced three products which only a lunatic could want: bomb-explosive plutonium, lethal radioactive waste and electricity so dear it has to be heavily subsidised. They leave to future generations the task, and most of the cost, of making safe sites that have been polluted half-way to eternity.

Viewed from a distance, or through the eye of the All-Knowing CEO of the Universe, the crash of 2008 followed the usual pattern. A long-lived boom driven by cheap credit, going back as far as 1982 (though subject to interruptions in the mid-1980s and 1990s, and in 2001), came to grief because of a rise in the cost of borrowing money.

The dividing line between wish and need was never clear.

For all their current prestige, Osama bin Laden and the suicide bombers are still regarded in all but the most desperate districts of Gaza or Peshawar as romantics with little chance of more than symbolic victories, however bloody and brutal. That gives both the Middle East and the West a small and distant hope of security.

If good history is dispassionate history, it must naturally wait until the passions of the period subside.

Profits in business always depend on the rate of interest: the higher the interest, the higher the rate of profit required.

Saudi Arabia is a puritanical state that claims a monopoly of wisdom and virtue.

Europe and North America, we are told, are less dependent on energy-intensive heavy industry than in the 1960s and 1970s. It seems we squeeze more GDP out of a barrel of oil than in those benighted days.

Financial crises are like fireworks: they illuminate the sky even as they go pop.

Last chances in the Middle East have been two a dirham since the 1950s. Each year the enmities are more profound, the despots more bloodthirsty and clownish, the violence more extreme, and the conditions of ordinary existence more ghastly.

Of all the failed technologies that litter the onward march of science - steam carriages, zeppelins, armoured trains - none has been so catastrophic to prosperity as the last century's attempt to generate electricity from nuclear fission.

Life without oil, in fact, would be so different that it is frightening to contemplate. We are addicted, and it is no comfortable addiction.