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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.

James Buchan

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James Buchan
Age: 70
Born: 1954
Born: June 11
Journalist
Novelist
James Ernest Buchan
Hon. James Ernest Buchan
Intensive
Europe
Squeeze
Industry
Barrel
Told
Barrels
Days
Oil
Less
North
Energy
Dependent
Seems
Benighted
America
Heavy

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Life without oil, in fact, would be so different that it is frightening to contemplate. We are addicted, and it is no comfortable addiction.
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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.
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Liberty in Islam is the liberty to be a Muslim, democracy likewise, individualism likewise.
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If good history is dispassionate history, it must naturally wait until the passions of the period subside.
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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.
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We generally write best of what we ourselves have seen.
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The aircraft that blew up the World Trade Center in New York and the Pentagon in Washington conveyed several messages to the world, of which one of the least remarked is this: the Muslims of the world are suffering.
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Since the attack on the United States on September 11 2001, and the US retaliation in Afghanistan and Iraq, there must be few people who have not felt a twinge of nostalgia for the cold war.
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Nature is not simply a technical or economical resource, and human beings are not mere numbers. To suggest that one can somehow align all the squabbling institutions of science, environmental management, government and diplomacy in an alliance of convenience to regulate the global climate seems to me optimistic.
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Saudi Arabia is a puritanical state that claims a monopoly of wisdom and virtue.
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In rising financial markets, the world is forever new. The bull or optimist has no eyes for past or present, but only for the future, where streams of revenue play in his imagination.
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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.
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We read too much Shakespeare at school, and view our parliamentary politics as dynastic drama, in which an impatient crown prince frets at his long subordination and begins to scheme for the throne he knows he merits, was promised and has earned.
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Whatever else it was, Adolf Hitler's short-lived regime was also a colossal industrial process by which the wealth and productive power of much of Europe was wrenched from its normal purposes and converted into a machine for killing.
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The world survived the fall of the Roman empire and will no doubt outlast our own so much more splendid civilisation.
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The dividing line between wish and need was never clear.
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