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Soaring prices for crude oil, falling production surpluses, wild speculation in commodities, a rush into the precious metals, turmoil in the Middle East, assertive oil producers: it is 1973-74 all over again, and at dictation speed.

James Buchan

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James Buchan
Age: 70
Born: 1954
Born: June 11
Journalist
Novelist
James Ernest Buchan
Hon. James Ernest Buchan
Wild
Commodity
Assertive
Speed
Rush
Surplus
East
Oil
Turmoil
Middle
Production
Crude
Fall
Productions
Soar
Surpluses
Producers
Speculation
Dictation
Precious
Metals
Soaring
Falling
Prices
Commodities

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To make a love story, you need a couple of young people, but to reflect on the nature of love, you're better off with old ones. That is a fact of life and literature - and of the novel ever since it fell in love with love in the 18th century.
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Saudi Arabia is a puritanical state that claims a monopoly of wisdom and virtue.
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The prevailing ideology of the modern west - which is political economy - is in the doghouse. Having failed to notice atmospheric pollution, the economists then frightened themselves with the sort of financial crisis they said they had abolished.
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There are about 15 million Muslims in the EU. They face ignorance, insult and even persecution. They cannot be wished away. To impose Enlightenment freedoms is self-defeating. Anyway, the Muslims have their own enlightenment.
James Buchan
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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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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.
James Buchan
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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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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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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.
James Buchan
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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.
James Buchan
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Because bankers measure their self-worth in money, and pay themselves a lot of it, they think they're fine fellows and don't need to explain themselves.
James Buchan
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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.
James Buchan
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Liberty in Islam is the liberty to be a Muslim, democracy likewise, individualism likewise.
James Buchan
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One of the consequences of the Iranian revolution has been an explosion of history. A country once known only from British consular reports and intrepid travelogues is now awash with historical documents, letters, diaries, grainy video, weblogs and secret police files of questionable authenticity.
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We generally write best of what we ourselves have seen.
James Buchan
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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.
James Buchan
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If good history is dispassionate history, it must naturally wait until the passions of the period subside.
James Buchan
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Financial crises are like fireworks: they illuminate the sky even as they go pop.
James Buchan
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Saudi Arabia operates according to the belief that God made young men and women so utterly and completely without self-control that they must be physically segregated every moment of the day and night.
James Buchan
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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.
James Buchan