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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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James Buchan
Age: 70
Born: 1954
Born: June 11
Journalist
Novelist
James Ernest Buchan
Hon. James Ernest Buchan
History
Cause
Markets
Today
Side
Classes
Nothing
Security
Stock
Never
Particular
Effect
Collapsing
Sides
Financial
Exchanges
Public
Entire
Riddle
Causes
Devil
Prices
Class
Effects
Establish

More quotes by 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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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.
James Buchan
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My belief, for what it is worth, is that city dwellers cannot understand the world. Insulated from reality by complex and expert systems of provision and police, baffled by fashion and spectacle, city dwellers can distinguish neither the sources of their existence nor the consequences.
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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The dividing line between wish and need was never clear.
James Buchan
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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.
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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Financial crises are like fireworks: they illuminate the sky even as they go pop.
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
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The truth is, of course, that history is not completed in modern commerce any more than philosophy is perfected in political economy. In other words, there is nothing timeless or God-given about filling stations and penicillin and plastic bags.
James Buchan
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Saudi Arabia is a puritanical state that claims a monopoly of wisdom and virtue.
James Buchan
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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.
James Buchan
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A century ago, petroleum - what we call oil - was just an obscure commodity today it is almost as vital to human existence as water.
James Buchan
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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.
James Buchan
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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.
James Buchan
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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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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.
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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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.
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