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

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.

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.

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.

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.

Suicidal violence is not the exclusive property of the Muslim world. Suicide bombings were a tactic of nationalist struggles in 19th-century Europe and Russia, the far east during the second world war and the Vietnam war, and in modern Sri Lanka.

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