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 BuchanAt 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.
James BuchanIn 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 BuchanA 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