Ever since the destruction of Baghdad by the Mongols in 1258, the Muslim world has been in slow decline relative to the west. With Napoleon's invasion of Egypt and the creeping British annexation of Muslim India, that decline took on a malign aspect.

The dividing line between wish and need was never clear.

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.

Liberty in Islam is the liberty to be a Muslim, democracy likewise, individualism likewise.

Of all the failed technologies that litter the onward march of science - steam carriages, zeppelins, armoured trains - none has been so catastrophic to prosperity as the last century's attempt to generate electricity from nuclear fission.

Any new financial order for the world must tackle the three chief challenges of our age.

The world survived the fall of the Roman empire and will no doubt outlast our own so much more splendid civilisation.