When bond prices fall, interest rates soar, with painful consequences for all borrowers.

A historian is battling all the time to remember as much as possible.

In the old days it would have been a relatively simple matter to have checked Hitler's territorial ambitions. All you'd have needed would have been the 1914 combination of Britain, France and Russia. Indeed, if such an alliance had acted decisively to defend Czechoslovakia in 1938, Hitler might even have been overthrown by his own military. But it was not to be.

If the financial system has a defect, it is that it reflects and magnifies what we human beings are like. Money amplifies our tendency to overreact, to swing from exuberance when things are going well to deep depression when they go wrong. Booms and busts are products, at root, of our emotional volatility.

Why did the Germans and Japanese keep fighting after 1943 when every rational hope of victory had disappeared?

Today, the average Korean works a thousand hours more a year than the average German. A thousand. ... That is the end of the Great Divergence.

It’s our generation that is witnessing the end of Western predominance. The average American used to be more than 20 times richer than the average Chinese. Now it’s just five times, and soon it will be 2.5 times.