Up until the Depression, recession had a moral character: it was supposed to purge the body economic of the greed and excess that attends a business expansion. – James Buchan
Saudi Arabia is a puritanical state that claims a monopoly of wisdom and virtue. – James Buchan
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
Bulls dont read. Bears read financial history. As markets fall to bits, the bears dust off the Dutch tulip mania of 1637, the Banque Royale of 1719-20, the railway speculation of the 1840s, the great crash of 1929. – James Buchan