"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."
"Our greatest glory is not in never falling, but in rising every time we fall."James Buchan on Confucius
"The dogmas of the quiet past are inadequate to the stormy present. The occasion is piled high with difficulty, and we must rise with the occasion. As our case is new, so we must think anew and act anew."James Buchan on Abraham Lincoln
"A small body of determined spirits fired by an unquenchable faith in their mission can alter the course of history."James Buchan on Mahatma Gandhi
"The test of our progress is not whether we add more to the abundance of those who have much it is whether we provide enough for those who have little."James Buchan on Franklin D. Roosevelt
"I like the dreams of the future better than the history of the past."James Buchan on Thomas Jefferson
"Any new financial order for the world must tackle the three chief challenges of our age."
"There are signs that the age of petroleum has passed its zenith. Adjusted for inflation, a barrel of crude oil now sells for three times its long-run average. The large western oil companies, which cartellised the industry for much of the 20th century, are now selling more oil than they find, and are thus in the throes of liquidation."
"Rarely in modern times has there been such a revolution in commercial sentiment as occurred in 2008, or such a display in government and business of panic and helplessness."
"Profits in business always depend on the rate of interest: the higher the interest, the higher the rate of profit required."
"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."