Video of FT interview with George Soros

The big profits made by some of Wall Street’s leading banks are “hidden gifts” from the state, and taxpayer resentment of such companies is “justified”, George Soros, the fund manager, said in an interview with the Financial Times.

“Those earnings are not the achievement of risk-takers,” Mr Soros said. “These are gifts, hidden gifts, from the government, so I don’t think that those monies should be used to pay bonuses. There’s a resentment which I think is justified.”

To access video of this extraordinary Financial Times interview with George Soros, click on the headline of this post. While many of us recoil from his politics, Soros's grasp of the interplay between current events and economics is without peer. Here, he predicts that China will replace the United States as the engine of the world's economy, and this means the engine will be smaller and growth slower.