Stephen King is head of economics and asset allocation research at HSBC. He writes a weekly column for the independent, one of the UK's leading newspapers. Jean said to me early on he has some trouble with some English accents. If he couldn't understand some of the questions, would I translate for him? It seems to me that when you talk about free market capitalism being so 20th century, that is absolutely completely wrong. The advance of the state has been one of the biggest single themes that has come through over the last 100 years. So if free market capitalism ever really existed, it was back in the 19th century and not in the 20th century.

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