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Eric King:  “Rob, I know you had a chance to read the David Stockman interview here at King World News and I just wondered about your thoughts as you read that?”

Arnott:  “I thought that was a wonderful interview.  I love David Stockman’s candor.  I think politically we are on a very, very dangerous path.  Washington broadly, and to some extent I think this is bipartisan, views the private sector with skepticism, views the private sector to some extent as the enemy, views entrepreneurialism as the enemy....

Continue reading the Robert Arnott interview below...


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“So we see bipartisan mistakes being made in viewing initiative, success, and entrepreneurialism as somehow (being) bad things.  And anytime you have government viewing the private sector as the enemy you’ve got severe problems because the private sector is what creates everything that ultimately pays the taxes, funds the government, and ultimately creates the goods and services that people willingly dig in to their pocket to pay for.

Does anyone willingly dig in to their pockets to pay for anything that the government provides?  No.  That’s not to say the government doesn’t provide anything useful -- they build roads and provide for common defense.  These are very useful things, but do we dig in to our pockets willingly to pay for these?  No.  Those things that we willingly choose to buy all come from the private sector.  Thank goodness for a robust private sector, and heaven help us if we demonize it any further.”

Eric King:  “Rob, what is the greatest danger facing the world financial system today as you see it?”

Arnott:  “I think the greatest danger is the march toward central control.  I think Stockman had it right.  We have the corridors of power all over the developed world pursuing ever tighter control of the macroeconomy, both at the government level and at the central bank level.

The basic role of money:  Money isn’t anything other than a means of exchange, a means of valuing goods and services.  And if it doesn’t have stability, if you can’t count on it, that a dollar, yen, RMB, euro, or a pound, is worth as much today as it is tomorrow, then the confidence in the currency erodes -- the confidence in the government erodes.  And with that (erosion in confidence) things go haywire.

So I think what we see right now all over the developed world is an erosion in the basic confidence, in the basic ‘coin’ of the realm, which is central to the health not just of the financial system, but of the whole macroeconomy and of the whole geopolitical system.  Without confidence in our currency we can’t have confidence in our government, and we can’t have confidence in trade -- one with another.”

IMPORTANT - Rob is one of the most brilliant and original thinkers in the financial world today, which is why he oversees more than $160 billion.  In this powerful audio interview he warns KWN listeners what to expect going forward, as well as what investors can do to protect themselves.  The interview with Rob Arnott is available now and you can listen to it by CLICKING HERE. 

© 2014 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.  However, linking directly to the blog page is permitted and encouraged.

The audio interviews with Rob Arnott, William Kaye, David Stockman, Rick Rule, John Mauldin, Bill Fleckenstein, Dr. Stephen Leeb, Egon von Greyerz, Art Cashin, James Turk, Dr. Paul Craig Roberts, Dr. Marc Faber and Eric Sprott are available now. Other recent KWN interviews include Jim Grant and Felix Zulauf -- to listen CLICK HERE.

Eric King

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