The Mogambo Guru on China and Gold

Richard Daughty argues that "we have nothing to fear from the Chinese, as they are as stupid as the rest of us" — Solid Gold Advice for Chinese Economists. He says that he has "been calling them 'morons' for years since they ignore [him] when [he] tell[s] them that they, of all the countries on the earth, need the stability of a gold standard so that they can grow their economy with cheap imports and low cost of capital, which is what you get from a gold-backed currency, and that is why they should be exchanging their excess dollars for gold bullion."