Despite his redundant sales pitch for the first portion of the presentation, I endured. He gets some facts wrong which made me hyper skeptical of the rest.
I think it was fact #3: that China holds 20% of US debt. Um, no. It holds roughly 10%. I'm not sure if this matters beyond indicating he's liberal with his 'facts'.
He says that inclusion of China by the IMF as a reserve currency is as big a deal as when we moved away from the gold standard in the seventies. Okay, sure, maybe it's a big deal. And then he goes on to assume that this is exactly the same phenomenon as that event. I don't see it. So he's pretty much saying 'buy a special sub-set of assets that increased in value in the early seventies - and I'll tell you all about them if you buy my newsletter'. Hmm.. Go on...!
Also, he states that as soon as China is deemed a reserve currency, money will swoosh to renminbi*. But then, a few minutes later he makes the case that big banks and countries are already using the renminbi as reserve currencies. HSBC (of course), Citibank, BofA, etc. Well, if they already are trading in renminbi and have adequate reserves to support that trade, the potential swoosh is dampened no?
Lastly, he says his suggestions will likely bring about a 500% return on investment. Uh, er, uh. Talk about selling penis enhancement pills. At least those actually work (or so I've heard).
His step #1: prepare
Step #2: obtain my book #1
Step #3: obtain my book #2
Step #4: the slides stopped playing I missed it - oh no!
He spun this same story in 2008. It's a call to buy gold coins.
*I don't call it yuan, my Chinese college looked at me as if I was nuts when I worked with him in Beijing.
That all said, I'm NOT buying gold coins, but, now my interest is somewhat piqued regarding the inclusion of China as an official reserve currency by the IMF. I'll pay more attention as news comes through the wire. But that's about it.