{
  "docId": "019dd923-622c-750b-8b9b-5d9cdee5e75f",
  "docSlug": "6e4856b01af3",
  "documentTitle": "Hong Kong Dollar / Hong Kong Monetary Authority (HKMA) (HKD)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square Capital Management",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2011-09-14 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 126,
  "pageCount": 151,
  "prevPage": 125,
  "nextPage": 127,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "Uses a 'conventional wisdom vs. reality' structure to challenge a common economic assumption.",
  "elementsJson": [
    "headline_text",
    "bullet_list"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-5d9cdee5e75f/126",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-5d9cdee5e75f",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-5d9cdee5e75f.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-5d9cdee5e75f#slide-126",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Because the Basic Law requires the HKMA to back its Monetary Base 100% with international reserves, printing money could severely limit the HKMA’s future revaluation options",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0f19-73dd-8eb2-90488ae5b58b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.8,
        "x": 0.12,
        "y": 0.38
      },
      "kind": "list",
      "text": "The reality is different: The CB loses money on a revaluation, because a revaluation reduces the value of foreign assets on their balance sheet; Printing money expands and leverages the CB's balance sheet, making it more costly to revalue; Printing money is highly inflationary",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "479a1f71-88b1-4285-a7d2-71a9acf0ba90",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.8,
        "x": 0.12,
        "y": 0.21
      },
      "kind": "list",
      "text": "The conventional wisdom is that central banks (CBs) can defend the strong side of their currency without limit by simply printing an unlimited amount of money",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d5760405-0431-4f06-bbbc-963009bce270",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.8,
        "x": 0.12,
        "y": 0.76
      },
      "kind": "list",
      "text": "Because the Basic Law requires the HKMA to back its Monetary Base 100% with international reserves, printing money could severely limit the HKMA's future revaluation options",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e41044e7-0a07-4720-b7fb-560cd6b6cc7b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.84,
        "x": 0.08,
        "y": 0.13
      },
      "kind": "title",
      "text": "Revaluing Now Mitigates the Financial Risk to the HKMA",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "997d4525-052c-4564-af71-ebb2899ab038",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "expose_contradiction",
      "slug": null,
      "matchId": "3f90b167-0d60-485a-9cf1-03274a701742",
      "evidence": "Contrasts conventional wisdom with reality",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 130,
      "from": 101,
      "beatId": "953a55fa-6c47-4ede-a618-26c77e4e8d5f",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution (Provide relief)",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "The presentation proposes a solution through a revaluation of the Hong Kong Dollar, which would mitigate inflation and a potential real estate bubble.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [
    {
      "to": 130,
      "from": 123,
      "name": "Why Now",
      "slug": "15-why-now",
      "bestFor": "Sales pitches, fundraising, requesting immediate budget approval",
      "matchId": "e86a4552-a292-48af-91d3-f5b6e3431769",
      "evidence": "The presentation argues that the time is right for a revaluation, citing the benefits of mitigating inflation and a potential real estate bubble.",
      "position": 1,
      "objective": "Why now is the right time for a revaluation of the Hong Kong Dollar.",
      "structure": "The Context (Trends) -> The Trigger Event -> The Window of Opportunity",
      "confidence": 0.7,
      "description": "Create temporal urgency by proving that the window of opportunity is opening or closing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}