I'm not really sure he explained it very well. It was wildly oversimplified and didn't talk about dollar traps. There are many more powers lending to us than China, and I really don't think their reasoning for not purchasing US bonds is because Harry Reid has no spine and accepts money from union bosses.
Lots of fear-mongering on Beck's part and he's constantly interjecting with weird mini-conversations with himself. He misses out on many key points. He keeps going on about how people will have to sacrifice to keep the US government afloat - and he criticizes it. QE2 is probably the best chance the USG currently has at maintaining its power. Yeah, it's going to hurt taxpayers and savers -- that's how the USG works - it takes from the people who can afford it. Does Beck understand how devastated the US military would be if the US "reset" as he's calling for? Does he understand how vulnerable the US would be to foreign nations - and how destabilized US culture would become if its government collapsed and couldn't enforce any type of immigration requirements? A wet dream for me.
I honestly don't think he has any idea what he's talking about - and I agree with most of what he's saying. I think he's following a narrative and simply isn't intelligent enough to understand the implications of what he's calling on. I don't think he's evil, though. So, the question is whether or not somebody is influencing Beck with bad intentions, or is Beck just stringing together a bunch of ideas he's taken from people like The Judge and not thinking about what he's actually saying.