The 60 Minutes guy is wrong about the fees. That's not the problem. The problem is that the tax advantage is deceptively being offset by debasement of the currency. The individual saves a few thousand on taxes, but loses tens of thousands in overall quality of life since the government is printing money to make up for the missing tax revenue. A tax advantage is only a real benefit if it genuinely impairs the government's ability to do things. 

But of course that discussion can't be platformed on 60 Minutes.

ZhangJiao

They may be a skimming a bunch off the top, but isn't the point that they're tax advantaged?  So, even though they might be taking a lot of fees, you might be willing to pay those fees to get access to the tax benefits.