Most of the video (except the FRB part) is correct
The ultimate question is: Who get the ownership of originally created base money, and what have they done for gaining this ownership?
Under a gold standard, money is created by gold mining, which is no different than any other type of work in society, that gives money fair value. But after US removed gold standard, money is created and owned by FED who is doing nothing. So, in principle the fiat money should worth nothing because there is no production cost, but they are still used to purchase things because other people are accepting them. This lead to the result that those who are creating money out of nothing can legally claim other people's work without doing anything