Most of the video (except the FRB part) is correct
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What is wrong about the FRB part?...
FRB does not create money, it just created larger amount of checkbook numbers in bank's account, prove that money has been stored there, but those numbers can not be spent, if there is a bank run, those numbers will vanish quickly. The base money will never increase by means of FRB
A larger amount of checkbook numbers is money.
It is an illusion of money, like after you deposite your money at MTGOX, the web interface shows you a number on your account, and you think that money is real
