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This video

is only a clip from a documentary called the Money Masters. This documentary is 3 and a half hours long. It is heavily criticized amongst us dpers, and austrian economists, mainly due to the solutions that are presented at the end of the film. It basically posits that it is not the federal reserve itself that is the problem, but the private nature of the fed, and as you point out, the secrecy involved which keeps those at the helm in shadows. He offers the solution that the Congress should be the one printing the money. Most Austrians and Ron Paul believe that competing currencies are the answer (usually gold and perhaps silver will win out as the historical money when given the chance, of course), and giving congress control of the fiat printing press will cause the same volatility/ perpetual boom & bust cycles and inevitable inflation that the Fed/ powers that be are giving us anyway (if not worse)

You don't seem like you need a primer on Fractional Reserve Banking, But keep in mind that this is made possible through the tool of the fed known as the RRR, required reserve ratio. The fed has usually kept the RRR at around 9-10%, meaning that the biggest banks are only legally obligated to keep 9-10% of all deposits, and what is left is up for loan, which the banks can make money upon the interest of those loans. but thats not all:
- If a bank's total deposits are less than $11.5M they have a 0% required reserve ratio
- If it holds a total of $11.5-71M, the rrr is 3%
- If total deposits are more than $71M, the rrr is 10%

Fractional reserves are the most inevitable inflationary feature of the system. Of course all this is out in the open and easy to criticize; it is the secret actions that are the most dangerous to us.
We saw last year when we received a partial audit of the fed that they had secretly created and lent out nearly $16 Trillion during the 2007-2009 bust. That's outrageous, and yet the result of only a partial audit... Ron Paul wasn't even satisfied with this, yet the amount discovered was more than the entire national debt, and at least 7 trillion being lent to foreign banks. Now imagine how many digital zeros they are adding to certain accounts that we do not even know about!

To keep it humorous, check out these short sketches by the Australian satirists Clarke and Dawe:
How does the Financial System Work?(banks encourage risk and debt in order to make money themselves)

The US Bailout and Debt Crisis(under Bush). (It works the same way on a global scale)

How to Run a Country (The interests rates which Clarke is referring to is the rates that banks charge borrowers, (not to be confused with the Federal Funds Rate, the rates that banks charge each other, which is manipulated by the Fed's Open Market Operations), this reiterates that debt is the goal of the banks))

European Debt Crisis (how can broke economies lend money to other broke economies and where does the money come from... the question that cannot be answered.)

Quantitative Easing. (This is the most straightforward explanation of QE you'll find. pull up a chair.)

I'm pretty sure I just vomited a bunch of videos that aren't necessarily relevant but I get a kick out of them. Besides, once you realize the mess that is going on, you have to maintain a sense of humor to keep it all from getting on top of you. :)