A few thing missing from this talk.
First thing
The creation of money as described is only possible because of laws. The question then becomes how are laws created? Or more importantly how are laws inforced? The bigger picture answer to that is via aggregate faith. Provided a large part of a population have faith in the “law” then laws will be inforcable. The next question could be how do you get a large part of a population to have faith in laws. By telling them a story about how good it will be for them.
But its only a story. It may not be real. But as long as a large part of a population do believe it is or even is potentially good for them the story becomes acceptable. Faith in a human created story is what laws are and so what money is.
Second thing
As the presented solution to the issue of private banks controlling the creation of money would require a change in “laws” and laws are just faith, that could possibly be being controlled by vested interests telling a story as being good, then in the bigger picture how is that difference from what current exists.
Not that I'm suggesting that what we currently have is “good”
If the objective is to reduce inequalities perhaps a bigger idea could be the complete elimation of money, battering and trade.
If you think that cant be done consider they are all human created stories, that can be changed.