agreed - but a small point - the banks printing money are really basically government entities (the federal reserve, ECB, etc). the banks the article + book are talking about are private entities committing serious fraud and not getting being prosecuted for it.
I disagree about the federal reserve being a government entity. It's owned by banks - a "self regulating" private cartel by charter. Even congress can't "audit" the fed. The fed controls the government much more than vice versa.
Sure they will spin some line like 'profits' from the fed go to the government (profits above which are distributed to the private bank shareholders, of course!) but that's like saying I get reward points for every dollar I charge on a credit card. If you really think banks are "giving up" a lot of profits, you might want to check the total % of profits that go to the financial sector in the US economy. What are "profits" anyway when you can just print money - what is profit measured by?
Furthermore, even your 'small banks' that "loan" money under fractional reserve rules are, if you squint, awfully close to counterfeiting as that can raise the money supply 9 fold.
So I recommend you keep digging and follow the money.
Banks are complicated shell structures for sure, just look into BIS, a 'central bank' for central banks. However the federal chair is appointed by the white house.
