The Federal Reserve IS 100% owned by big, private New York banks. It IS a cartel. He is RIGHT. But, most Americans are NOT aware that private currency IS legal in America - you just can’t counterfeit the US currency.
Private banks notes are legal but they are heavily taxed. That's why no one issues them anymore. Specie based currency is not legal and the Secret Service will swoop in and shut you down if you try minting anything other than numismatic (novelty) coins containing gold or silver.