We are a commune of inquiring, skeptical, politically centrist, capitalist, anglophile, traditionalist New England Yankee humans, humanoids, and animals with many interests beyond and above politics. Each of us has had a high-school education (or GED), but all had ADD so didn't pay attention very well, especially the dogs. Each one of us does "try my best to be just like I am," and none of us enjoys working for others, including for Maggie, from whom we receive neither a nickel nor a dime. Freedom from nags, cranks, government, do-gooders, control-freaks and idiots is all that we ask for.
This is very good, and very simplistic.
Ray is just explaining, and not making value judgements. Until the very end, when he starts talking about 'the right balance.'
Unfortunately, the value judgements are very important and necessary. And expecting humans to know 'the right balance' is absurd. After all, simply stating "the Central Bank manages the short term cycle and can print money" is true (not really, the Treasury prints money and the Fed purchases that printing - they basically 'order' money from the Treasury), but doesn't explain why printing money is a problem.
Early in the vehicle, Ray explains inflation as increased demand for too few goods. Partially true, except that technically while this causes prices to rise, it's not true inflation, since this is eventually offset by the eventual move toward normalcy in prices (usually prices falling) when supply increases to meet demand, typically met by a decrease in demand due to rising prices.
True inflation is addressed briefly at the end, that printing money can cause price increases (really it's the only way to create inflation).
He is absolutely incorrect to say printing money paying to offset falling credit is non-inflationary. France and the Mississippi Bubble, Weimar Germany and its debt are classic examples of why this is absolutely, positively wrong.
This is a cheap version of Chartalism, and even Krugman (money printing man that he is) rejects Chartalism.
The reason it is absolutely, positively incorrect is because Ray spends a great deal of time discussing human nature, but at this single portion of the video, abandons it.
He briefly says that "if it has the right balance" then it can actually happen. Maybe - if you assume that printing money doesn't encourage people to borrow more and with greater moral hazard, since interest rates will be kept artificially low. But what we're seeing today is that this is absolutely impossible to achieve.
"The right balance" is a bad idea to promulgate. Assuming a bureaucrat can actually figure out the right balance is absurd, and also assumes that bureaucrat is not politically managed or motivated.
All in all, I'd keep the first 3/4 of this as a primer on how things happen in the world today. Then I'd restructure the second half to explain why things are not getting better.
You can't print money and expect to come out ahead. Nobody, anywhere, anytime in history has ever done this. It has, every time, led to the collapse of a currency.