Is There a Difference Between a Private Banking System and a Public Financial System?

Almost all of the money in our financial system is created in the private banking system. You know, if we didn't have a private banking system, there'd be absolutely no reason to have a reserve system. So I agree with a lot of the things MMT is saying in terms of critiquing a lot of these kind of standard narratives about how we have to understand deficits and debt.