How to understand monetary policy basics

I often talk about why monetary policy is so important, and why Keynesian economists have it so wrong on monetary policy, especially compared to the classical economists.  Monetary policy is of greater importance than fiscal policy when it comes to the economy, in particular with respect to inflation and growth or recession. The impact of monetary decision making, made by unelected bureaucrats, must not be understated - it's huge. But the discussion tends to be a bit too esoteric for a lot of people. The idea of understanding monetary policy.

To help with understanding here is a good video that explains the basics, in under 5 minutes.