Just words. What matters is how things are carried out. The citizens are ignorant or afraid, and the elites run things and manipulate perception via mass-media. Doesn't matter what paper says, or whether it was technically a corporation or whatever.

He's leaving a lot out... The conclusion is right but it's not as complicated as he thinks

Spot on. We the People are chattel to the corporation. Our only use is to provide labor and taxes.