At least 5 countries have NO limits in money creation…by Dr. Pinar Yesin, University of Zurich, i.e. a 0 (none) limit, that means private banks can create debts with interests as much as they can…..leading to unfair competition and crisis… and wars…
Those very huge amounts are leading th huge amount of interests to be paid, even if the interest rate is low.
You are absolutely correct about the banks having the right to create "credit" with its corollary of "Interest Bearing Debt to the creator", such creation functioning as "Money" wherever it is used. New Zealand Ministers of the Crown, like expert witnesses in Commission Hearings and investigations are currently acknowledging that only around 3% of the national so-called "M1" Money Supplies exist as legal tender created by central government administrations.
This admits that the other 97% of the official "Money Supply" has been created out of nothing as debt by , and to , the banking system, by the members of that sector. Put another way, the figures in computers that currently function as "Money" are just reflections of debts owed by individuals, enterprises, and all local and central governments, to members of the Finance Sector; mainly the Banks.
When the late President Abraham Lincoln stated , " If the American people ever discover how the finance system really works, there will be a revolution before breakfast " , he was dead serious. It is fear of this contingency which causes the Finance Sector, and all the parties which, for whatever reasons want the present privileges and arrangements to continue , that motivates their unofficial representatives to accept all sorts of conventions and apparent restrictions to continue. Such concessions, even extending to the payment of interest on deposits with lending institutions of all kinds, are accepted because they not only confuse the issue, they appear to "prove" that banks lend their deposits. Factually, all they do is prop up the "Myth" of deposit lending, which all supporters of the Debt Finance System hide behind; some for reasons of complicity, and others through outright ignorance.
Until the right to create and own national money supplies is reclaimed by representative governments, and spent into circulation by them, without debt, but limited to the proper balance with the circulating value of Goods and Services, then the legal extortion by the Finance Sector will continue. Only then will it be possible for we human beings to have and enjoy the wealth we are creating , using currently
available resources, without mortgaging our children to the Banking Sector. We need another Abe Lincoln.