That's the position of Neil Oliver, whom we've met in these pages on many previous occasions. I think he makes a strong case. Here's his video presentation, followed by an excerpt from the transcript.
Mr. Oliver notes:
Let’s imagine you want to borrow 200k to buy a house. When you go to the bank and ask for that money, the banker doesn’t give you existing funds, cash from a drawer for instance. Instead, he creates that 200k out of nowhere – money that previously did not exist. That money is not backed by anything real – no gold or anything else. It is conjured out of nowhere and exists now only because the banker says it does. He then says you have to pay him back the 200k plus – let’s say for the sake of example – another 200k in interest.
He is allowed to credit your account with money that did not exist until you asked for it and he pressed digits on a keyboard … and then he invites himself to charge you whatever interest he wants on that previously non-existent sum. Talk about a fool-proof way to make money. This is how all money is created in our world and this is why so many people are made to live crippled by debt. Every year the British people pay tens of billions of pounds to private bankers as interest on something that DID NOT EXIST IN THE FIRST PLACE.
How could I be sure, but I suspect that if you or I were to attempt something similar, we would be thrown in jail before our feet touched the ground.
William Paterson, cofounder of the Bank of England in 1694, noted that:“… the Bank hath benefit of interest on all moneys which it creates out of nothing.”
1694 … that’s at least as long as this has been going on … how long we’ve been submitting to debt created by a handful of rich people to keep everyone else under their control.
There's much more at the link, and it's well worth reading. Recommended.