Imagine trying to make this stuff up.

Back in the 1900s.

So, we will have this, entity, that is not a bank, has no reserves, and is not part of the govern-cement

and then, this entity will create debt based money currency.
Then we will get the people to chase this currency.

They will think they are getting richer as they are actually getting poorer.

What a sci-fi/fantasy tale that would be.