Its not created out of thin air; its created based on your pledge and your ability to repay it. Your debt is monetized by the bank, just like central banks monetize government's debt. fiat money==debt. If there was no debt, there would be no money. And thats not terrifying, but maybe it is weird if -like most people- you do not know what money is. Anyway, there are many things wrong with our financial system, but the core idea of a debt based currency is completely fine.
A crypto forum is gonna be an unfriendly place for a fiat apologist. Debt based money creation is inherently evil.
When new money is popped into existence, there is no corresponding tangible wealth that is created at the same time. Indeed, as tangible wealth is ... umm ...
tangible, it cannot emerge fully formed from the aether. The new money whisked into existence necessarily devalues all other money that was in existence before the event. This new larger pool of money is thereby used to value all tangible wealth.
The net result is that this act steals tangible wealth from each and every other person, and places that wealth in the pocket of the creator of the money -- the bank in this instance.
Unless you believe that stealing the wealth of others is legitimate, then your position is indefensible.
Mandatory on-topic content: The previously-undisclosed nature of GAW's 3500% stakers steals wealth through a similar mechanism.
