Hmmm…Is it fraudulent, though?
By the standards that individuals live by, yes.
In the “old days” Governments ALL printed their own money supply — the caveat is that that supply had to be carefully balanced by its productive capacity (or by foreign war & plunder!) or runaway inflation will occur
Sorta kinda. It was usually backed by a precious metal. Circuitously, that’s “productive capacity” — it was the nation’s ability to mine or acquire that metal, which in turn was related to productive capacity.
The bottom line was that in the “old days” a person had the expectation that they could turn in a dollar and get a dollar’s worth of metal back in return. That ended with Bretton Woods.
In its simplest form …. the entire earths assets will eventually end up in the hands of a very few financiers.
Basic Adam Smith, carried to its logical conclusion.