The Old Monotonarian Theory

Bill Miller of Truthout describes modern money creation by government issued debt:

The fact that a national debt exists at all results from the decision in 1913 to transfer money creation powers from the US Treasury to the Federal Reserve central banking system. The latter, despite what its name may suggest, is a private, for-profit corporation. Whereas the Treasury has the ability to issue currency as credit, the Fed money we use today comes as debt. The federal government borrows our money from the Fed (T-Bills) and we as taxpayers ultimately pay the interest charges.
Whether this central bank, debt-based monetary system gives us the most bang for our buck is open to debate, but it is currently the system we have to work with. Accordingly, we must proceed with a clear and honest understanding of its operating principles in order to move forward toward creating the kind of country in which we all hope to live.

First, yes government issued debt works for a while but history tells us that every generation we do a central bank monetary regime change. Second, we pay the ten year rate for use of money, 2%.