Borrowing is an accounting act: on someone balance sheet you have a pile of currency going out and on the other side the promise someone has made to pay back over a period of time is in.

The power to do this accounting magic is privatized in the current "independant" central bank system in that only private banks can do it.

Even within this banking system there are things states and people can do if they don't like what's going on.

I'll be writing a diary on it shortly.