Digital Commercial Bank Money

Just watched a documentary on the UK and world monetary system on Amazon Prime called, "97% Owned" I thought only entities such as the Bank of England and the US Federal Reserve could inject money into the money supply by printing currency notes; did not realize that banks create commercial bank money digitally each time they loan money. The ratio of printed currency injected Into the system to this digital commercial bank money is 3:97, hence the title of the documentary. The presenters make the case that the debt that commercial banks create is necessary to increase the money supply to grow the economy, but all this "funny money" is not being spent on productive improvements but on speculative bubbles, because the easiest way to make money is to speculate with money, not make valuable goods and services, which is hard!

At the end of the documentary, "97% Owned" there was a fabulous suggestion to let the currency of a country be pegged to the amount of energy produced by the country, instead of a gold standard, or US dollar pegged to gold standard of the Bretton-Woods agreement at the end of WWII.