There is no secret regarding modern money creation, I like the explanation on wikipedia:
http://en.wikipedia.org/wiki/Money_creationOnly central bank can create money, any other banks are just playing with those money created by central banks. Commercial banks can't create money through FRB, they just created lots of checkbook numbers (M1/M2). If they could create money out of nothing, then no banks would going bankrupt during financial crisis
The problem is the ownership, those who create the money get the ownership of those money (they can't lend out any money that does not belong to them), so all the money originally belongs to central banks. This is a very big difference after the gold standard has been removed, means central banks secretly created lots of money out of nothing and bought huge amount of assets on the planet. Under a gold standard, they must create gold first, which has a similar production cost as its value
OK, this is a really old post that i'm replying to, but I had to, to point out you are dead wrong.
The vast majority of money is NOT created by central banks, but by regular banks who loan out money that doesn't exist.
The simply move numbers around in their records, creating debt out of thin air.
Check out Simon Dixon's book "Bank to the Future"
http://www.amazon.com/Bank-Future-Protect-before-Governments/dp/1907720375/ref=sr_1_2?ie=UTF8&qid=1447995496&sr=8-2&keywords=simon+dixon( that's the founder of the crowdfunding platform bnktothefuture.com by the way, I make their videos )