Yeah! The increasing creation of new money by new debt can stop when it reaches an inflection point, but millions of people keep in slavery paying interest on debt already issued! The point is that societies cannot payback debth without contracting the money supply and harming or destroying the economy. This is perverse! With so much leverage caused by the fractional reserve banking even proportionally few people in a society paying back debth and living debth free can literally destroy the whole economy.
I agree with what you are saying in general about the system creating excessive debt and it being a form of slavery. But the excessive debt is not created by fractional reserve banking alone. Only when you put a central bank behind the fractional reserve system it becomes inflationary, as the central bank is taking the risk away and allowing the banks to inflate. But fractional banking alone is not inflationary, since the risk of going bankrupt keeps the temptaion of credit expansion in check. There are several historic examples of how fractional banking alone is not inflationary.
The risk of going bankrupt? What risk? In what idealised world? C'mon we all payed for banks not to go bankrupt. We cannot expect banks to "hold back" for fear of bankrupcy when they have no reasons to fear it.