I may been unclear. I meant to say that traditionally the Fed buys securities from a bank, and then the bank will use the cash they've received from the Fed to make a loan.
You are very clear. And you have this detail wrong, although it does not change the big picutre of what you are saying. Banks lend the money out first and then look for money of the Fed to keep the ratios. So the money is lent first by the banks, and later on the Fed creates the money to cover the operations, not the other way around.
I still dont understand what it has to do with the labour theory of value.