How is producing 10 times the amount of money you have...not printing money out of thin air?
If not out of thin air, where does the new money come from?
It is underwritten by 3rd party debt - either sovereign, corporate or person debt.
A bank cannot simply create money "out of thin air".. They need to get an economically productive entity to underwrite it / "back" it with a promise of future productivity.
Newly printed money created from debt than can never be paid back is the very definition of "out of thin air".
It's a snake eating its own tail.