Contrary to what many believe, I don't think the money creation was intentionally 'evil' (ie for the purpose of hurting classes of persons) but merely a knee-jerk response to the fear of loss (and consequent lobbying/pressure) by the owners of the 'capital' (actually only money) which was under threat from the 'crisis'.

Of course, the crisis should have taken its course, and removed the dead-wood capital from the system, to allow fresh solid growth. Had that happened , a few years of deep recession would have been followed by a well founded fresh growth cycle.