I think Werner is right about some things and wrong about others

I agree fractional reserve banking (which results in credit creation as he describes) is fraudulent. He doesn't seem to understand that fractional reserve banking is actually the same thing as credit creation - instead Werner describes them as conflicting theories.

The idea that counterfeiting is wonderful if it supports business activity is... foolish. Werner doesn't understand business cycles well if he thinks it is consumption lending that drives booms and busts and not business lending.