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Creating money from debt is as logical as killing people in the name of increasing the population. This may not be the final straw, but I'm of the belief that, until we alter our economic system so that money represents value and not debt, we will be on the road to a royal ass-kicking of some sort.
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Said asskicking is now underway. Fiat money, at least in the US, is beginning to fall apart in the usual way...only this time it's got the potential to take the whole bloody world down with it. Only time will tell if this is an accidental or controlled implosion, but the effects will likely be the same in either case.