''No sovereign government should ever, under any circumstances, give over democratic control of its money supply to bankers or borrow any money from any private bank.''
-Prof John Hotson
The financial system based on the Bank of England model is not sustainable. It creates nearly all money as debt. Such money only exists as long as someone is willing and able to pay interest on it. It disappears, wholly or partially, in recurring financial crises. It requires that new debt be created faster than principal and interest payments due on old debt.
When a bank makes a loan, the principal amount of the loan is added to the borrower's bank balance. The borrower has to repay the loan plus interest even though the loan has created only the principal sum but not the interest amount.
Therefore unless indebtedness continually grows it is impossible for all loans to be repaid as they come due. These loans do not create new money, but they do create debt.