“”Whenever a bank makes a loan, it simultaneously creates a matching deposit in the borrower’s bank account, thereby creating new money.””
You do not understand the context for that statement.
It is you who do not understand the concept of debt-based money.
It is you who have read the textbooks that have taught an incorrect theory of money - unlike what was clearly understood into the late 1800's.
It is you who believe everything one might learn at Wharton.
That's fine - because it is also you who can't see what's coming due to your incorrect hypothesis.
The paper I linked to is quite clear in its entirety. Money is not based on completed labor - if it was, it wouldn't get created as an entry on a ledger upon the signing of a promissory note.
Give it a couple of weeks and think it through. It will come to make sense to you - and open up a whole new understanding of global economics and what drives it...