From the point of view of the government there is an inconsistency because it’s unfair not to allow everyone to print money. Counterfeiting is not a crime and so the activities of the banks have gone undetected. Monetary expansion by the banks is unlimited. If it is good for both the government and the people to prohibit counterfeiting (to maintain a currency) then it seems strange to make an exception for the banks.
If we are being consistent we would either make it illegal for everyone to print money or no one. Either prohibit counterfeiting for the banks or allow it for everyone.
Currencies are good and so no one should be able to print money.
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