Your accounting is correct. Its just that you don’t follow through with it so as to include a 50% Discount/Rebate at the various points of retail sale which would supercharge the economy and every individual and commercial agents in it. Why must only the banks and the government have accounts at the central bank??????? Give everyone and every commercial agent an account there and have the central bank create and distribute the non-debt monetary reserves in the rebate aspect of the above policy…and the most chronic problems of modern economies are resolved. Model it with the appropriate debits and credits and the scales fall from your eyes. And screw creating bonds that are sold to the non-bank sector…the answer is non-debt direct distributism to individual and commercial agents…at the various points of retail sale.