Let's decomplicate this.

The federal government has 4 and only 4 monetary tools at its disposal.  There are no exceptions:

1) spending

2) taxes

3) interest rates

4) inflation

That's it.

State government only has two

1) spending

2) taxes

There is an exception to state government.

via 3) borrowing, it can alter its time horizon on 1) and 2) above.

At the federal level, the "borrowing" function results in tools 3) and 4), but can also impact 1) and 2).

There is 4 years of college level macroeconomics for you.

There's nothing more to it.

It works like this.

The promissory note wasn't worth anything before it was signed, was it? They wouldn't give you the loan until you signed the note, right? When you signed the promissory note, your signature and the piece of paper created private money. Why? Because now the piece of paper was worth enough that the banker gave you public money for it.

Immediately upon signing the promissory note, you handed it to the banking official. Well, you didn't just give it to him as a gift, did you? You gave it to him in trust that he was going to give you some public money for it, right?

Here's the tricky little part. It wasn't money until it had value. When you signed it, it gained value. It became private money, even though you didn't know it. It goes on the banking books as a money entry, a receipt of money, a credit. And when the banker hands you the public money, the bank check, the greenbacks, it came of the bank books as a money dispersal, a debit.

Money in, money out. No loan. No way to pay back a non-loan. So, give the banker a gift... all those payments.

It works the same between the Government and the Federal Reserve Bank as it does with a person borrowing from a local bank. There was no loan. Or if there was a loan, it was when you handed/loaned the banker the private money - the promissory note, and he paid off the loan by handing/repaying the loan with public money. No loan! Audit the bank books and you will see.

The national debt is a sham! There is no national debt... never was. It's all a trick to control the American public.