Your wrong about the date actually. As the other comment pointed out federal banks outdate 2008 by a long time.

Your also wrong about being both the debtor and creditor. The government is a separate entity from the federal bank. The federal bank is infact privately owned and for profit.

What profit you ask? Well the interest on printing and lending trillions of dollars.

Where does this interest payment come from? The federal government. The tax payer.

So all in all a private company pushes a button to print money and you need to wake up early in the morning and exchange your real labour and effort to pay interest on money printed out of nothing.