Allowing the market to operate with minimal government intervention has helped Chile become one of the freest and wealthiest countries in South America, especially when compared to its direct neighbors.
The role of commercial banks in money creation is made more clear by the fact the Fed is primarily interested in creating demand deposits rather than cash. This creates a larger foundation on which commercial banks can pyramid a multiple creation of bank deposits, or "checkbook money."
There is productive consumption and there is non-productive consumption. In the Keynesian mind, it's not necessary to produce anything, so long as people spend and consume endlessly, even to the point of destroying real wealth.