Modern Money is Debt

I am curious to know how many people are aware that what we call money today is debt created and issued by private banks. Also because the money requires interest be paid on it, there will never be enough money in existence to pay the principle + interest.

Money lended (Principle) < Money owed back (Principle + interest)

In essence:
Increasing money supply = taking on debt
Decreasing money supply = paying off debt

"If there were no debts, there would be no money."
- Mariner Eccles, Former Federal Reserve Chairman