Yes, a good description. Here's some food for thought....
Money = debt. All the money that exists in the world has been created by the central banks as debt. So, it is all due to be repaid with interest, but no extra money is created to pay that inteerest. That is the basis of our economic system, there will undoubtedly be losers but somebody gains whenever somebody loses. The clever folks are those who recognise how to exploit this fundamantal truth.
Fractional reserve banking. Banks are allowed to loan more money than they actually have. Many of us have been fed the lie that we get interest as a reward for our money being loaned by the banks, not so. This is a safety net which permits 'lines of credit' to be created against a % of real money in the vault or real assets. In the crisis that started a few years ago, where blame was placed on the risky practices of sub prime lenders, it was really fractional reserve lending that caused the collapse. It is a house of cards at the best of times, but engineered to ensure that those at the top don't lose.
So far as the public purse is concerned, we pay taxes to cover the interest on the borrowing. The loans are repaid by maturing bonds. That is the weak point, when the bonds don't mature as hoped, it becomes necessary to refinance the borrowing and the costs increase. It is all a gamble that is dependent on continued GDP growth. Or, like I said, it is a house of cards.
Every time the house of cards collapses, some people get rich because they acquire the assets of victims of a system that is designed to fail.
As has been alluded to on here, the money doesn't exist. This is increasingly so in the digital age.
A very good five part cartoon film explanation is on youtube. Just do a search: Money as debt.