How is money created on net?
Suppose I define "net appliances" as dishwashers plus appliances lent to others minus appliances borrowed from others.  

Suppose I build a refrigerator and lend it to you.  Then your "net appliances" have been reduced by one, my "net appliances" have increased by one, and the total of the world's "net appliances" has not changed.

On the other hand, the world does now have one more refrigerator, which suggests that "net appliances" was never a very interesting notion in the first place.