What's the role of money multiplier in the banking system?
At present, this question resembles three questions.


Are people on the internet saying incorrect things about bank money creation?
Is money creation by banks fraudulent?
Is money creation by banks limited by the fact that deposits are bank liabilities?


These are questions that mainly do not fit the desired format of this website, so I will handle them very quickly. If there are follow up questions, it might be best to create a new narrow technical question.


I would argue that bank creation of money has led to a lot of incorrect statements about it on the internet. Unless a particular statement is to be analysed, there is nothing else to say.
The belief that bank lending is fraudulent money creation show up in some popular Austrian economics writing. The answer requires delving into the definition of “fraud.” It is safe to day that no legal system accepts that view, as that would imply that a significant portion of the financial system would lose legal backing.
Yes, the fact that bank deposits are liabilities limits bank money creation. It is not the same thing as creating counterfeit banknotes, which are not liabilities.