Theoretically, it would only be fraudulent if the bank could not procure the money for you on request.
Secondly, in any case, fractional reserve banking, for all its faults, has been a boon for the economy in the past 70+ years.
Plan for eliminating the national debt in 10-20 years:
Specific cuts; defense spending: http://rolexian.wordpress.com/2011/01/03/more-detailed-look-a
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