If the fed loans money to NZ which bank receives and distributes the money to other banks?

because the fed has been inflating the money supply, and hasn't been backed by gold since the early seventies. So this devalues the dollar to effectively making it worthless! So if loaning cash to other western nations trading in US dollars this will effectively make their currency worthless. So if you borrow a tone of fake, counter fit money why the hell should you have to pay it back at all ,let alone with interest!!!!