Fight Back against bankruptcy?

Is it true that the money made in society is all owed to the Federal Reserve at interest, and that they make the country's economy at will? Wouldn't this mean that the money they make doesn't legally exist? If a person experiences bankruptcy, can they make this claim, that the Federal Reserve made the money out of thin air and it isnt their's to sue them with?
In Minnesota of 1969, this did happen as a man named Jerome Daly argued that his mortgage contract on his house required both sides of each party (him and the bank) to put up a legitimate form of property for the exchange. He argued that the money was not the property of the bank because it was created out of nothing as soon as the loan agreement was signed. The banks are not putting up any of their own existing assets, they are putting nothing up of their own, just a theoretical liability on paper. Apparently, there is no USA law that gives the Federal Reserve the right to create money, credit, or debt. So can anyone challenge this just as Jerome Daly did, or is it an improbable case to win?

the link for more information on this is YouTube - Illuminati Banking System - Federal Reserve New World Order