re: Can anyone explain to me why the entire world banking system

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Why should we pay the Federal Reserve $650B plus every year to print and borrow money from them?

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We don't.

The Federal Reserve earns interest on its holdings of U.S. government bonds just like any other holder of government bonds. The Fed is not a line item expense on the Federal budget.

The reality is the Federal Reserve is a lender to the U.S. government (by buying U.S. government bonds), not a borrower.

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Constitutionally, our government has the right to print/coin money…

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And it does.

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The job of actually printing the money that people withdraw from ATMs and banks belongs to the Treasury Department's Bureau of Engraving and Printing (BEP), which designs and manufactures all paper money in the U.S. (The U.S. Mint produces all coins.)

The Fed then distributes that currency via armored carrier to its 28 cash offices, which then further distributes it to 8,400 banks, savings and loans and credit unions across the country. For the 2020 fiscal year, the Fed's Board of Governors ordered 5.2 billion Federal Reserve notes—the official name of U.S. currency bills—from the BEP, valued at $146.4 billion.

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Who Prints Money in the U.S.?