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COULD HAVE these things occurred without a central bank?

Well, yah.

However, the likelihood is so small as to be imperceptible.

Government spending is the culprit as you rightly state.

CENTRAL BANKS ARE KEY TO GOVERNMENT DEFICIT SPENDING, though. Otherwise, they are forced to go to MARKETS to borrow. Central banks can and do generate “money” out of nothing to prop up a bond market where no real demand exists. I don’t know how long it has been going on where Japan has sold NONE of their bonds.... zero. Their central bank absorbs them all. I have been shorting 30 year treasuries since they were at 134. I look for them to go down AT LEAST to 110, but that will bring another set of excruciating circumstances and I look for the Fed to, once again, try to monkey with the markets.

This thing is going to blow up spectacularly, and it will be rooted in Central Bannks.

This might be interesting reading:

http://charleshughsmith.blogspot.com/2022/11/the-era-of-all-powerful-central-banks.html