The Weighty Player
Central banks create money supplies that flow into capital markets; this mechanism is required by and should be in proportion to sustainable growth and prosperity furtherance resulting from life/societal advancement all over the world. The money supply that central banks injected impacts every single fiber within the system.
Central banks are established in every single country, they control the issuance of currency or legal tender for a given country. The purpose of this legal tender is to serve as a medium of exchange and value metric in a commerce based social structure.
The injection and withdrawal of the money supply creates the expansion and contraction of the economic cycles, without proper assessment and implementation, will cause inflationary and deflationary cycles.
Debt based system exists due to the delay in feedback loop whereas population and productivity growth demand in time capacity to accommodate/support the expansion. Debt should be in a supporting role in economical/social development rather than a main one.