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Is it seriously all because it's one gigantic circle jerk? the printing of money being funneled through primary dealers to purchase the governments own debt?

That's what I believe. I also add pensions, insurance, retirement funds, etc. that blindly invest OPM because they have to ... there is definitely some "demand" created by these "private" sources - although viewed through TF Glasses they really only exist to serve as sponges to sop up public debt.