Karl Marx noticed that before the Industrial Revolution, these cyclical boom and busts did not occur.
That is not true. Agriculture suffered busts due to the cyclic calamities, droughts, etc of mother nature.
The Bible even speaks about the 7 fat years followed by 7 lean years.
Once the parasitic cycle has run its course banks need a way to forcibly harvest the wealth of those who opt out of the system. To succeed they need a more efficient suction mechanism. Specifically they need powerful centralized government and taxation powers
And
we have recently noted how gold can no longer serve that opt-out release valve, but crypto-currency does.