Just as there is a minimum distance between points of SpaceTime, so there is a maximum distance. This distance is presumably that where the gravitic field strength is zero or nearly so. Beyond this maximum distance, new points of SpaceTime are created as necessary. There are a few conditions requiring/allowing the creation of new points.
- The edge of space. New points are continuously created at the edge of spacetime, expanding it into nothingness. Newly created points have an initial time vector pointing away from their 'parent' points. Thus, time points outwards at the edge of space.
- The middle of voids. Matter, and thus gravity, seems to be concentrated in lines and sheets. (Almost as if they were created by intersecting waves in a fluid medium. Wow, who'da thunk it?) As space expands, the voids between galaxies and galactic clusters grows, spreading the points of spacetime thin. This creates new points in the middle of the emptiness. These new points, in turn, push upon their new neighbors, because they are too close together - helping to expand the void further. Thus, the universe expands a bit faster than expected by standard theory. (This is a possible explanation for the effects that the term 'dark energy' was coined to explain.)
- At the beginning of the Big Bang, there was a single point of SpaceTime, with far too much energy in it. In addition, it was surrounded by an endless expanse of absolutely nothing. So, new points were created all around it, in every direction, each gaining a portion of the original energy. These points were created at the minimum distance, due to the overwhelming amount of energy contained in the original point, and then the overwhelming amount of energy in the new points. And each new point was New points were created, at the minimum distance, each point sharing a portion of the energy from the parent point, and with a time vector pointing outwards. Eventually, the initial energy is distributed to acceptable (but not identical - some points will have a bit more, some a bit less, due to random circumstances) among a horde of new points, each point adjacent to its fellows, and each point with a time (and velocity - remember all that energy) vector pointing outwards. So, in a miniscule time which subjectively does not happen, the initial massive surge of energy is spread out over a wide area, much faster than the speed of light would allow. Then the universe explodes outwards, much as if it were in a plasma state. Due to random fluctuations (there are too many points packed into too tight a space to not interact with each other locally, jostling about as they strive to reach equilibrium), waves ripple through spacetime. These waves eventually subside as spacetime continues to spread and cool, but the aftereffects remain - seen as the patterns of galactic strings, sheets, and voids we see now.
Anyway, that's how I see it. It's fairly simple, and explains a whole lot that is otherwise complicated.
So far, we have three distinct phases of spacetime - plasma, fluid, and solid. Each with a different set of properties. We really only understand fluid spacetime. It's hard to understand something (like a black hole or the big bang) , when you can not experiment with it, or even observe it. Some mysteries may never be fully solved, but we can at least make entertaining, educated guesses.
Edit 2020: So much of this is wrong. I hate how science is misrepresented in science books and journals. It's almost like they don't understand it themselves, or deliberately want to confuse people.